View from Le Pinot Noir
(FOR SUBSCRIBERS ONLY)
July 17, 2008
Bonjour French Property Insider Subscriber,
It’s been a wondrous two days with an long standing FPI reader, attendee of the Living and Investing Real Estate Conference (Miami 2008) and search client, Terry C., who found the apartment of her dreams the first day of arrival in Paris. The synchronistic events of the search have been overwhelming and invigorating, engendering a full report of the events, step by step. Read all about it in today’s issue of FPI.
After months of renovation and attention to every last detail, again, an FPI reader and attendee of the Living and Investing Real Estate Conference (San Francisco 2007), Linda VanderMarliere, is launching her pied-à-terre, "Le Pinot Noir," as a vacation rental of the most luxurious kind. Don’t miss today’s sneak preview of this special one-bedroom apartment on the historic rue Debelleyme in the Marais.
On the subject of rentability and profitability, today we provide an updated report on how to best rent your apartment for profit — a report that is available to all FPI readers directly from the home page of the Web site in the form of a pdf document…and republished here in today’s issue.
We also bring you a variety of articles from some of our associate publications which will be of interest, we’re sure, and Hot Properties that fit the same search parameters as Terry C.’s. Perhaps you’d like to do the same?
Next week I’ll be writing from San Francisco, where we will be getting ready for the Living and Investing in France Real Estate Conference July 26-27 at the Alliance Française. It’s not too late to register and as a reader of FPI, you are still entitled to the $50 discount. Visit
Editor, French Property Insider
P.S. Don’t forget, there are only a few shares left of Le Petit Trésor, the newest Fractional Property offered by Paris Home Shares. Visit http://adrianleeds.com/frenchproperty/fractional/tresor.html for more information or email Steve Navaro at email@example.com.
Volume VI, Issue 29, July 17, 2008
In this issue:
* Profiting from Your Paris Pied-à-terre
* Newest Parler Paris Apartment Rental
* Paris Apartment Search Story
* South of France a Property Hotspot
* France a Good Buy for Overseas Investors
* Risk Planning for French Property
* Design Your Own Fractional Property
* Upcoming Living and Investing in France Real Estate Conferences
* FPI Property Consultation, Search and Relocation Solutions
* Today’s Currency Update from Moneycorp
* Next Parler Paris Après-Midi: September 9, 2008
* Hot Property Picks: Unique Finds in the Fourth
* Leasebacks: Antibes Plaza, France, Mediterranean Coast, Antibes
* Managing Your FPI Subscription
* Classified Advertising: Parler Paris Apartments — La Terrasse du Temple
Renting Your Paris Property for Profit
By Adrian Leeds
One of the most important aspects of purchasing property in France, if it’s for investment purposes, is the justification that the investment will be sound and profitable.
Overview of the Rental Market
Paris is the number one most visited city in the world. More than 25 million people visit Paris every year. More and more, tourists are choosing apartment rental options rather than hotels. We believe this is because of cost effectiveness (often apartments are comparable or less expensive than hotel accommodations), convenience (kitchen facilities) and a sense of belonging (the feeling of being at home in Paris), and above all, the Internet has made this possible through effective Web sites and
easy online booki
Why invest in a Paris rental property?
Because tourism is virtually all year long in Paris, with the exception of the slightly slower periods of August and January, higher occupancy rates are ensured. Most owners can experience occupancy rates of 50% to 80% with certainty. While the property is generating rental revenues, its value is increasing steadily, on the average more than 10% city-wide and as high as 13% in some districts (for first quarter 2007 through first quarter 2008).
And let’s not forget, Paris will always be Paris, the most visited city in the world.
Types of Apartments that Rent Best
Currently, the market has an overabundance of small apartments — studios and one bedrooms. Larger apartments are therefore harder to find and more in demand — two bedrooms or more that sleep four or more. On the other hand, two small studio apartments each that sleep two can generate more rental income than one one-bedroom apartment the size of the two studios combined that sleep four – the costs of ownership for each are roughly the same, but the rental rates of the one-bedroom apartment are not double those of the two studios.
Charming apartments in older buildings are most requested, but often the older buildings don’t have elevators — an elevator being another plus for rental success, especially if the apartment is higher than two flights. Keep in mind, however, that an apartment on an upper floor dependent on one elevator may suffer losses when the elevator is malfunctioning.
Since the canicule (heat wave) of 2003, apartments with air conditioning are at a premium.
If the apartment affords fabulous views or has a terrace or balcony, it will win favor over others.
High Speed Internet, WiFi and Cable TV are a MUST in this day and age, particularly for business travelers.
Handicapped access is another plus to put your apartment above the rest.
If your apartment is noisy, it will deter return renters. Double-paned windows can help insulate apartments on well-trafficked streets, but look for apartments on courtyards or at least with their bedrooms on the quietest side.
