Gearing up for the Conference… Plus, Paris Prices Still on the Rise
French Property Insider
Thursday, October 23, 2003
Bonjour French Property Insider Subscriber,
We’re gearing up for the Working and Living in France Conference, scheduled to get off the ground Friday afternoon with a line-up of fascinating speakers. About 30 people from all over the U.S. and Europe are coming to hear what they and the others have to say.
The beginning of the conference focuses on life in France in general…a welcome to the city by an official of City Hall (Laurent Queige), a viewpoint of Paris by a famous historian (Thirza Vallois), and a cultural lesson by an expert in cultural crossings (Polly Platt). On that note, we’ll be sipping champagne and getting to know one another.
The next day we talk about more serious topics…immigration issues (Jean Taquet), earning a living (Rose Marie Burke) or starting a business (Sam Okoshken), learning French (Elisabeth Crochard), educating the kids (Nancy Caldwell), making the move (Sylvain Dubois)and getting good insurance (Frédéric Fauchereau).
Sunday is a big day…when we board the bus for the Grand Tour of Paris with a running commentary by Thirza Vallois and then we head back to the conference space to hear more about living in France (me), offshore banking (Peter Zipper), finding an apartment (Jocelyn Carnegie) just before cocktails and dinner at newly renovated and historically famous Chez Jenny.
Monday is devoted to property issues…first we’ll be talking about the legal aspects of owning property in France (John Howell), then the simplicity of getting a mortgage (Abbey National and later Banque Patrimoine et Immobilier), structural problems and renovation issues (Derek Bush) and lastly, renting your property for profit (Porter Scott), all before having another glass or two of bubbly.
The conference is meant for people who dream of living in France and don’t know where to begin or still have lots of unanswered questions. The guidebooks can only take you so far…but these experts can give you a first-hand look at life in France and answer questions a guidebook could never answer. If you couldn’t make the conference, it may help you to know that the basis for the conference is Rose Marie Burke’s “Working and Living in France: The Ins and Outs,” an Insider Paris Guide published by International Living. Meanwhile, we’re already planning for another one next Summer, so if you’re interested, we can put you on the mailing list, just be emailing: Next_Conference
Editor, French Property Insider
P.S. Next week I’ll give you a report on the outcome of the conference, writing you just before I head to California for the International Living Live Overseas Conference in Newport Beach November 5 – 9. For more information click here.
Volume I, Issue 37, October 23, 2003
In this issue:
* How much did your neighborhood increase in value?
* Is Paris the best place to buy on the Ile de France?
* How do the prices in France compare to other European countries?
* The 1948 Duplex is the Best Investment Deal
* Blocking Out the Paris Noise
* A Currency Exchange Update
* Hot Property: Terrace with a View
* Property For Sale: A New Leaseback in Saint-Malo
* General FPI Information…
THE SECOND ARRONDISSEMENT INCREASED HIGHER THAN ANY OTHER
The Chambre Interdépartementale des Notaires de Paris recently announced the property prices per square meter and the evolution of prices per meter for Paris and the Ile de France, from second quarter 2002 to second quarter 2003.
The second arrondissement increased higher than any other with 17.5% at an average per square meter of 4034 Euro. Second to increase in price is the adjacent 3rd arrondissement with an increase of 16.7% at 4335 Euro per square meter average. The 6th arrondissement has lost its lead as the most expensive to the 7th with an average of 5902 Euros and ranks third in price increase with 16.3%, but the 6th is in close second with 5893 Euros per meter, having increased second least with 11%.
Editor’s Notes: While the 2nd and 3rd arrondissements are proving our past predictions, we encourage you to watch the 10th arrondissement for major growth in the next two years.
PARIS PRICES INCREASED MORE THAN ANY OTHER PART OF THE ILE DE FRANCE
If you want to make the best investiment in the Paris region, it’s still showing strongest in the City of Light herself. Second quarter 2002 to second quarter 2003, Paris showed a 13.9% increase in prices compared to the lowest, Val-d’Oise with in increase of 9.9%. Obviously, your money goes further outside the Périférique, but it won’t appreciate as fast.
WHICH COUNTRY HAS THE LOWEST PRICE REAL ESTATE IN EUROPE?
