Living a Trophy Life in France

Living a Trophy Life in France

The Villa Ephrussi, a True Trophy Property

 

French Property Insider

May 21, 2009
Paris, France
http://adrianleeds.com/frenchproperty/insider


Bonjour French Property Insider Subscriber,

It’s been quiet outside all day thanks to the holiday of Ascension — a religious holiday the French love to take off from work but rarely celebrate for religious reasons. Being a Thursday, they are sure to "faire le pont" and bridge to a long and lazy weekend. Meanwhile, the weather is gorgeously sunny and warm, the birds are singing outside my window as is a car alarm, with barely the sound of a passing car to be heard.

Today’s issue deals with ‘trophy properties’ — those special nuggets only millionaires can afford. Some Paris agents have told me they are the properties that are selling well and fast and holding their values. Other articles will tell you that prices have plummeted. It’s tough to know who to believe! Read all about it in today’s issue.

In the news this week has been the Villa Leopolda, the house on the Riviera that sold last August for the highest price tag in history…now unsold and losing value. Read all about it in today’s issue, along with all the misinformation the press manages to publish!

On the subject of luxury properties is the town/country where more millionaires live per square meter than anywhere else in the world — Monaco. A prime property in Monaco is definitely what someone might call a ‘trophy property.’

But watch out…if you’re outside Monaco in France, and own a property valued at 800,000€ or more, you’ll be subject to French wealth tax. Don’t miss today’s important explanation of this controversial tax.

There’s more in store, including our Hot Trophy Properties, in today’s issue of FPI, so don your diamonds, pour yourself a glass of good champagne and have a relaxing read all about the good life in France.

A bientôt,

Adrian Leeds
Adrian LeedsEditor, French Property Insider
Email: [email protected]


P.S. To Only 13 days left to register FREE for the Living and Investing in France Real Estate Conference! Bring your spouse, partner or friend for FREE and register 2 for the price of 1. Sunday, May 31st in Paris — learn everything you need to know about living and investing in France. Visit www.adrianleeds.com/frenchproperty/conference/LIF_Paris_May_2009/index.html or email [email protected].


Volume VII, Issue 21, May 21, 2009

In this issue:

* How You Can Live and Work in France is Changing
* Learn the Important Issues of France’s Wealth Tax
* Attend the LIF Conference Free!
* Defining Trophy Property
* Discover the Advantages of "The Big Boy’s Playground"
* Optimistic Outlook for French Property
* A Special Subscription Offer
* Could They Be Wrong?
* Famous Villa’s Value in Question
* French Property Market Looking Rosy
* Second Chance to See House Hunters Int. Episode
* Successful Exhibition Spawns More
* The Latest Fractional Property Offerings
* Currency Online Exchange Service
* Parler Paris Apartments: Le Trésor du Marais
* Property Trends in Real Time
* Hot Property Picks: Tantalizing Trophy Tracts
* The Next Two Notaire’s Property Auctions
* How You Can Obtain a Mortgage in France
* Parler Paris Après-Midi: When We Meet Next
* Managing Your FPI Subscription
* Subscribers Receive Discount on Insider Paris Guides


The New Road to the Right to Live and Work in France
By Adrian Leeds

Excerpted from the Parler Paris Nouvellettre®
www.adrianleeds.com/parlerparis
Wednesday May 20, 2009

It’s tough to keep up with the changing French laws. For a society that doesn’t seem to like change, French law is as fresh as spring daisies.

Ann Cary Dana, an immigration attorney
in the Expat community (who spoke this
past March on the new French Auto-Entrepreneur system and who skillfully maneuvered my daughter obtaining her ten-year "carte de résident" well in advance of what the "fonctionnaires" [civil servants] at the "Préfecture" [administration] told us was possible), was thrilled to inform me this week about the new decree in immigration procedures. It’s a favorable change — one that is very appealing to foreigners who wish to stay in France longer than the three-month tourist visa waiver without worry of overstaying their welcome.