Pay attention to the "L’s." Location, location, location. Luxury, luxury, luxury. Livability, livability, livability. Any apartment with these attributes will win out over its competitors.
How to Price Your Rental
Remember "L" number one…"location, location, location." Renters want to be in central Paris, close to museums, shopping and tourist attractions. Apartments in prime locations can command a higher price.
Size and the number of people an apartment can sleep dictate the price you can charge, too. Studio apartments that sleep two, normally rent from 525 Euros/week to 1050 Euros/ week; one-bedrooms that sleep four, will rent from 800 Euros/week to 1750 Euros/week; two bedroom apartments that sleep six rent for 1200 Euros/week to 2000 Euros/week and of course, even larger apartments with three bedrooms or more can easily rent for much more.
Short-term rentals of one to four weeks can be priced higher than long-term rentals of one month to one year.
Remember "L" number two. Apartments furnished well, luxuriously, will easily command higher rental prices and encourage repeat guests, those than can afford better accommodations and are less susceptible to economic woes that would prevent their visits.
The laws surrounding unfurnished apartments favor the tenants, while those applied to furnished apartments favor the owners. Furnished apartments rent for more than unfurnished apartments, although the difference is narrowing in recent months because there are so few unfurnished apartments on the market — their prices getting higher with demand.
And don’t forget "L" number three. Make sure the apartment is equipped with EVERYTHING. Don’t leave any detail unattended and equip the apartment as well as possible, providing all the necessary amenities.
Hotels are stiff competition, particularly those in the same districts with the same standards, but they charge 30% to 50% more for a much smaller space. Bed and Breakfasts are new to Paris, supported by a new program to set standards launched recently by the City of Paris. But above all, other apartments are your biggest competition. Make sure your apartment is the best it can be.
Where to Buy to Ensure a Profitable Rental
These are the most requested districts in Paris:
1. Ile St-Louis (4th)
2. St-Germain-des-Prés (6th)
3. Le Marais (3rd and 4th)
4. Latin Quarter (5th)
5. Eiffel Tower (7th-15th)
Apartments outside of these areas risk lower occupancy rates.
Other Location Factors to Increase Occupancy
Here’s a checklist for the most rentable property:
• Good Métro and transportation access
• Spectacular views
• Walking distance to major attractions
• No higher than 3rd floor (European) without an elevator
• Quiet street or courtyard
• Furnishing for Luxury
If you want quality tenants at the highest rental rates, furnish your apartment with luxurious appointments:
• High quality mattresses, sofa beds and linens
• High quality furniture and antiques
• Twin beds that convert to king size bed wherever possible
• Modern kitchen and baths
• Washer/Dryer, well-equipped kitchen
• High speed Internet/WiFi, Cable TV, Stereo, VCR
• Other amenities
Expenses to Consider
Don’t forget that you will
not be able to pocket all your rental revenues. There are a few expenses you will incur:
• Marketing fees: advertising — as much or as little as you deem necessary
• Management fees: agency or other — ranging from 10% to 40%
• Taxes: Taxe d’habitation and Taxe Foncière — normally very reasonable, known in advance upon purchase of the property
• Utilities: Phone, Gas/Electricity, High Speed Internet — estimated at 75 Euros/month to 200 Euros/month
• Homeowners association fees — variable, dependent on the property
Marketing Your Property
The best ways to market your rental property include targeting your audience in print advertising, via the Internet, through choosing the proper rental agency and telling your friends:
• Your rental agency
• Internet: Your own Web site, classifieds and other sites (VRBO.com, CraigsList.com, Franglo.com, etc.)
• Targeted audiences, print advertising: France Today, Gourmet, New Yorker, Alumni magazines and others
• Word-of-mouth, friends
One word of advice: reply quickly to your rental requests — the first to respond usually appeals to potential clients.
Finding a Good Rental Agency
There is a fairly methodical method to determining which rental agency will work best for you and your apartment. Use the Internet — search it to determine which agencies result highest in the search engines. These agencies are likely getting most of the requests. Then, think about what kind of agency will work best for you:
• Boutique firm, French or US owned
• Large firm, French or US owned
• Advertising only (NYHabitat.com, VRBO.com)
And determine what services you will require:
• Reservations only
• Reservations with meet/greet
• Complete services including bill paying and maintenance of the property
How Rental Agencies Charge for Their Services
Agencies all work a little differently from one another.
1. Most operate on a commission basis, taking from 10% to 40% of the rental depending on the level of service they provide.
2. They may also ask you for a lease — renting the property at a fixed rental, and then the agency sublets it to short-term guests at whatever rate they want to fill it.
3. Or on a fixed rate basis, the agency and owner determines a guaranteed fixed rate per night, then the agency charges whatever the market will bear and takes the risk of the margin.
