Maison et Palace, Progress and Paris
Interior of Le Palace des Vosges
September 3, 2009
Bonjour French Property Insider Subscriber,
a Rentrée in France has seriously begun this week — the kids are back in school and Parisians are back at work. The streets are awash with residents and tourists trying to catch up from their month of vacation as quickly as they can.
Tomorrow I celebrate 15 years in France and yesterday we celebrated the ‘birth’ of Le Palace des Vosges! It’s hard to believe that we’ve both come so far!
In today’s FPI, be sure to read all about last night’s very special event and see the photos, not only from the inauguration party, but of the fractional ownership apartment in the Place des Vosges that has come to near total completion. Nothing is so elegant and luxurious…and in such a dreamy location.
In today’s issue, also, we take a look at how the French work less hours than anyone, thanks to a study by UBS.com, but also how rents here in Paris range on the high side in comparison to other cities worldwide, thanks to the same study.
Tomorrow the Maison & Objet semi-annual trade fair begins — which I will be visiting with Martine di Matteo, our Interior Architect. It’s one of the most exciting trade fairs one can attend — and from where so many wonderful decor ideas come. Next week we’ll have a full report, but today you can get a glimpse by way of the article published first in Parler Paris just yesterday.
Hot Properties focus on central Paris, where rentals are low risk and auction information has been updated…so sit back, have a slow read and enjoy dreaming or planning for your next property investment in France.
Editor, French Property Insider
P.S. For those of you wanting a bargain visit to New York City between October 5 and 14, you can stay in the city’s best neighborhood (the heart of West Village) in a luxury studio apartment with a perfect view of the Empire State Building (!) at 50% less than the least expensive NYC hotel! Email me directly for more details: email@example.com.
P.P.S. Mark your calendar for Tuesday, September 8, when we rejoin at Parler Paris Après Midi from 3 to 5 p.m. at La Pierre du Marais after our summer break. Be there to meet new people and reconnect with Parler Paris Readers. Visit http://www.adrianleeds.com/parlerparis/apresmidi.html for details. See you there.
Volume VII, Issue 35, September 3, 2009
In this issue:
* Palace des Vosges Makes Its Debut
* Maison & Objet Returns
* Global Rents: How Does Paris Stack Up?
* FPI Fractional Property Offerings
* Register for the Money Matters Conference
* Hermitage Plaza Update
* How You Can Take the Risk Out of Currency Conversion
* Get Your Free Consultation!
* Parler Paris Apartments: Le Balcon Planté
* French Property Exhibition This Month
* Hot Property Picks: Positive Popular Paris
* Notaires’ Property Auctions Return This Month
* Second Property Show in the Fall: Focus on Luxury
* How You Can Obtain a Mortgage in France
* Parler Paris Après-Midi: Summer Break Almost Over
* Managing Your FPI Subscription
* Subscribers Receive Discount on Insider Paris Guides
Even up to the last minute, finishing touches were attended to by the workers and staff to ready the luxury tri-level townhouse at number 9 Place des Vosges for the official inauguration. Prior to the appointed hour of 6 p.m., the champagne cork was popped and the bubbly was poured to quench the thirst of the ‘insiders’ — the investors, developers, designers, contractors and staff to toast ourselves!
in a steady stream -
- the neighbors, our business associates, clients, owners, potential buyers, journalists and friends, to help us celebrate the ‘birth’ of the apartment that was such a huge series of hurdles to overcome to get to this stage.
The tables were set with "amuse geules" and French macaroons to accompany the champagne, as everyone toured the apartment, toasted and mingled with the others. About 7 p.m. I took position on the balcony to get everyone’s attention and toast all those who made it possible:
Jean-Yves Digan, an agent with Century 21 who I bumped into on the street moments after acquiring the property on their roster; John Howell, an attorney in London with whom I am partnered and who sent his investor client to see the property; Roy and Joy Brazier, the clients of John Howell who invested a majority of the funds to make it happen; Martine di Matteo, the Interior Architect who conceived and created the magnificent decor; Benoit Salun, the contractor who made it all happen, Mary Ellen Gallagher, the search consultant who is responsible for sales and the rest of the Adrian Leeds Group staff who assisted in many aspects of the final completion of the project.