The decree No. 2009-477 of April 27, 2009, in effect allows foreign spouses of French nationals and foreigners holding a long-stay visa (more than three months and up to 12 months) marked as "visiteur" (visitor), "étudiant"(student), "travailleur salarié" (salaried worker) or "travailleur temporaire" (temporary worker), to stay for more than three months and for a maximum of 12 months with just their entry visa, i.e. without the need to apply for a residence permit at the Préfecture — they simply register with the "OFII" ("Office Français de l’Immigration et de l’Intégration"), the new name for the "ANAEM" ("Agence nationale de l’accueil des étrangers et des migrations").

The new provision comes into effect on June 1st, 2009, greatly simplifying the procedures for these five categories of foreigners who represent about 115,000 of the 140,000 long-stay visas issued each year, according to the Under-Director of Visas at the Ministry of Immigration. It’s so easy that upon arrival in France, those who are concerned by this provision only need to provide to the OFII details of their civil status and domicile in France…along with a photo and medical certificate (by virtue of a medical exam administered by the OFII).

Once the year is up…and we all know how impossible it is to consider leaving France once one has spent a full four seasons here…an application can be filed for a residence permit at the Préfecture two months before the visa expires.

This enlightening information for foreigners comes at the same time that France is boasting about the success of its new Auto-Entrepreneur program. Just the first quarter of 2009, 43.2% more new businesses have been created than for the same period one year ago…a record breaking result.

Ann also sent on information that Francis Lefebvre, one of the biggest publishers of legal manuals, has just launched a guide for the Auto-Entrepreneur and remarked, "…that in itself shows it’s a huge success — such a success that I’m getting worried they will put some restrictions on it!"

Now, I know that many of you are seeking ways of legally being in France and finding paths to earning a living here. It has never been easy for foreigners and the path is akin to being Dorothy on the "yellow brick road" — riddled with decisions of what direction to take to reach the "Emerald City" (Paris), deterrents like the roar of the Cowardly Lion (French law) and enemies like the Wicked Witch of the West (the Préfecture). I’ve consulted with hundreds of people over the years to help them find the right paths and believe this one may be smoother than others.

The concept is this: you apply for this new type of visa for up to one year…in the category that fits you best, even if you come as a visitor without the right to work. And while you’re here you explore the possibilities…use the time to research what paths are available to you. You then open an Auto-Entrepreneur — the law doesn’t specify what TYPE of visa you must have to do this — only that you must have a long stay visa! And then, you decide to stay longer than a year and apply to change your visa to give you the right to work.

Ann warns me…and you…that there is no guarantee they will grant you a change in status! It is clearly a risk that you would take. And it would be best to enter France with the most correct type of visa to begin with…but it IS possible it would work. There are advantages to ‘staying under the radar’ in the beginning…no doubt, but should you decide to stay and seek a long-stay visa, you will have lost valuable time — a disadvantage.

We have a saying here: "There is the law and then there is the reality." Anyone who wants to live in France must understand what that means fully. It does not suggest ‘breaking the law,’ but does suggest that the law should be viewed with a clear perspective on what lies beyond and not blindly followed without seeing the pitfalls that lie before you.

No matter what you do, don’t do it without professional advice from those that know where the pitfalls lie!

To learn more about the new long-stay visa and the Auto-Entrepreneur, contact Ann Cary Dana: email [email protected] or phone 01.43.66.94.27.

To purchase the guidebook (in French), visit ww.mrcampaign.com

And to learn more about the kinds of consultation we provide (more general and preliminary), visit www.adrianleeds.com/parlerparis/services/generalconsultation.html.


The French Wealth Tax
Compiled by Adrian Leeds

www.cabinetgregory.com

It seems unlikely that French Wealth Tax (ISF) will be abolished in the short term, however the current government have brought out several measures to reduce ISF – for example by making appropriate investments.

In August 2008, the government "slipped through" a partial temporary exemption for most newcomers to France, although care should be taken since this only applies to foreign assets.

French Wealth Tax is payable on net assets above 790000€ held on 1st January. French residents must include all worldwide assets and send in their declaration and payment by 15th June.

"Non-residents" with property in France are only liable for wealth tax on assets physically situated in France (therefore excluding purely financial investments) and have slightly longer to declare (17th July for Europeans and 31st August for non Europeans). Residency is defined by French law and is not simply a matter of being present for 183 days.