4. The extra expenses, such as housekeeping may be charged separately to the owner or included in the commission.
Once you have a clear picture of the kind of agency that will satisfy your needs, interview them, ask for references and interview the references. With dozens to choose from in Paris, you are sure to find at least one that will provide the profitable rental apartment you hope for.
Reporting Your Rental Income
The French government expects owners to report rental income in France and applicable expenses on a French tax return. Many agencies are set up to take reservations via a U.S. or foreign entity, for U.S. or foreign clients, and many owners take advantage of reporting their profits on their U.S. or foreign tax returns. We recommend that your tax advisor assist you for the best and most legal method of reporting.
Calculating Your Return on Investment
John Howell of John Howell & Co, London, who co-hosts the Living and Investing in France Real Estate Conferences, enjoys proving that a furnished rental apartment in Paris can indeed show profits of 5% to 10% with the right conditions. As an illustration of proof, using an Excel spreadsheet, he and I formulated a method for calculating what an investor can expect from a reasonable rental property.
Before providing an explanation of the analysis, download the spreadsheet by clicking here:
Note that the spreadsheet is in "template" format and any cell may be changed without changing the basic document, although you may save it under another name in any configuration you like!
Price of property: 500,000 Euros
Weekly rental on average: 1,500 Euros
Property management fees: 30%
Percentage of occupancy rate: 70%
Gross rental yield: 54,600 Euros
Gross rental yield as % of price: 10.92%
A property in Paris of 500,000 Euros will likely be either a large two-room (one bedroom) apartment in a high rental yield location or a three-room (two bedroom) apartment in a lower rental yield location. If you really get lucky, you may be able to achieve both space and location in certain parts of Paris, particularly in central growth areas (such as the 1st and 2nd arrondissements near Les Halles and rue Montorgueil).
A property of this nature should rent for approximately 1,500 Euros per week, assuming it is furnished nicely and has the proper amenities (Internet access, washer/dryer, etc.).
Management fees can vary from 10% to 40%, but the average in Paris for a well-run agency providing adequate service is 30% of the rental fees.
Occupancy of 70% can be achieved if all facets of management are functioning normally. This means that you could consider 50% (26 weeks) a baseline easily achievable and a high of 90% (47 weeks) possible, but unlikely.
Given these assumptions, this property could realize almost 11% of gross revenues, or 54,600 Euros per year!
Unfortunately, it doesn’t all land in your pocket. There
are unavoidable expenses that remain s
table regardless of rental. Fortunately, property taxes, homeowners insurance, utilities and homeowners’ association fees in Paris are generally low. Repairs and maintenance can be moderate, but depend greatly on the quality of the apartment and your own desires. We’ve budgeted here for an apartment with 36 weeks of normal wear and tear.
Management fees of 30% will cost you 16,380 Euros of your gross revenues. If you manage the property yourself, you can save this expense, but beware — those who manage themselves can reap the greatest rewards or the fewest, depending on the quality of their management skills! Doing it yourself isn’t always a savings and there is your own time to consider.
Allocate a small amount for advertising, even if you use a rental agency — you’ll find it money well spent if placed correctly. (We recommend that a listing be placed with VRBO.com as and addition to advertising via your own rental agency.)
Assuming you take no mortgage, that the property was purchased out-right, then in this scenario, your yield would be 6.35%, 31,729 Euros annually.
Now, let’s take another look based on having a mortgage of 65% over 20 years at a rate of 3.5%. Clearly the mortgage will offset your profits, so the less you borrow, the higher your annual yields. If you choose to take an interest-only loan, you can yield more than 4% (20,354 Euros), but if you choose a traditional interest + capital mortgage, you will yield less — just under 2% (9,111 Euros).
None of this considers that the property’s appreciation is likely in Paris on the average 10% annually!
You may now use this spreadsheet to change the variables and assist you in deciding which property and scenario will work best for you.
Special Note: John Howell is the lead attorney for John Howell & Co, London and is the co-host of the Living and Investing in France Real Estate Conferences. http://www.JHCo.org
Le Pinot Noir
Parler Paris Apartments Newest Rental Addition…
By Adrian Leeds
Parler Paris Apartments newest edition is another creation by Martine di Matteo and the pride and joy of owner, Linda VanderMarliere, a reader of FPI and attendee of last year’s San Francisco Living and Investing in France Conference.
Last Fall, Linda set out to find a pied-à-terre for investment in the neighborhood she had come to love over the many years of her time in Paris — Saint-Germain-des-Prés. After staying three days in "Le Provençal" (http://www.adrianleeds.com/parlerparis/apartments) in the heart of the 3rd district, she changed the course of the search for this new area of Paris that quickly won her admiration.