If you really want a bargain, move to Hungary. Prices on property in Hungary are about half of what they are in France. If you want to spend the most amount, Austria, which is even more expensive than the UK, according to the Central European Initiative
THE 1948 DUPLEX IS THE BEST INVESTMENT DEAL
A few weeks ago, we told you about three apartments on rue Charlot in the 3rd arrondissement that fell under the 1948 rent control law that were priced to sell for about half of their value on today’s market.
This past week, we met with the owner/agent and reviewed the situation on each. We believe one of them is partic
ularly a good investment…the Duplex. (For those of you who wrote in regarding this property, you will contacted very soon by our Property Search Manger, Jocelyn Carnegie.)
It’s a 32 square meter duplex on the second and third floors without an elevator, on the courtyard. It is currently occupied by a family with an eight-year lease that will expire December 31, 2009. You cannot displace a renter in winter, therefore, assume the apartment would not be available until April 2010. The monthly rent started at 257 Euro per month. Each year it is increased by 652.18 Euros so that at the end of the lease, the last year yields 6916 Euros. The copropriété charges are approximately 400 Euro per year. Some of that is recouperable by law.
Asking Price: 100,000 Euro
There is a 1000 Euro introduction fee and a 2% finders fee should you purchase this apartments. Expect some additional attorney fees for advice on the handling of these properties.
We cannot guarantee that you will be able to view the apartment or speak with the tenant before purchasing.
Photos of the building and plan of this property are on the FPI Web site
Serious inquiries can be directed to Email: 1948_Duplex
SOUNDPROOFING RUE DE LA HUCHETTE
Porter Scott has spent the night at the rue de la Huchette apartment several times, with a mattress on the floor of the bedroom. This was the best test for any apartment — and he learned a lot. As a result, we had a sound specialist come in to test the sound proofing of the apartment from the gaiety on the Latin Quarter street below.
In our efforts to provide a luxury experience in this beautiful 18th-century apartment with Notre Dame just outside its door, we’ve begun the work to add a second layer of windows floor to ceiling (4 windows almost 4 meters high) in both the living room and bedroom to block out all noise and to insulate a wall between this apartment and the next so you’d never hear the neighbors.
This is not an unusual practice in Paris. Many of the finest apartments are situated on busy streets that have constant traffic and noise. Double-glazed windows are quite the norm. For even more soundproofing, often, a second layer of windows is added. In the Hot Property on rue de Turenne advertised in this newsletter (scroll down), the windows are just that — two sets to insure total silence.
If you are in need of a sound specialist, we can refer you to our resource by emailing us at Sound_Proof
Editor’s Notes: We are offering a special savings of $200 if you rent the rue de la Huchette apartment for two weeks, starting any date in December 2003! Learn more
“DR. DEREK’S” ARCHITECT’S ADVICE AND SERVICES
If you have basic questions concerning apartment and home renovation, contact our resident expert Derek Bush by visiting http://www.adrianleeds.com/frenchproperty/insider/services.html
TODAY’S CURRENCY UPDATE
Rates as of 2003.10.22 20:39:31 GMT.
1 U.S. Dollar equals Euro 0.847346 (0.852664 Euro last week)
1 Euro equals U.S. Dollar 1.18016 (1.16397 last week)
1 U.K. Pound equals Euro 1.69140 (1.43777 Euro last week)
1 Euro equals U.K. Pound 0.591225(0.695521 last week)
SEEKING A MORTGAGE IN FRANCE?
The International Living Paris Office can help you secure a mortgage in France with interest rates as low as 3.35%.
* FOR SALE: FPI HOT PROPERTY OF THE WEEK
We are constantly looking at properties for sale to offer to our subscribers only. Each week we will be bringing you one or two properties we believe are especially worth your consideration. As a subscriber, you will have an exclusive first look at these.
Properties sell very quickly in Paris. The best way to find the apartment or home of your dreams is to allow us to do a preliminary search before your arrival so that you visit only the best of the properties and can make a decision quickly.
To learn more about our property search services, visit: http://www.adrianleeds.com/frenchproperty/insider/propertyconsultation.html
– A PANORAMIC VIEW OF THE MARAIS
122,5 SQM “loi carrez” (1318 SQF) on rue de Turenne, Paris 3rd
5th level (ground floor + 4) with lift (elevator) – 1860 Parisian style building – double living room with four large windows, 2 or 3 bedrooms, 2 full bathrooms, equipped kitchen – very sunny ( S-W orientation). Excellent conditions: independant gas heating system (Frisquet), air-conditioning, sound proofing, lots of storage.