The French parliament has agreed partial exemption for five years from French wealth tax for most people moving to France after 6th August 2008. This is part of the Loi de la Modernization de l’Economie approved during summer 2008 (when most French were away on holiday!). Amongst other objectives this law aims to encourage high-earning professionals to move to France. The ISF exemption is similar to the existing US treaty and the proposed Anglo-French treaty – although the latter is still awaiting approval. The exemption only covers assets outside France, so careful financial planning is necessary. Newcomers may now prefer to choose appropriate foreign assets that fall under favorable French tax rules – but beware of the additional costs of living off foreign assets.

Assets must be consolidated for all members of the household. Couples must make a joint declaration whether married or not. Assets held by children below 18 years of age must also included.

Assets include:

- Land & buildings (Principal & secondary residences, rental property, …)
– Financial investments (quoted & unquoted stocks & shares, bank accounts, …)
– Jewelry and precious stones
– Furniture
– Cars, Motorcycles, Boats, Airplanes, …

Even if you are not the owner, simply having the right to live somewhere or receive income can be enough to make you liable on the capital value.

If you own shares in a property company (e.g. SCI), your declaration is based on the value of the underlying property.

To calculate the tax, add up the total value of assets for the household and deduct all outstanding debts and overdrafts as at 1st January. You then apply the rates from the following table:

The 2009 tax bands for ISF are

- to 790000€ 0%
– 790,000 to 1,280,000€ 0.55 %
– 1,280,000 to 2,520,000€ 0.75 %
– 2,520,000 to 3,960,000€ 1.00 %
– 3,960,000 to 7,570,000€ 1.30 %
– 7,570,000 to 16,480,000€ 1.65 %
– above 16,480,000€ 1.80 %

To reduce your wealth tax:

1. Know your rights.

Don’t over estimate property values, for example:
– As a French resident, for your principal residence, you can deduct 30% from comparable sales value
– For each rental property you can usually deduct up to 20% if unfurnished (and up to 40% if under a government controlled rental scheme such as de Robien)

Don’t include any exempt assets used for company or professional purposes.

Do deduct all allowable taxes, including:
– total income tax for the previous year and any outstanding tax for previous years
– property taxes (Habitation and Foncier)
– television licenses
– the ISF for the current year (creating an interesting complexity in the calculations…)

2. Use the Bouclier Fiscal.

This method is only available to French residents.

The Bouclier Fiscal ensures that no-one pays total French taxes of more than 50% of their income.

The taxes taken into account include not only income tax, but also social taxes, ISF, and local property taxes.

If a taxpayer can show that he paid more than 50% – he has 12 months to reclaim the excess. As from 2009, he can calculate the excess himself and deduct from the ISF due in June.

If you have low income, but high net assets, you can entirely wipe out ISF using this method.

The income used in the Bouclier Fiscal calculation is net after allowable deductions.

If income on capital is re-invested inside appropriate French wrappers (such as Assurance Vie), the Bouclier Fiscal can be become extremely effective. However – the authorities have made certain restrictions on the contents of such wrappers.

3. Start transferring assets.

One of the most effective ways to reduce ISF is to spread assets amongst your descendants.

If well organized, the family will pay lower rates or avoid ISF altogether.

If badly organized, you could end up paying high levels of gift tax instead.

Careful planning is required and
we suggest discussing the situation
with professional advisors at an early stage, and we would be glad to assist you. Do not wait until you have reached the ISF threshold!

4. Make use of available exemptions.

If your French friends have decorated their houses with antiques & works of art, it may have been for more subtle reasons than you thought!

Consider making additional investments in qualifying pension schemes.

Investing in a small European companies is another method to reduce ISF (available since August 07). 75% of the cost is deductible – limited to 50,000€ per family. Rather than choosing a company yourself, you can use professional venture capital funds, including regional (FIP) and innovative (FCPI) funds managed by specialists. In this case, the limits are reduced to 20,000€ and 50% of your investment.

Certain types of Life Insurance policy (Assurance Vie) provide ISF exemption. However, there is no point in saving ISF if the financial performance is inferior.

Many other types of exemption exist and depend on your personal interest, your short and long term financial objectives and your appetite for risk.

5. Use of French bank loans by non-residents.

Since non-residents are only assessed on net assets located in France, they should certainly consider using a mortgage when purchasing property – even if the capital is readily available elsewhere.