It was comfortable in the apartment to have 60 guests, proving what a great entertainment space it is and within minutes after the guests left, there was little clean-up, proving how efficient the kitchen is. No doubt, everyone was quite impressed with the stables-turned-storage-turned-residence-turned-luxury fractional ownership townhouse…especially those who had known the property intimately for years — never realizing the potential of the space.
For more photos of Le Palace des Vosges, visit http://www.palacedesvosges.com/PDV_decor.html.
*** To date, six out of 13 four-week shares have been purchased and the share prices have increased.
Shares 1 through 4: SOLD OUT
Shares 5 through 10: 158,900€
Shares 11 through 13: 177,900€
* Annual maintenance, taxes and fees are estimated to be approximately 1,950€ per share.To reserve a share, a Deposit of 15,000€ and a signed Purchase Contract and Escrow Agreement must be submitted. The funds are transferred to an escrow account held by The International Law Partnership,LLP, ondon. A Complete Document Package follows shortly for a complete review with which the purchase of the property is confirmed and share paid for in full.
Excerpt from Parler Paris Nouvellettre®
Wednesday September 2, 2009
Martine di Matteo pulled up into the cobblestone courtyard at Place des Vosges with her car filled with accessories to add to the already beautiful decor at "Le Palace des Vosges." As we unloaded the lamps, mirrors, paintings, silver tea service, antique books, etc., we scurried around placing them and rearranging them until we had them in the positions that looked best.
Martine is our Interior Designer/Architect associate who has been the brain-child behind so many of our clients’ luxury apartments. One after another she manages to prove her talent to combine her French esthetic with her American experience that desires comfort and functionality. She had been gone to the U.S. on the usual French month-long vacation, while we who stayed behind to enjoy the quiet of Paris in August, filled in to manage the final details in finishing the apartment.
Last January, just before the renovation began, Martine and I made our semi-annual visit to the design trade fair, Maison & Objet. It was there that together we chose most of the primary furnishings — the kitchen cabinetry, cupboards, tables, chairs, sofa, chandeliers and other important "accoutrements."
This Friday we’re going to do it again…but for our newest projects: "Le Saint-Tropez" and "La Brigitte" (my studio and studette) and for a client whose three-bedroom, three-bath luxury apartment with terrace in the heart of Le Marais is currently under renovation. Shopping the massive interior design trade fair is one of Paris life’s little pleasures and going with Martine is a special treat as she knows everyone who’s anyone worth knowing.
The massive show takes place September 4th through 8th at the exhibition hall known as "Paris Nord Villepinte" (near Roissy Charles de Gaulle airport) from 9:30 a.m. to 7 p.m. daily (except 6 p.m. on closing day). The site has eight halls of exhibition space ranging from 7,100 to 48,000 square meters…of which a
square centimeter is filled with exhibitors from all over the world.
Should you attend, and keep in mind that it’s not designed for the public, but for the industry, expect to spend many hours and/or many days wandering the aisles and being overwhelmed by the "eye candy" of fabulous design and color. Martine and I look forward to it every half-year, even if we’re not in the market for anything in particular.
The French outperform everyone when it comes to upholstery fabrics and the Italians seriously know how to design contemporary bathrooms. The Belgians are making inroads into accessories and the British play a big role in outdoor furnishings. The French, of course, are the primary exhibitors and much of the furnishings are "provincial" — a style that can be described as "formal" yet for a "farmhouse" — as comfortable, but elegant furnishings to suit a "gentleman farmer."
French provincial is "cozy, rustic, and warm, while carrying the elegance and opulent," according to Stephan Teak of FurnitureStoresforYou.com. "The colors are rich, dark, and use many of the same hues such as the rustic reds, bronze, grassy greens, and gold. French provincial is more regal but comfortable, using the different patterns in the furnishings to show sophistication and comfort."
To read the entire article go to http://www.adrianleeds.com/parlerparis.
According to a new study by UBS, people from Lyon and Paris spend the least amount of hours working per year: 1,582 and 1,594 hours, respectively. Residents of Cairo, on the other hand, work the most hours in the world at 2,373. The global average is 1,902 hours per year.