Across from the well known gourmet restaurant, "Le Pamphlet," on rue Debelleyme, just at the corner of rue de Bretagne, Linda found a 36 square-meter one bedroom apartment on the third floor of a small "maison" with expansive views of rue de Bretagne and windows in every room. The space had been mal-divided — walls that obstructed the beautiful views and divisions of space that made no one room very usable. Seventeenth or 18th-century beams seemed evident from the signs on the ceiling, but nothing was certain. Regardless of the apartment’s desperate need for a face-lift, the "bones" were clearly good, so she purchased it with the idea to renovate it fully and place it on the rental market, while enjoying it herself during her stays in Paris.
She agreed to let Martine and her crew demolish the walls and ceilings to discover the ancient beams. Under the "popcorn" stucco ceilings, she found beautiful beams of varying sizes that needed complete renovation, but well worth the time and extra expense to bring them back to life.
What was a kitchen became a bedroom. What was a bedroom became a living room. What was a living room became a dining room and kitchen. The bath and toilet once divided became one large luxurious bathroom with tub, washer/dryer cabinet and antique sink. Lots of storage was added so visitors could store suitcases and clothing. New parquet was installed. French doors separated the bedroom from the living room so that the space could be either one large space, or two smaller spaces with privacy.
Martine worked her decorating wonders using luxurious fabrics in the colors Linda, a wine connoisseur and head of a Chez Linda, a cooking school in Los Gatos, California, loved most…burgundies, golds and greens — the colors of wines and their grapes. She added individual touches in the lighting fixtures, antique doors and furnishings, as restored by her husband, Maurice. Maurice has a furnishings business appropriately named "Au Passé Recomposé" which takes antiques and ancient elements recreating them into contemporary furnishings using recycled stone, wood and metal, adding a patina to enhance the life of material. His handywork is everywhere in their home and finds its way into many of Martine’s projects.
Le Pinot Noir is now ready for rental! A special Web page is currently under construction to launch on the Parler Paris Apartments site. Until then, you may book your stay now! If you’d like to reserve your time there, si
email John Rule, our Rental Manager, at firstname.lastname@example.org and then watch for the future announcements about "Le Pinot Noir!"
The Synchronistic Property Search
By Adrian Leeds
It had been a "blue" week. Nothing seemed to go right. Everything was out of "synch." Then yesterday Terry C. came to Paris. She and her niece happily installed themselves in "Le Provençal" to begin a week-plus-long search for the perfect Paris pied-à-terre…buy a large one — two bedrooms, two baths of more than 100 square meters.
Six weeks earlier, Terry had made an offer, sight-unseen, on a very unusual apartment on rue Chanoinesse on the Ile de la Cité, behind Notre Dame. She lost the apartment to another bidder. That triggered an article in FPI’s June 12th issue, "How to Score the Property You Want: The Art of Negotiation" — http://adrianleeds.com/frenchproperty/insider
Terry was very disappointed, but determined to find an even better apartment. Search consultant Elizabeth H. had lined up three apartments to visit their very first afternoon. Earlier, she had suggested I come along as all three were expected to be "worth seeing" and special properties in my immediate neighborhood.
The first was on rue du Perche, a small street that runs between rue Charlot and rue Vieille du Temple at the beginning of rue de Saintonge. Its courtyard I had admired hundreds of times and couldn’t wait to see what was beyond it. On the way there, I pointed out number 6 rue de Saintonge, where a 17th-century Elizabethan theater with a glass roof is hidden and vacant.
Both the apartment and the building were magnificent, move-in-ready, beautifully tasteful, perfectly in line with her search parameters. Elizabeth warned us that topping it would be difficult. The price: €1.3 million
The second one was a big surprise. Located on rue Vieille du Temple, just at the junction of rue des Rosiers, the street number was identical to Le Provençal’s — two numbers combined to make one. How "synchronistic!"
The building and courtyard were stunning. The apartment was large and spacious — 154 square meters, with 4.5 to 5 meter high ceilings, five large windows on rue Vieille du Temple giving way to a very large terrace, directly overlooking the street, from which there were stunning views of rue des Rosiers and rue Vieille du Temple. Unfortunately, a full level had been added to the interior apartment so that the lower level had low ceilings and too many bedrooms. Clearly, the "bones" were fabulous once the entire core of the apartment would be removed! The price: €1.55 million.
Next stop, rue de Béarn just north of Place des Vosges. On route, a call came in from the selling agent of the apartment on rue Chanoinesse on the Ile de la Cité, from whom we’d had no word since her offer was rejected weeks earlier. I knew exactly what he was about to say — yes, the sale had fallen through and was our client still interested?
Imagine my shock? Quickly I told him that incredulously, she was standing with me that very moment and yes, we’d like to see the apartment. An appointment was made for 5 p.m. that afternoon. The price: €1.55 (again!?).