The mortgage should be secured on the French property to ensure the debt will be subtracted from the property value when estimating your liability to wealth tax. Loans should therefore be interest only so that the debt does not reduce over time. The capital that would otherwise have been brought into France to purchase the property can be invested on financial markets outside France – thus creating the income to pay the French banks.


Living and Investing in France Real Estate Conference Coming Up!

If you’ve always dreamed of spending more time in France, enjoying a pied-à-terre of your own in Paris that you can profitably rent when you like, or just make a smart investment in the strong Euro by owning property in France…then this power-packed one-day conference is a MUST. There is no doubt, from the hundreds of others who have attended conferences of this kind and fulfilled their dreams…this Sunday in Paris will point you in the right direction to really make it happen!

As a special offer to FPI subscribers, we invite you to bring a spouse, partner or friend to the upcoming Living and Investing in France Real Estate Conference here in Paris…ABSOLUTELY FREE!

Reserve your seats now!!

 

Paris Sunday, May 31, 2009 Chez Jenny 3, Boulevard du Temple 75003 Paris. For more information go to www.adrianleeds.com/frenchproperty/conference, but to register contact Schuyler Hoffman at [email protected].

 


What’s a Trophy Property?
By Adrian Leeds

A "trophy property" is one that is among the top 2% of properties within a given category, typically "residences, architecturally or historically preserved properties, high-amenity natural land and properties with spectacular views or other extraordinary amenities."

In our book, a trophy property is a ‘one of a kind’ or unique property that could be considered a ‘prize’ catch. An apartment on the Place des Vosges in Paris, a villa in Monaco or an a chateau in the Loire Valley all qualify.

Trophy properties come with ‘trophy-sized’ price tags, usually for good reason, and their values rarely drop substantially…as even in today’s economic climate, "people with money still have money"…or so they say.


Location Spotlight – Monaco
By Nicola Christinger

www.home-hunts.com

The Big Boy’s playground: It may be small and perfectly formed but its reputation is huge. As the smallest French-speaking principality, Monaco has more millionaires squeezed in per square meter than probably anywhere else in the world.

Ever since Grace Kelly arrived in the 1950’s to film “To Catch a Thief”, Monaco has been luring the rich, international jet-set into its modest two-square kilometers of luxury.

In order to gain residency in Monaco you need to first be able to prove a couple of essentials to the officials. First is a property deed as proof of ownership that you have either bought or a lease contract, a bank account certificate showing a deposit of at l

east
400,000 (varies from bank to bank). The third condition is that you commit to spend at least six months a year in the country – not at all a hardship given the fabulous climate, stunning beaches and nightlife guaranteed to keep you on your toes during your half yearly stint.

High on the list of reasons to live in Monaco is that it has no personal income tax for residents (except if you are French) There is also no capital gains tax (except if you are French) nor inheritance tax for direct heirs or spouses.

Understandably property in Monaco is highly sought after; there are long lists of buyers waiting for the right property. But like the rest of the world Monaco has experienced a taste of the economic slowdown. According to Stephane Moretti, manager of the HOMEHUNTS Monaco office “There will always be people looking to buy in Monaco and despite the downturn in property markets in other parts of the world, here the demand is still high.” says Moretti who has been involved in Monaco businesses and Real Estate for the past five years. “The commercial and corporate markets though are currently booming and it is still an amazing place to live” he adds…

To read the entire article go to www.home-hunts.com.


May Day is Play Day and Pay Day! Subscribe to FPI for just $1 per day the entire month of May 2009

Every Thursday, hundreds of hard-working folks receive an electronic magazine ("E-Zine") called "French Property Insider."

For those who are even remotely interested in having their own "pied-à-terre" in Paris or stone cottage in the countryside of France…it all starts with French Property Insider

Now only $31 for 50 issues of everything you need to know to make your dream to live and invest in France come true.

To read a sample edition go to adrianleeds.com/frenchproperty/insider Or to subscribe or renew today go to adrianleeds.com/frenchproperty/insider

No work, all play…on May Day. Become a subscriber or renew your current subscription today!