Editor’s Note: See the following article for more global comparisons.
We conducted our standardized Prices and Earnings survey in 73 international cities in March 2009. The data was collected by several independent observers in each city. In all, more than 30,000 data points were included in our analysis.
All amounts were converted into a single currency to ensure that the surveyed prices and earnings could be compared. To compensate for daily exchange rate fluctuations, we used the average exchange rate over the data collection period.
Large price differential for rent
The housing markets in all the cities we surveyed are heavily fragmented. Residential properties tend to be influenced by a variety of factors. They range from general quality features such as size, floor plan, age and the level of standard fittings to specific factors such as location, light, view, noise levels and access to infrastructure. Moreover, unlike consumer goods, given often cumbersome planning and design processes and regulatory restrictions, the real estate market responds relatively sluggishly to changes in demand. Nonetheless, faced with growing demand for centrally located housing, many construction planners choose to build high-rise buildings – the typical feature of every metropolis.
To make our housing basket as representative as possible, we collected data on prices for customary local forms of housing, rents for furnished 4-room dwellings and for unfurnished 3-room dwellings in mid-range residential areas. The rents include all utilities. In the price index, customary local rents are weighted at two-thirds and rents for furnished 4-room and unfurnished 3-room dwellings at one-sixth each.
Furnished 4-room dwelling
If we ignore the exorbitantly priced luxury apartments in New York, Tokyo and Hong Kong, the average monthly rent for a furnished 4-room dwelling is close to USD 2,210. However, prices in this category tend to vary widely, even within individual neighborhoods. Also, subjective perceptions unavoidably play a role in the data collected for this category – even though our questionnaire defines the data set rigorously. As price differences usually reflect quality differences to some degree, the data can only be compared directly to a limited extent.
Unfurnished 3-room dwelling
Rents for unfurnished 3-room dwellings have a similar price differential to those for furnished 4-room dwellings. The global average rent for an unfurnished 3-room dwelling near the city center is close to USD 1
50. In this category, the most expensive accommodation is to be found in New York, Hong Kong and Dubai. Rents are much cheaper in Africa (USD 640 on average), South America (USD 920) and Eastern Europe (USD 970). Customary local rental prices To make our rent comparison as accurate as possible, we identified the standard rental price level for each individual city, as well as prices for standardized Western European forms of housing. This provides a clear picture of how much an average local family pays in rent. Customary local rental prices are based on dwellings whose size, standard of fittings and neighborhood are typical for that city. Families in Lima, the capital of Peru, pay the lowest customary local rents in the world, USD 130 per month. The highest customary local rents of USD 3,100 are paid in New York.
Falling prices in the US housing market punctured the real estate bubble in the summer of 2007. Initially, the crisis only affected companies in the real estate and financial sector. However, by the end of 2008, it had spilled over to the real economy globally. A comparison with the 2006 data shows that rental costs – or at least average global rents – have remained fairly steady despite the crisis.
This is partly because rents historically respond to market factors with some degree of delay, and partly because demand for housing remains strong in major cities, fostering price stability. In Zurich, for instance, voracious demand and limited supply have kept the vacancy rate down to a mere 0.03%. The rate is 0.2% in Geneva and 0.97% on average for Switzerland as a whole.
Normal local rent medium
The figures given are merely tentative values for average rent prices (monthly gross rents) for a majority of local households.
Tel Aviv/ $840
Hong Kong/ $1,430
Los Angeles/ $1,580
New York/ $3,100
If you are interested in traditional fractional ownership properties currently offered by our Fractional Ownership partners, see below:
LE PALACE DES VOSGES
CHEZ LA TOUR
LE PETIT TRESOR
NOTRE MAISON DANS TOULOUGES
To see our latest Fractional offerings go to http://adrianleeds.com/frenchproperty/fractional/fractional_offerings.html
If you’ve never benefited from financial coaching, this is the place for you!
Come hear Adrian Leeds enlighten you on "Property Investment in France" 2 p.m. to 3:15 p.m.!
MONEY MATTERS FOR WOMEN is a half-day conference held in Paris, France for today’s global woman who wants to understand her current financial situation, plan intelligently and take proactive steps in managing her money.