Meanwhile, we headed to rue de Béarn to see apartment number three. It was a lovely apartment in spite of the owner’s overwhelming amount of furnishings and pure ‘stuff,’ and a very poorly designed layout. If one could see past the mess, it would be clear it could become a palace. A sunken bath tub was directly over an atelier on the courtyard that could become a private entrance! The price: €1.55 million!
Okay, now you’re starting to see the pattern. The series of synchronistic events are starting to hit us in the face and scream out, "FOLLOW THE SIGNS!" And so we did.
Along the way, we stopped for a drink before visiting the apartment on the Ile de la Cité. I took a moment to review the list of apartments planned for visiting the next day. I was shocked! The first one was at number 26 rue de Saintonge!
You may remember this address from a Parler Paris newsletter last February (http://www.adrianleeds.com/parlerparis/issues/pparis20-2-08.html) about a book titled "Sarah’s Key" whose story takes place at this address, when Sarah’s family residing there were among the Jews to be rounded up by the French police on July 16, 1942 and taken to the Vélodrome d’Hiver before being taken to the internment camp at Drancy. The book brought tears to my eyes and the sight of this address struck a serious chord.
The second address on the list was 6 rue de Saintonge…just where the Elizabethan theater is hidden. I couldn’t believe my eyes. The universe was certainly carryin
us on a path with which we had no control!
We visited the apartment on rue Chanoinesse as planned. It was every bit as unusual and special as we had remembered and Terry was set to follow the signs that led to her purchasing it. We discussed its renovation and decoration. We called in Martine di Matteo for a consultation. The wheels were already turning.
This morning we set out to see the apartments on rue de Saintonge. Number 26 was stunning! Owned by a famous French photographer, whose work I recognized (!), it was two levels high with a glass "aerie" office suspended by steel beams and perched over a kitchen, overlooking the spacious living room on one side, the dining room on the other side. The walls were filled with fabulous photography. I swooned at the sight of the important works. The courtyard was totally charming. For me, the memory of Sarah, even as a fictional character, hung heavily among the ivy on the walls. The price: €1.48 million.
Then we proceeded to visit number six, but it turned out, it wasn’t number six at all, but number eight, just next door. What a disappointment! I was hoping to see the theater! Were we off track?
Entering the courtyard at number eight is like entering a little village. Ateliers and apartments line both sides of a cobblestoned street that leads to rue Vieille du Temple. The apartment was a hodgepodge with potential for adding on to other parts of the building to create a larger, more reasonable space with three bedrooms and high beamed ceilings with skylights. It was very special indeed. The price: €1.05 million.
Over lunch a decision was made to make an offer on one of the apartments even before looking further. I won’t tell you which one, but I will give you one hint: the price was €1.55 million. Can you guess?
South on Top in France
With recent news about the French property market being somewhat mixed, those investing in property in the country might wonder which areas are still doing well and which ones are not.
The answer, it seems, is that the south of France is doing best, with the appeal of the popular Côte d’Azur and other localities in the region remaining strong.
French magazine L’Express found this to be so in a recent survey, reports Homes Worldwide. This part of the country is the best to live in according to a range of factors mentioned by respondents, including the levels of education, quality of shopping and employment prospects. Haute-Garonne scored particularly well with the young and families, while Hautes-Alpes was best for the over-50s, based on criteria such as healthcare and cultural activities as well as the prices of properties themselves.
Another finding was that rural areas that have kept their idyllic charms are very popular.
For those investing in property that might in future be sold, these may be key considerations as thought is given to which buyer market will be targeted, not to mention the tourist let potential. After all, good activities for senior citizens and excitement for children are rarely the same thing, so the difference between the areas with cultural attractions or wineries may differ from localities with family-orientated entertainment.
For French property specialists VEF, one area that certainly deserves plenty of investor attention is the Languedoc region. It has stated that while some areas of the country are indeed seeing prices drop this is not one of them, with the French property federation FNAIM reporting regular price rises.
VEF said that the region enjoys the same sort of sunshine as the Côte d’Azur but the prices for property are cheaper. Moreover, it noted, one major boost to the area will be the arrival of the TGV high-speed train link next year, running between Figueres and Montpellier, with the further extension to Barcelona opening in 2011.
Out in Dubai, Select Property has noted that the "World" archipelago off the coast of the emirate – consisting of a series of artificial islets shaped to resemble the islands and continents of the globe – has named its locations on the France-shaped bit Monaco, Cannes and St. Tropez. Notwithstanding that the first of these is a separate country, it shows that the appeal and strength of property in the south of France is still there – even, it seems, when it isn’t in France at all.
France ‘A Buyer’s Market’
France is proving to be a "buyer’s market" at present for UK investors, it has been stated.