They Got It All Wrong…
By Adrian Leeds

A Foreword Forewarning to the Following Article

It was shocking to read so many articles about the Villa Leopolda’s drop in value, not because of the 90% drop in value, but because so many articles got so much information so wrong that it’s a reminder how little one can believe what one reads! With a little intended humor, see my comments in caps, bracketed, in the following article, that clearly didn’t get it right!…

 


Villa Leopolda Now Worth Only $40 Million?

www.luxist.com/tag/Villa+Leopolda

Villa Leopolda in Cap Ferrat [WRONG -- VILLA LEOPOLDA IS IN VILLEFRANCHE-SUR-MER], once the world’s most expensive estate with a $750 million price tag [WRONG -- VILLA LEOPOLDA SOLD IN AUGUST 2008 FOR APPROXIMATELY €500 MILLION, APPROXIMATELY $736 MILLION AT THE TIME], may now only be worth $40 to $50 million [ARE WE SURE THEY MEAN DOLLARS AND NOT EUROS? AND WORSE THAN THAT, ARE THEY TALKING ABOUT THE 10% DEPOSIT THAT WAS LOST WHEN MIKHAIL PROKHOROV PULLED OUT OF THE SALE?] thanks to plunging prices in the wake of the global recession, according to Sotheby’s International Realty CEO Alexander V. G. Kraft. "For trophy properties it used to be a question of how much someone was willing to pay," Kraft tells the London Telegraph. "They would come quietly onto the market – they would be marketed under the table. This system really has totally collapsed. Buyers willing to pay anything like those sums just don’t exist anymore." The paper says "panic sales" are on the rise in the ritzy area.

As we wrote about back in February, Russia’s richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit. [THE NUMBERS DON'T ADD UP. THE DEPOSIT WAS 10%. 10% IS $75 MILLION OF $750 MILLION, BUT SINCE THAT NUMBER WASN'T RIGHT...!!] The estate has not been re-listed. "Prices are coming more in line with the rest of the market," Kraft declares. "Trophy properties will be more in line with ‘normal luxury properties’ – about 20 to 30 million [euros]." Peter Ilovsky, director of Sotheby’s International Realty in Cap Ferrat, says they’re still good investments however. "Owning a property in Cap Ferrat is like having a Picasso," he tells the paper. [AND WHAT ABOUT VILLEFRANCHE-SUR-MER? IS THAT LIKE HAVING A RENOIR?] "It’s certainly better than placing the money in a Swiss bank." [REALLY?]


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Positive Prospects for Property in France

www.shelteroffshore.com

Unlike in Spain, the property market crash in France has been far more tempered and gentle! While there have been sales by vendors forced to sell at almost any cost, the majority of the market has seen an easing rather than an almighty crash, and the bottom has certainly not dropped out of the real estate market in France.

There are pockets where prices have dropped further than the national average trend, suggesting that these were areas oversold and perhaps inflated by the likes of foreign buyers in the past. But generally speaking, the average drop off in prices stands at ‘only’ 2.5% over the past year.

This is positive news for those who already own homes in France, and there has been more positive news thanks to the Organization for Economic Cooperation and Development (OECD) that advises that the overall economic slowdown in France is beginning to ease.

If you own a home in France but are an onshore resident, the time could perhaps not be better to sell your property if you’re thinking of exiting the market. The news from the OECD that the economic slowdown in France has eased could point to an improvement and even a turnaround in France’s fortunes in the near-term at best, or a period of stability and at least a pause in their decline at worst. This should translate favorably for the property market and perhaps bring more buyers back to the table…

According to a report in the Times, the median decrease in property prices in France has been just 2.5% over the last twelve months, with locations in regions such as Provence suffering up to a 6% decrease as these were areas boosted by a high percentage of foreign buyers. Elsewhere, properties on the Cote d’Azur have perhaps faired worse proportionally speaking, as so called trophy homes in places such as Cap Ferrat are now selling for up to a tenth of their former value! Of course, only desperate vendors will be selling at such a loss – and they will be selling to a tiny market of buyers who will be able to name their price!

So, what can we conclude from all of this? Well, if you’re a billionaire in search of a trophy property, call your agent and get them to put in some daft offers on some stunning properties. And if you’re the owner of a more ‘normal’ home in France that you’d like to sell, perhaps now is a good time to place your property on the market…

To read the entire article go to www.shelteroffshore.com/index.php/property/more/positive-prospects-property-in-france-10450.


