A Piece of Paris for a Fraction of the Price
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Dear Parler Paris Reader,
This is the view from all of the windows — this lush garden that looks more like a corner of a tropical rain forest than the center of Paris. It’s an oasis just two steps off newly pedestrianized rue des Rosiers in Le Marais and one block from Métro Saint-Paul, behind a stone-encased wooden door, down a stone-walled corridor and up seven small tiled steps.
Just before arriving at the Notaire’s office to sign on the dotted line yesterday afternoon on behalf of Paris Home Shares Fractional Ownership company, the real estate agent and I performed a “walk-through” to ensure that all was in order and that the buyer could feel comfortable taking possession of it in its present condition.
The two-bedroom apartment looked even better without the previous owner’s 1970′s Jetsons Retro furnishings, leaving only an enormous gilded mirror, window shades and of course, all the high quality kitchen appliances. The open “American-style” kitchen, dining and living area is expansive, with approximately four-meter-high ceilings, exposed 17th-century wood beams, stone walls and a large stone fireplace. Tall windows in all the rooms frame the picturesque garden around which the apartment wraps in the shape of an “L.” I wanted to move right in.
Instead, we headed to the signing where the seller’s Notaire, our Notaire, the real estate agent and I reviewed the “Acte de Vente” (deed) thoroughly, initialing or signing every page, every pertinent document so that title could be taken in the name of “SCI Jardin Saint-Paul” (SCI = “Societé Civile Immobilier” — a French property company) which in turn, will be equally shared by 12 different owners.
For years of discussing various investment schemes at the Living and Investing in France Real Estate Conferences, “Fractional Ownership” has been an idea on many people’s lips. It is not a brand-new concept, but there are only a handful of developers testing the Paris market, and even that has only been recently.
Fractional Ownership is a hybrid of direct ownership and time sharing, combining the best elements of both. The primary differences are that while timeshares involve many thousands of shares in a large complex with “resort” amenities and costs built specifically for that purpose, Fractional Ownership is joint ownership by only a few individuals in a single property whose value can easily be determined on the open market and for which there are very few, if any, resort amenities which must be managed and maintained (and paid for!).
You may have seen the r
ecent article in the New York Times about Fractional Ownership in Paris: “A Less-Expensive Way to Own in Paris” by Andréa R. Vaucher. Read it, but there are a few things you should know as you do:
Before the owners can take possession, Steve Navaro and the team of Paris Home Shares will renovate and decorate to ultimate luxury in the regal style to which this ancient space deserves. When all is said and done, there will be 12 very happy owners enjoying their own pied-à-terre in Paris and its appreciating investment value, with absolutely no effort.
Remember, the first shares which were at the lower price are gone and a new price has just one into effect — 90,500€ per share, and worth every penny.
A la prochaine…
P.S. We will be discussing Fractional Ownership at the upcoming Living and Investing in France Real Estate Conference October 13th but by then it may be too late. If you’re interested in learning more about Le Jardin Saint-Paul and Paris Home Shares upcoming projects, visit /frenchproperty/consultation/sales/fractional/jardinstpaul.html or call or write Steve Navaro: +1-303-793-0900, email: mailto:email@example.com
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The Region of Noble Wine and Famous Artists
In Sophia Coppola’s version of “Marie Antoinette,” Champagne overflows the glasses of the aristocrats like water. I have often wondered if the word “vignoble” actually means the wine of the noble class…and if so, Champagne is definitely it…
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Meet Jody Cracknell from Moneycorp Global Money Services along with Adrian Leeds, Editor of French Property Insider, when they teach you “How to Save Money Transferring Dollars to Euros” during this one-hour special event, exclusively for FPI Subscribers…
Date: August 26th, 2007
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Adrian Leeds, of Parler Paris and French Property Insider and John Howell, The International Law Partnership, Present the…
Living and Investing in France Real Estate Conference
If you’ve always dreamed of owning your own “pied-à-terre” in Paris or home in the Provinces of France, perhaps as a future retirement home or for now as investment property rented part of the year…this power-packed conference is a MUST. This one full power-packed day in Paris will point you in the right direction to make it really happen!
For more information or to register visit /frenchproperty/conference/LIF_Paris_Oct_2007/index.html
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Parler Paris Après Midi
Come for a drink and to meet and chat with other readers in Paris…
The next gathering is September 11, 2007 and every second Tuesday of the month.
Note: There is no meeting in August.
Parler Parlor French-English Conversation Group
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*The organizers will be not be available, however, you are free to meet on your own at no charge on Tuesday August 21st at La Pierre du Marais; Wednesday, August 22nd at Eurocentres and Saturday, August 25th at the café next to Lutèce Langues (Lucas) at the usual times!
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A Piece of Paris for a Fraction of the Price
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