Director of overseas property firm Property Abroad, Les Calvert, used the term to describe the state of the French property market, which with prices now falling is offering many bargains.
Because of this, he stated, now is a good time to buy before French property prices rise again, even though many UK buyers are under financial pressure because of the credit crunch and rising prices.
To read the entire article, visit http://www.knightfrank.com/news/directnews/France_a_buyers_market_01170.aspx
Risk Planning Zones in France Have Major Implications
The French government is creating new planning zones to take into account the possible effects of natural disasters which have major implications for developers and property owners.
Already this summer the Dordogne, the Rhône Valley and the Massive Central have suffered serious flooding and fire fighters in the south of France are bracing themselves for a precarious forest fire season as parts of the country are said to be tinder dry.
So risk areas are being identified and in some areas not only will development be banned but existing buildings could be demolished….
To read the entire article visit http://www.propertywire.com/news/europe/risk-planning-zones-france-property-200807161317.html
Design Your Own Fractional Ownership Property
With "French Property Fractional"
by Adrian Leeds
Fractional ownership may be a hot concept!…but we’re making it even hotter!
A new division of the Adrian Leeds Group, LLC, "French Property Fractional" is the newest and hottest way to own your piece of Paris simply, easily and inexpensively without the hassles of purchasing it on your own, but with all the benefits of doing it yourself.
What’s Fractional Ownership?
A hybrid of direct ownership and time sharing, it combines the best elements of both. The primary differences are that while timeshares involve many 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.
Most Paris fractional property opportunities are properties that have been purchased, renovated and decorated by one developer who then sells off the shares. Most of these offerings sell six to twelve shares to minimize the investment amount while maximizing the size, location and quality of the apartment.
What’s new about "designing your own" property?
While this system works well for many investors, we found that there are large numbers of individuals who would like to combine the benefits of traditional fractional ownership with single-party ownership, enjoying more time to personally use the property, having more decision-making power about the property, more input and more control. We believe that YOU want to feel like the property is really YOURS — and it is!! So, why not have a more personal relationship with the property.
Here’s how French Property Fractional works:
FIRST, WE OFFER A "CONCEPT"
Our team is offering a property CONCEPT…to search and find the following property to be shared between only a very small group of owners — four to six:
"MY PIED-A-TERRE IN LE MARAIS"
SIZE: 35 to 45 square meters (377 to 485 square feet)
ROOMS: two rooms — one bedroom apartment, with bedroom on a courtyard for quiet, full bath (perhaps bath + separate toilet) and open American-style kitchen
LOCATION: Le Marais, districts 3 or 4
LEVEL: No higher than 3rd floor (European) without an elevator
BUILDING TYPE: 17th, 18th or 19th-century (no newer buildings!)
AMENITIES: lots of light, nice views, fireplace or balcony or patio, secured storage for personal belongings, all new kitchen and bath fixtures, all the luxurious comforts
COST: 4 shares, 135,000€ each, 3 months of usage per year
5 shares, 108,000€ each, 10 weeks + 2 days of usage per year
6 shares, 90,000€ each, 2 months of usage per year
USAGE: Owners determine their own usage calendar and have
complete flexibility to arrange their calendar among themselves
* Full price of the property including agency fees.
* All notarial and legal fees.
* Property search and consultation fees.
* Complete renovation and furnishing of property to luxury standards by professional interior architect and contractor within certain budgetary constraints.
EVERYONE MUST AGREE:
Members of the purchase pool must be willing to invest the full amount of at least one of six, one of five or one of four shares to be held in an escrow account to fund the property search, purchase and renovation.
The search will commence upon commitment in writing and receipt of funds from all members of the purchase pool with an agreed upon allowance for a minimum of 90 days to locate the property.
Upon location of a property that fits the above parameters, a memo with photos and description of the property will be sent to all members who may decide at that time to approve or decline the property in a timely manner — within 48 hours of receipt of the memo. Any group which is able to approve the found property with a combined total of 540,000€ will enable the purchase process to proceed.
Members of the purchase pool will provide proxy to the Adrian Leeds Group, LLC to sign notarial documents on their behalf: the Promesse de Vente and Acte de Vente — allow 3 to 4 months to completion.
Three decor concepts that fit within the renovation budget will be presented to the purchase pool for voting and will be executed b
y the interior architect and constr
uction team. Any choices made by the purchase pool outside the framework of the budget will be charged over and above the initial fees. Allow 2 to 3 months to completion.
Members of the purchase pool will appoint one spokesperson for the purchase pool to make day-to-day decisions and act as a "liaison" between all members of the purchase pool.
NOTE: The Adrian Leeds Group, LLC will offer optional property management services upon completion of the sale and renovation at an additional expense to oversee the maintenance of the property, provide housekeeping between owners’ visits, manage the calendar of owner visits, pay all annual taxes, utility bills, etc. OR the group may operate fully on its own upon completion of the process.