House Hunters International "Vacation Home in Paris"
By Adrian Leeds

www.hgtv.com

Vacation Home in Paris

Episode HHINT-1A05

Tune In:
June 15, 2009 10:00 P.M. e/p
June 15, 2009 2:00 A.M. e/p

New Yorkers Jeff Ballinger and Mary Schiller recently began the first steps toward making their dream together a reality. After honeymooning in Paris, they knew they wanted their own vacation property in France. Now, they’ve moved out of their house and into a smaller condo in the Bronx, NY, and have begun their search for a pied-a-terre in Paris.

Guests:
Adrian Leeds, Property Consultant, Adrian Leeds Group


Archant Life France Launches the Next French Property Exhibition

Following the success of the French Property Exhibition in Harrogate earlier this month, Archant Life France continues with its program and launches the next show. To be held at Olympia, in London, on 11-13 September 2009 the show promises to bring together house hunters and professionals of the French property market, including estate agents, tax advisors, mortgage lenders, removal and currency exchange companies. The equivalent show last year attracted 3,500 visitors.

Entrance to the exhibition is free. To obtain tickets visitors simply need to register on the show’s dedicated website.

Despite the challenging economic climate, Archant Life France, who besides organizing exhibitions is the market-leading publisher within the Francophile market in the UK, reports that its exhibition visitors are still very much looking to buy in France…

To read the entire press release go to www.fpeolympia.com/press-releases.aspx.

Web site for the exhibition is at www.fpeolympia.com.


Fractional Property Offerings from French Property Fractional

www.adrianleeds.com/fr

enchprop
erty/fractional

If you are interested in traditional fractional ownership properties currently offered by our Fractional Ownership partners, see below:

Place des Vosges 
Paris:
LE PALACE DES VOSGES

Chez la Tour
Paris:
CHEZ LA TOUR


Paris:
La Rsidence Luxembourg

Le Petit Tresor
Paris:
LE PETIT TRESOR

Maison Bleue
Languedoc-Roussillon:
MAISON BLEUE
 

       

TODAY’S CURRENCY UPDATE

www.currencyonline.com

Currency OnlineCurrency Online Limited is a member of the Moneycorp group of companies. Moneycorp provides comprehensive foreign currency services to businesses and private individuals around the globe. Moneycorp has quickly become a market leader in foreign exchange with a network of offices in Australasia, North America and Europe that manages billions of dollars in foreign currency transactions annually.

Visit the FPI Web site for more information and take this link for Currency Convertor by Currency Online: www.adrianleeds.com/frenchproperty/loan/moneycorpconvertor.html for up to the minute conversions of all major currencies.


PARLER PARIS APARTMENTS

Parler Paris Apartments 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 heir best for your 100% guaranteed satisfaction.

SPOTLIGHT APARTMENT(S): Le Trésor du Marais

Rue Vieille du Temple, 4th Arrondissement
One-bedroom, Sleeps Up to 4

Le

Tré
sor du Marais is a charming one-bedroom apartment with a mezzanine (sleeping loft) located in the heart of the Marais district (4th arrondisement) of Paris just opposite the beautiful pedestrian street, rue Trésor, teeming with restaurants and boutiques. Its location on a charming courtyard provides solace in the midst of the exciting, high energy Marais district just outside your door.

 

Light pours through the five large double-paned windows making the apartment bright and cheerful, as well as quiet. The incomparable views of the rooftops of the Marais from this fourth floor ‘nest’ provide the utmost in charm.

The high ceilings are set off by the beautiful, original 18th-century wooden beams that add character to the apartment. Make sure you look for the carvings in the beams and the original wooden nails. Oak parquet floors compliment the combined living/dining
area, master bedroom and mezzanine.
.

www.adrianleeds.com/parlerparis/apartments/rentals/tresor.html.

Reserve now! Visit www.adrianleeds.com/parlerparis/apartments or email: [email protected]


An Address with a View
By Ross Tieman

Financial Times
www.www.ft.com

Marie-Hélène Lundgreen recently sold a top-floor apartment in a mansion in Paris’s “golden triangle” to a French financier returning from London with several years of City bonuses carefully saved. With 300 sq metres, the space was recently renovated and its location – overlooking a tree-lined square between the Place d’Etoile and Place d’Iéna, within walking distance of many of the capital’s landmarks – is ideal. The cost? €6m.