The conference features:
- A dynamic keynote speaker
– Nine concurrent presentations and discussions with professional financial information
– A closing session for all conference attendees and a networking cocktail reception to end the day
This conference recognizes that women have unique financial goals and challenges which must be addressed. So invite your daughter, friend or neighbor to share in this empowering experience and walk away with more confidence and the tools to own your financial uture.
The Money Matters for Women 2009 conference is presented by WICE and hosted by The American University of Paris. Special thanks to Smart Women Products for their continued support of this conference.For more information and to register, visit http://www.moneymattersforwomen.org.
Hermitage Plaza is an ongoing project by Foster + Partners in Paris. The complex will create a new community to the east of La Défense, in Courbevoie, that extends down to the river Seine with cafés, shops and a sunny public plaza at its heart.
Hermitage Plaza will create a new community to the east of La Défense, in Courbevoie, that extends down to the river Seine with cafés, shops and a sunny public plaza at its heart. The project incorporates two 323-meter-high buildings – the tallest mixed-use towers in Western Europe – which will establish a distinctive symbol for this new urban destination on the Paris skyline. The result of a close collaboration with EPAD, the City of Courbevoie, Atelier de Paysage Urbain and Département de Hauts-de-Seine, the project is intended to inject life into the area east of La Défense by creating a sustainable, high-density community. The two towers accommodate a hotel, spa, panoramic apartments, offices and serviced apartments, as well as shops at the base…
To read the entire article go to http://www.archicentral.com/hermitage-plaza-paris-france-foster-partners-22293/.
The Moneycorp MasterCard Prepaid card can be loaded with euros or US dollars, by the main cardholder using a debit or credit card.
There is no line of credit with the card so you can only spend what you have loaded – helping you to stay in control of your money.
It’s easy to manage your money with the Moneycorp Prepaid Card and account.
Take the Risk Out of Currency Conversion
If you’re buying a holiday home or investment property overseas, when you trade your currency is crucial. The euro exchange rate is constantly fluctuating, so trading at the right time will mean your money goes a lot further. Adrian Leeds Group LLC and Moneycorp are working together to ensure you make the most of your Dollar or Sterling when buying a property in France.
For the latest exchange rate use our currency converter at http://www.adrianleeds.com/frenchproperty/loan/moneycorpconvertor and learn more about moneycorp here:
If you are a guest staying in any one of our luxurious Parler Paris Apartments, and would like to consider having your own "pied-à-terre" for your pleasure and profit, contact Adrian Lees for a FREE one-hour consultation while you’re enjoying the apartment in the City of Light. Visit http://www.adrianleeds.com/parlerparis/apartments for more information or email me at firstname.lastname@example.org.
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 Balcon Planté
Near Place de la Bastille and the Bastille Opera, Gare de Lyon, the Viaduc des Arts and the Promenade Plantée, 12th Arrondissement
1-Bedroom, Sleeps Up to 4
Sunny, bright and newly decorated, there are two main rooms, both opening through French doors to a balcony with plants, a bistro table and chairs; plus a fully equipped kitchen, bathroom with tub and shower, and separate toilet. The bedroom has a new, very comfortable queen size bed. The living room has a new modern sofa that converts to a comfortable, extra-long double bed, as well as a dining table and chairs. All rooms open separately to the entry hall; the two main rooms can be separated as well.
Run by lifestyle magazine Archant Life France, the event will take place from September 11th to 13th at Olympia, with the company stating that the recent exhibition held in Harrogate revealed widespread optimism about the French market.
With France’s continued popularity as one of Britain’s top destinations we aim to deliver the finest selection of French property and services available, with estate agents, developers, financial and legal advice available from the experts.
Not only is entry to the Exhibition free, but our seminars are also free. Here you can gain all the information you need to make the correct decision on buying a property in France. Our speakers are experts on French property and will share valuable information on the buying process, highlight the pitfalls of the French legal system, let you know how to transfer funds cost effectively and how to integrate into local French life.
For more information and tickets go tohttp://www.fpeolympia.com/.
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.
This week we focus on some interesting property opportunities throughout Paris.