If you are interested in participating in a purchase pool for "MY PIED-A-TERRE IN LE MARAIS," email Adrian Leeds at email@example.com
Fractional Property Offerings
If you are interested in traditional fractional ownership properties currently offered by our Fractional Ownership partners, see below:
|Paris: LE PETIT TRESOR
|Paris: CHEZ LA TOUR
|Languedoc-Roussillon: MAISON BLEUE
|Meaux: CHÂTEAU LIVING FRANCE
|Nice: ON THE COURS SALEYA
For more details and pricing information, contact firstname.lastname@example.org
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
Upcoming Conferences in 2008:
Living and Investing in France Real Estate Conference
Date: July 26-27, 2008
Location: An Alliance Française of San Francisco Special Event!
Don’t miss our 22nd Living and Investing in France Real Estate Conference! Learn how to live and invest in France…profitably.
Parler Paris Readers, FPI Subscribers, Alliance Française Members can save $50!
To learn more about the conference and this special offer and to reserve your place, click here: http://www.adrianleeds.com/frenchproperty/conference/LIF_SF_2008/index.html
For more information, email email@example.com
Living and Investing in France Real Estate Conference
Date: October 11-12, 2008
Location: Paris Chez Jenny
Times: To Be Announced
Registration Fee: To Be Announced
For more information, email firstname.lastname@example.org
Visit the FPI Web site and click on the link on the left panel or click here for Currency Convertor by Moneycorp Global Money Services: http://www.adrianleeds.com/frenchproperty/insider/moneycorpconvertor.html
for up to the minute conversions of all major currencies.
Compare currency values easily and quickly by visiting:
The charts below are updated every ten seconds.
The prices shown are "inter bank" exchange rates and are not the rates that you will be offered by Moneycorp. Your rate will be determined by the amount of currency that you are buying. Please speak with an Moneycorp dealer or your consultant for a live quotation.
Parler Paris Après Midi
Come for a drink and to meet and chat with other readers in Paris…
The next gathering is September 9, 2008, and every second Tuesday of the month.
Note: There is no meeting in August.
HOT PROPERTY PICKS: Unique Finds in the Fourth
Each week French Property Insider features a range of properties which we believe are on the market at the time of writing. These properties are featured in order to give readers a sample of what is currently available and a working example of prices being asked in various regions of France and districts of Paris.
As we are not a real estate agency. These properties do not constitute a sales listing. For those readers seriously interested in finding property in Paris or France, you can retain our services to do the whole thing for you. For more information, visit http://www.adrianleeds.com/frenchproperty/consultation
***Paris, 4th Arrondissement, 5 rooms, approx. 116m²
Saint Paul, Marais, near the Seine. Renovated building, first floor with elevator. Family apartment includes entrance, large living room with bay window, dining room, fully equipped kitchen, 2 bedrooms on the garden, one a master suite, 2 bathrooms, office, cellar. This layout is very functional and the apartment is in good condition. Bright and quiet. Parking a possibility.
Asking Price: 895,000€ + 2.5% Finder’s Fee
***Paris, 4th Arrondissement, 4 rooms, approx. 106m²
Bastille/Saint Paul, in a beautiful 17th century pierre de taille building, renovated duplex on the third and fourth floors. Living room with an open view on l’hôtel de Mayenne, 3 bedrooms on courtyard, 2 bathrooms, wood floors, fireplace, mirrors. Possibility to make a separate studio of 11m² in the attic.
Asking Price: 1,090,000€ + 2.5% Finder’s Fee
***Paris, 4th Arrondissement, 4 rooms, approx. 112m²
Benefit from this exceptional location in the heart of le Marais. This magnificent duplex has the spirit of an old house. Large living room with pretty beams, stone walls and pierre de Bourgogne on the floor, new fully equipped kitchen, 2 bedrooms, bathroom with tub and Italian shower. Opens onto the garden, calm, quiet. A coup de coeur!
Asking Price: 1,450,000€ + 2.5% Finder’s Fee
LEASEBACK NEWS FROM IMOINVEST
France, Mediterranean Coast, Antibes
Studio 21m² to 39m² €200,000 to €269,000
One Bedroom 40m² to 59m² €268,000 to €342,000
Two Bedrooms 57m² to 75m² €405,000 to €510,000
Three Bedrooms 85m² to 91m² €540,000 to €587,000
EXPECTED RENTAL INCOME UP TO: 4.00%
Unbeatable location close to Cannes, Nice and Sophia-Antipolis, the town of Antibes, to which the resorts of Cap d’Antibes and Juan-les-Pins belong, marks the spot for an ideal address for those looking to buy a new home or an investment buy to let property. This is a unique destination combining pictorial and nautical culture, bringing together tourists and business people, jazz and music in general, and celebrations and museums, gastronomy, sea and sun! Antibes is located between Nice 20 km and Cannes 12 km and very close to Sophia-Antipolis 10 km.