Only a few weeks earlier the director of Belles Demeures de France, a partner of Christie’s and the Daniel Féau network, sold another property to a young French family who had been looking for 220 sq metres but found they could afford more: an airy 3rd floor, 290 sq metre flat in the 16th arrondissement on Rue Meunier, overlooking the gardens of the St James Club.

The two deals reflect several trends that have emerged in the Paris property market over recent months: price falls of 10-15 per cent for some luxury residences, the return of French buyers, including financial wizards from London, and the speed with which the right homes are finding ready buyers. Few real estate agents claim that business is dynamic but a surprising number label it “active.”

“I have two clients trying to buy the same apartment [near the Place des Vosges, in the 3rd arrondissement] at the asking price,” says Françoise Koops, director of the Agence Rive Droite at Emile Garçin Real Estate. “That’s a sign that the market is healthy.”

As with many of the world’s other big cities, Paris witnessed a luxury property market boom in the decade to 2008, with prices nearly tripling. But, again as with everywhere else, the market began to slow in the second half of last year. According to the Chambre de Notaires de Paris, a group of lawyers handling property deals, the average cost of a Paris apartment fell 1.9 per cent to €6,520 per sq metre, or about €650,000 for a three-bedroom family apartment, from the third quarter of 2008 to the fourth, while transaction volumes were down by 23 per cent for existing homes and 25 per cent for new ones…

Similar themes are evident on the Côte d’Azur, where the combination of a mild climate, a beautiful coast backed by hills and a classic French lifestyle have long attracted the same wealthy jet-set. “A client might have his main home in Munich, a villa in St Tropez and a pied-à-terre in Paris,” says Foujols…

To read the entire article go to www.ft.com/cms/s/2/4a84b4b2-401d-11de-9ced-00144feabdc0.html.

 


HOT PROPERTY PICKS: Tantalizing Trophy Tracts

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

This week our focus is on luxury/trophy properties found throughout France.

the area with the highest property price increase.

>

***Languedoc Roussillon: 2-Bedroom, approx. 450m²

Located in the hinterland of the Mediteranean Coast, walking distance from the village and near a number of well known tourist spots in the Aude Region such as the renowned city of Carcassonne, the Chateau Cathares, the Sigean Wild Life Park, the Beach resorts and the Ski resorts. This genuine, ancient, two storey, stone built farmhouse is surrounded by vines in a garden of 2200m2. Renovated with taste the property provides 450m2 of living area with high ceilings. At garden level: entrance hall, fully equipped kitchen with central island, and american refrigerator. Direct access to the wine cellar. 80m2 dining room giving onto a beautiful, shaded 100m2 terrace tiled with a Villeroy & Bosch ceramic floor. 2 bedrooms, dressing room and large bathroom.

Asking Price: € 1 000 000 + 2.5% Finder’s Fee

 

   

***Valbonne: 5-Bedrooms, approx. 190m²

Near the village, in a quiet residential area, beautiful Provençal on 2500m2 of land with swimming pool. Includes a living room, kitchen, one bedroom with shower. On second floor: four bedrooms, one bathroom and one shower room. Garage and parking.

Asking Price: € 1 250 000 + 2.5% Finder’s Fee

 

   

***Paris, 16th: 3-Bedrooms, approx. 200m²

Ideally located close to schools and shops, in a beautiful stone building on the 4th floor. This apartment in excellent condition thanks to sophisticated and original decoration. Large living room, three bedrooms, three baths, a den, and exquisite kitchen. This sunny apartment enjoys a very quiet and charming environment.

Asking Price: € 2 250 000 + 2.5% Finder’s Fee

 

   

***Paris, 8th: 2-Bedroom, approx. 330m²

Ideal for family life, this livable space on the ground floor takes care of everyone’s privacy. Superb reception room with high ceilings open on the quiet 180sqm garden. The master suite with a terrace is conveniently situated on the second floor with the three children’s bedrooms. A garage and a service room add to the comfort of this very charming flat.