LIVING ROOM (44 SQM (473sqf))
The living room is extremely pleasant thanks to good proportions, 4 high windows, S-W orientation and air conditioning. The double ceiling and the double windows make it extremely quiet. Custom-made furniture provides many display, shelving, and closets. But the most pleasant remains the panoramic view on both rue de Turenne and rue de Bretagne.
OTHERS ROOMS DESCRIPTPION AND PICTURES
- A 2 sqm (21,5 sqf) entrance separated by a glazed-door leads to an 8,5 sqm (91,46 sqf) big hall leading to the living room, 2 bedrooms, the kitchen and the second bathroom.
- A 25 sqm (269 sqf) large bedroom includes 6 wide cupboards and
a cherrywood bookcase. It enjoys a nice outlook. It leads to a 11 sqm (118 sqf) bedroom (not parted as today).
- A corridor including cupboards and bookcases leads to a separated toilet and a 7,4 sqm (80 sqf) master bathroom in perfect condition, with bathtub and shower.
- An 11,5 sqm (124 sqf) office (which can be turned into a 3rd bedroom), with a custom-made cherrywood bookcase, is adjacent to the living room.
- A 8 sqm (86 sqf) kitchen in excellent conditions with Mobalpa caninetry is fully equiped (Miele oven and dishwasher plus a big American fridge). It’s next to a 4,5 sqm (48,42 sqf) bathroom with a shower and toilet and a second separated toilet.
Asking Price: 742,000 Euros
For complete information and photos, visit Turenne Apartment with a View of the Marais
Serious Inquiries Email: Turenne_View
* FPI PROPERTY LISTINGS – SALE
All of the following apartments are for sale by owner. There are no agency fees incurred with the exception of a finders fee we place to connect you with the owner and assist you in the purchase. We have chosen two very high level properties and two very low level properties, but both in very rentable areas of the city, should you wish to make your investment profitable.
The prime rental neighborhoods are the 1st – 8th arrondissements, but each depending on location within each arrondissement. The most requested is the Ile Saint-Louis, second the 6th, third the 4th. The most expensive property in the city is the Place des Vosges in the 4th, Ile Saint-Louis (also 4th) and the 6th arrondissement.
– NEW LUXURIOUS LEASEBACK PROPERTY IN SAINT-MALO
Situated next to the beautiful historic town of Saint-Malo, this SEA-FRONT RESIDENCE will accommodate the growing number of tourists coming to the region and also, the clients of the widely reputed health spa of Saint-Malo.
Set in a Park of 1, 5 acres with mature cedar trees, this residence will comprise luxurious one-bedroom suites and a covered heated swimming pool.
With a spectacular sea view and just 5 minutes from the heart of the town, this beautiful residence is a great investment boasting a high annual net yield in an exceptional location.
1 bedroom apartments start from 145,200 Euro (price excluding VAT)
- Turn of the century style building
– Direct access to the beach
– Very quiet surroundings
– Very residential area
Personal contributions have been minimilized through the use of gearing (i.e the use of borrowed money to increase your profits in an investment). This is made feasible because French banks are happy to offer 80% finance over 20 years to non-residents for lease back projects.
Special note: The Health & Esthetic center, “Termes de Saint-Malo,” a few kilometers from the residence, http://www.thalassotherapie.com, where buyers of the Leaseback can benefit from a 15% discount, and a shuttle will be created between the Residence and the Termes de Saint-Malo!!
Serious Inquiries Email: St_Malo_Leaseback
PARLER PARIS APRES MIDI MEETS TWICE A MONTH
NEXT MEETING: October 28, 2003 3 p.m. to 5 p.m. AND EVERY SECOND AND FOURTH TUESDAY OF THE MONTH
This is your opportunity to meet twice a month, often with local professionals who can answer your Working and Living in France questions. You are invited to come for drinks and share your questions and comments about what it takes to create a life here, own property and enjoy what France has to offer. It is also an opportunity to network with other Parler Paris readers.
For a detail description of the past meeting and for more information about Parler Paris Après Midi, visitb http://www.adrianleeds.com/parlerparis/apresmidi.html
Don’t forget that with your FPI subscription you are entitled to a discount on the purchase of any Insider Paris Guides. You’ll find details of the guides at http://www.insiderparisguides.com. When ordering, a box will pop up allowing you to enter the following username/password
Order more than one guide at a time and you will receive an additional discount!