*** Paris, Austerlitz, 5th: One-bedroom, approx. 38m²
Adorable apartment in prime location. Located just a few steps away from the famous hot spots of the city. The 5th arrondissement is also known for its tiny bars and restaurants. Close by and only a few minutes on foot from the apartment is the ‘Jardin Des Plantes’ botanical park. The apartment comprises a 5.5 m² balcony that boasts an exceptional view over the city. There is a separate bedroom, a cosy living room, both with balcony and broad views. On the 7th and last floor of the building, this flat is incredibly bright and airy. Perfect little heaven in the center of Paris.
Asking Price: € 299 000 + 2.5% Finder’s Fee
*** Paris, Odeon, 6th: One-bedroom, approx. 25m²
Discover the Odeon quarter from the doorstep of this completely renovated one bedroom flat! Perfect property for an investor as a short term rental. Located on the 4th floor of a well-kept building, the space is bright, calm, and offers unobstructed views. There is a living room with an open kitchen, a bedroom with ensuite shower room. Odeon is just minutes away from St Germain des Pres, many theatres, restaurants, and shops of the 6th arrondissement.
Asking Price: € 312 000 + 2.5% Finder’s Fee
*** Paris, Sorbonne, 5th: One-bedroom, approx. 42m²
One bedroom duplex apartment located between Saint Michel and the Luxembourg Gardens, boasting an excellent location only steps from the Sorbonne University. Situated on a quiet street close to all amenities, restaurants and nightlife. The apartment is easily accessible from the Roissy Charles de Gaulle Airport being that the RER commuter train station is less than a 5-minute walk from the front door. Perfect Parisian pied-à-terre and ideal for lucrative seasonal rentals.
Asking Price: € 430 000 + 2.5% Finder’s Fee
*** Paris, Saint Paul, 4th: One-bedroom, approx. 53m²
Traditional period Parisian apartment: hardwood floors throughout, moldings, fireplace, and old style wooden windows. The flat is located in one of the most sought after areas of Paris’ 4th district: Saint Paul, just a few steps from the Bastille, Ile Saint Louis, and a multitude of art galleries, chic boutiques and trendy designer shops. The flat includes a convenient hallway, a large and bright living area, a modern and equipped open kitchen, and a separate bedroom with its ensuite bathroom with tub. Views over the street and the bedroom benefits from the privacy of the interior courtyard.
Asking Price: € 530 000 + 2.5% Finder’s Fee
Notaires de Paris
Place du Châtelet
12 avenue Victoria
Additional information on Les Ventes aux Enchères des Notaires can be found on the Web site at www.encheres-Paris.com.
To read Schuyler Hoffman’s article about the property auctions in Paris, click on:
|The following properties will be auctioned off September 22, 2009:|
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.
* Luxury Real Estate Trade Fair Loves Paris in the Autumn *
Not everyone can afford a private island or a fancy penthouse on New York’s Upper East Side. Still, for those who can, an invitation to the Luxury Real Estate Trade Fair will be just the thing to make the autumn seem brighter. And where better to promote high-end property than Paris, the world capital of chic? This elegant ambience will be further enhanced by the venue, Paris’s famous Musée du Louvre.
On the 27th, 28th and 29th of November 2009 Prestige-Paris will celebrate its third birthday with the assistance of France Convention, a specialist in niche and luxury trade fairs. This year’s gathering will be required both to meet the visitors’ very demanding expectations and outdo last year’s exceptionally successful event.
The recent recession has failed to affect the luxury sector as much as the rest of the economy, in fact the latest figures have revealed that the Parisian real estate market has improved. It seems that the most beautiful and luxurious homes never fail to find a buyer, a thought that will encourage participants in this most prestigious property exhibition.
When 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.
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/
The second Tuesday of every month, Parler Paris and French Property Insider readers gather at La Pierre du Marais for a drink and a "schmooze" –It’s an opportunity to meet and chat with other like-minded people and a great way to make friends! Costs nothing except your drinks. Don’t miss the next gathering Tuesday, Septemeber 8th, 2009 from 3 to 5 p.m. and every second Tuesday of the month (except August).
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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 uide 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.
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