Asking Price: € 3 000 000 + 2.5% Finder’s Fee

 

   

***Yvelines: 9-Bedroom, approx. 850m²

An exceptional and quite beautiful Mill, with a large picturesque millpond nestled amongst 3.7 hectares of mature park and garden. The mill building has been converted and offers habitable space on two floors, plus a 100m2 guard house. The ground floor has a large entrance hall, a huge reception room, dining room, hunting room, billiard room, kitchen, one bedroom with en-suite bathroom, office and washrooms. The second floor has eight bedrooms: three with just bathrooms, one with bathroom and terrace, one with bathroom and lounge, one with bathroom and library, and two with toilette cabinets. There are also two washrooms. Outside there is a 50m2 terrace, a swimming pool and a guard house with two game room and a hunting room.

Asking Price: € 4 000 000 + 2.5% Finder’s Fee

 

   

***Bourgogne: 16-Bedroom, approx. 1350m²

Less that three hours from the center of Paris, about 15 km (9 miles) west of Dijon and with immediate access to the A38 Motorway, at the entrance to the Vallée de l’Ouche, renowned for its
green and pastoral landscape, vineyards, forests and the mountains from which spectacular vistas of the valley can be appreciated. This historic hunting residence, built in 1830, is surrounded by 100 acres (40hectares) of land. The Château was completely renovated in 1991 and today provides all modern facilities with 12 luxurious suites and vast reception rooms. Also includes a private landing strip, vineyard/winery, chapel, stables, golf-driving-range, fitness centers, tennis court swimming pools and hunting reserve. The property lends itself perfectly for entertaining and conference purposes.

Asking Price: € 10 600 000 + 2.5% Finder’s Fee

 

   

Lineup for the Next Two Notaires’ Property Auctions

Notaires de Paris
Place du Châtelet
12 avenue Victoria
Paris 1st

 

Additional information on Les Ventes aux Enchères des Notaires can be found on the Web site at www.encheres-Paris.com. Though the site has a button for an English version, it isn’t necessarily reliable.

To read Schuyler Hoffman’s article about the property auctions in Paris, click on:
www.adrianleeds.com/frenchproperty/insider/members/content/articles/auctions1.html

  On May 26, 2009 the following properties will be auctioned off:    

 

2009-09-03
2 Rooms 37m²
79 rue Philippe de Girard
75018 – PARIS 18eme
Starting Bid: 120 000,00 €
Deposit: 24 000,00 €

   

 

2009-09-04
4 Rooms 64m²
115 rue de Reuilly
75012 – PARIS 12eme
Starting Bid: 215 000,00 €
Deposit: 43 000,00 €

   
  On June 02, 2009 the following properties will be auctioned off:    

 

2009-10-01
4 Rooms 78m²
27 rue Taine
75012 – PARIS 12eme
Starting Bid: 305 000,00 €
Deposit: 61 000,00 €

   

 

2009-10-02
2 Rooms 36m²
7 rue Gauthey
75017 – PARIS 17eme
Starting Bid: 100 500,00 €
Deposit: 20 000,00 €

   

 

2009-10-03
Studio 44m²
27 rue Villiers de l’Isle Adam
75020 – PARIS 20eme
Starting Bid: 175 000,00 €
Deposit: 35 000,00 €

   
2009-10-04
2 Rooms 38m²
15 rue du Louvre
75001 – PARIS 1er
Starting Bid: 175 000,00 €
Deposit: 35 00,00 €
   

Editor’s Note: If you look at the properties on the Notaire’s site (www.encheres-paris.com), when you click on the information for a particular property there is also a link to Google Maps to show you exactly where the property is located.



SEEKING A MORTGAGE IN FRANCE?

French Propety LoanWhen you make a purchase as important as a piece of real estate in a foreign country, you ant 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.

Let us help you secure a mortgage in France at a competitive interest rate. Visit www.adrianleeds.com/frenchproperty/loan for more information or contact [email protected]

HELPFUL CONVERSIONS FOR REAL ESTATE

1 square meter = 10.7639104 square feet

1 hectare = 2.4710538 acres

For more conversions, refer to: www.onlineconversion.com/


Parler Paris Aprs Midi

Parler Paris Apres Midi

 

www.adrianleeds.com/parlerparis/apresmidi.html

Come for a drink and to meet and chat with other readers in Paris…

The next gathering is June 9, 2009 and every second Tuesday of the month (except August).

 

 


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