RENTING AN APARTMENT IN PARIS OR HAVE AN APARTMENT TO RENT?
If you are seeking to rent a furnished apartment for a week, a month or a year or you have an apartment you wish to rent, there are a couple of ways we can be of assistance. Click here for more information: http://www.adrianleeds.com/frenchproperty/insider/forrent.html
THINGS YOU NEED TO KNOW
- FPI Website: To access any password protected pages, the username is: fpiuser and the password is: paris1802. If your computer utilizes cookies, once you log into a subscriber only section, the login information will remain active for seven days, after which you will have to login again.
- 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 http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/archives.cfm
- To receive your free French Leaseback Report or the Paris Property Report, click on http://www.adrianleeds.com/frenchproperty/insider/subscribersonly/reports2003.cfm and download the pdf versions.
- Instructions for upcoming conferenc
e calls are on the FPI website. You’ll find the link under the “Subscribers Only” section on the left of any page.
- Get In On The Discussion: Care to weigh-in on current HOT topics of discussion on France? Get in on or start your own thread on our bulletin board at http://www.agora-inc.com/forums/index.cfm?cfapp=15
WE ARE OFFERING A SPECIAL SAVINGS OF $200 IF YOU RENT THE RUE DE LA HUCHETTE APARTMENT FOR TWO WEEKS, STARTING ANY DATE IN DECEMBER 2003!
Total Elegance at the Doorstep of Notre Dame and the Famous Shakespeare and Company…in the heart of the Latin Quarter on rue de la Huchette… This is another of International Living’s very own Paris pied-à-terre in the finest location possible. You’ll find yourself just right at Notre Dame, Kilometer Zero (from which all distances in France are measured) and one-half block from the famous Shakespeare and Company bookstore (where Sylvia Beach and English literature in Paris all began) in the heart of the Latin Quarter. The RER station from Charles de Gaulle and Orly Airports is just at the next corner — Place Saint-Michel. For more information, visit the site or contact Huchette
Elegant, Tasteful, Calm at Saint-Germain-des-Prés, 6th arrondissement, one bedroom apartment, sleeps 4. Amenities: Fireplace, Phone, Cable TV, Full Kitchen, Microwave, Refrigerator, Cooking Utensils provided, Linens provided, Washer & Dryer, Bathtub with Shower.
For more information, visit: http://www.adrianleeds.com/frenchproperty/insider/rentals/scott.html or contact Cherche_Midi
Stay in your own 17th-century pied-à-terre in the heart of Saint-Germain-des-Prés, Paris, by the week or month. Sleeps 4. Newly furnished and redecorated. Totally charming. From $150 per night. Visit http://www.adrianleeds.com/frenchproperty/insider/rentals/mazarine.html or contact Rendez-Vous à Paris
FALL PROMOTION WITH PARIS MARAIS — 20 to 30 % off weekly rentals!
* Florentin studio available November, 500 Euro/week
See Florentin for details.
* Medieval suite available all of November, 700 Euro/week
See Medieval for details
== FOR SALE ==
DUPLEX ON THE LEFT BANK
Paris Left Bank — 13th arrondissement bordering the 5th, duplex on the 3rd and last floor plus a loft, total 87 m2 with 71m2 Loi Carrez (above 1.8m2). Quiet, sunny, lots of character (wood beams, traditional staircase) with stairs from living room to loft. Main bedroom downstairs overlooking east courtyard and living room overlooking rue Pascal. Two rooms upstairs, living room 27m2, toilet/shower/bath separate, equipped kitchen, storage room, cellar, double glazed windows and pine wooden floors. Rental history 1850 euro per month.
Asking Price: 445,000 euro
Call for private sale: +33 (0) 6.74.98.08.27 or Email: Duplex_on_the_Left_Bank
2 lovely apartments in the 1st arrondissment across the street from the Tuileries Gardens, 3 minutes form the Place Vendome. Available for rent by the week or longer term: 6 months to 1 year. 2-3 bedroom duplex w. 2 baths/ Tuileries view. OR 1-2 bedroom same building. Both are elevator accessible, non-smoking and no pet properties.
To check them out and for reservation and contact information go to http://www.youlloveparis.com.
HELPFUL CONVERSIONS FOR REAL ESTATE
To convert square meters to square feet, multiply 10.763 by 3.281 and for more conversions, refer to:
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.internationalliving.com/signup.cfm
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Copyright 2003, Agora Ireland Publishing & Services Ltd.