Residents and tenants alike will have the luxury of walking to the beach from the residence or taking advantage of the dynamic atmosphere of Antibes, close to stores, schools and all amenities. Ideally located in the heart of the city, the residence is only 500 meters from the sea, the sandy beaches, the port and the old quarter Antibes. There is a bus station close by, with lines serving all districts of the area, stores, and schools, cultural and sporting facilities.
Residents and tenants alike may enjoy the interior garden that adds a touch of freshness and tranquillity. In all rooms and on the balconies, the floors are covered with attractive sandstone tiling, a material typical of the south of France and that keeps things cool, while also being easy to maintain. Thanks to pre-cabling, you are equipped to access the Internet and receive TV channels transmitted over the cable network.
SEEKING A MORTGAGE IN FRANCE?
When you make a purchase as important as a piece of real estate in a foreign country, you want to know that you can trust the people you are dealing with. Adrian Leeds has developed a network of professionals that meet only the highest of standards. With the expertise and experience of Adrian and her team, you can depend on getting the best advice and support to feel completely confident that you are making an informed investment decision.
Managing Your French Property Insider Subscription is Easy!
We receive many emails from French Property Insider Subscribers who want to change their email address, or update personal information. But did you know that you can make these changes yourself?
2. Click on "Manage Subscription." You’ll find it under the "Subscribers Only" section in the sidebar.
3. Enter your username and password.
4. On the Welcome Page, go to "Manage Your Account" and click on "Change Password/Edit Profile"
5. Once you’ve made the changes, scroll down to the bottom of the page and click on "Save Profile."
Of course, we’re always happy to help, so if you do need assistance, send an email to email@example.com
We wanted better guides.
So we wrote them.
Insider Paris Guides are written for people who love the City of Light. You’ll get a Paris insider perspective on Restaurants… Making a Life… Black Culture… Expat Writers…and the newest guide, Practical Paris!
French Property Insider subscribers receive a discount of 10% off any guide and up to 25% off the entire purchase (if two or more guides are purchased at the same time). Here’s how it works:
1. Click on special Web link we give you just for FPI subscribers.
2. Then order one or more guide(s) and use the promotion
code "ED762." This promotion code gives you 10% off your total
3. If you order two or more guides, then an additional 15% will be
taken off automatically. There is no promotion code needed.
Here is the special "coupon" Web link just for you:
THINGS YOU NEED TO KNOW
To access password protected pages: click on any of the links on the left panel of the home page of FrenchPropertyInsider.com under "Subscriber’s Only," then type in your personal username and password.
Past issues of FPI are available on the website. You will find the
"Past Issues" link on the left under "Subscribers Only" or by going to
To receive your free French Leaseback Report or the Paris Property
Report, click on
HELPFUL CONVERSIONS FOR REAL ESTATE
1 square meter = 10.7639104 square feet
1 hectare = 2.4710538 acres
For more conversions, refer to: http://www.onlineconversion.com/
Welcome to your home in Paris. Home is how you will feel in a private apartment in Paris that has the "seal of approval" from Parler Paris Apartments and me, Adrian Leeds.
Parler Paris Apartments offers high quality accommodations to make your stay in the City of Light as enjoyable and memorable as possible. We at Parler Paris know each and every apartment owner or manager personally, and stand behind the quality of those we represent. We understand your needs and desires, all the small details that make a rental apartment a warm and welcoming home – and a much better alternative to an impersonal hotel!
Parler Paris Apartments is administered and serviced by the same great team as Parler Paris, French Property Insider and French Property Consultation. You can trust that Parler Paris Apartments and all those with whom it is associated will do their best for your 100% guaranteed satisfaction.
La Terrasse du Temple
Rue du Temple, 3rd Arrondissement, Le Marais
One-Bedroom with Air Conditioning, Sleeps up to 4
This newly renovated air-conditioned apartment, located in a 16th-century building, is an immaculate and calm one-bedroom oasis in the heart of Paris. Bright and luxurious, La Terrasse du Temple offers all the comforts of home in a well layed-out 35 square-meter package…
Reserve now! Visit http://www.adrianleeds.com/parlerparis/apartments/rentals/temple.html
or email: Apartments@AdrianLeeds.com
SUBSCRIBE TO PARLER PARIS
If you’re not a regular reader of the Parler Paris daily e-letter, and would like to be, simply enter your e-mail address here (it’s free!): http://www.adrianleeds.com/parlerparis
Copyright 2010, Adrian Leeds®
Adrian Leeds Group, LLC, http://www.adrianleeds.com