The Long and Short Term Advantage
The Rental Apartment, Penthouse Voltaire
January 14, 2010
Bonjour French Property Insider Subscriber,
We have so much news! And much of it is money saving!
We start off with a story taking place at Place des Vosges. Neighbors to Le Palace des Vosges (our newest fractional ownership property), for the moment, are high-brow squatters, exposed in a fascinating article from The Telegraph. Be sure not to miss this gem and learn who, among the rich and famous, are enjoying Paris’ best address!
As squatters, they are taking advantage of laws that protect the tenants. Learn more about this and how to go about renting a property in France in another information-packed article, brought to you by Expatica.com
Speaking of the Place, Le Palace des Vosges is not only offering its available weeks for short term rental, but renters who purchase a share will be refunded one week of their stay expense!
Paris Home Shares is making a special offer to our readers: if you purchase a share of the Chez La Tour or Le Petit Trésor properties between now and February 28, 2010, they will pay your annual dues!
Not bad deals…especially if you’re considering owning a share in one of Paris’ most luxurious and well located properties.
And to follow up with our rental theme, today’s Hot Properties are not for sale, but for rent!
Other news makes the pages of FPI — recommendations on how to decide where to live in France and where the most expensive real estate is in the world.
So, take time to enjoy it all, and stay warm — all of you in cold climates like France!
Editor, French Property Insider
P.S. We had a small, but fascinating meeting yesterday at Parler Paris Après Midi…almost all women until one old friend became the ‘rooster’ in the hen house. Read all about it at http://www.adrianleeds.com/parlerparis/apresmidi.html and plan on coming next month! Put it into your calendar NOW, so you won’t forget.
P.P.S. Don’t forget to watch us on House Hunters "Vacation Home in Paris" – Episode HHINT-1A05, tomorrow January 15, 2010, 7:00 PM ET/PT. For more information, visit:
Volume VIII, Issue 2, January 14, 2010
In this issue:
* Learning the Long and Short of It
* Specials on Fractionals
* Squaters Surprise Owner
* Could This Property be for You?
* Deciding Where to Live in France
* FPI Fractional Property Offerings – Two New Properties!
* Do You Know Where the Most Expensive Real Estate Is?
* House Hunters International- Paris, Tomorrow!
* Moneycorp: Take the Risk Out of Currency Conversion
* How You Can Get a Free Property Consultation
* Parler Paris Apartments: – Two New Apartments!
* Hot Properties: Long Look at Long Term
* Notaires’ Auction: January 19th
* How You Can Obtain a Mortgage in France
* Parler Paris Après-Midi: Next Gathering Feb. 9th
* Managing Your FPI Subscription
* Subscribers Receive Discount on Insider Paris Guides
is unlike other ci
ties; it is a city thriving with life and to live in its centre is to become part of that life. On the other hand, if you’re arriving with three children and a minivan, you might consider living in one of the suburbs where you’ll find larger houses with gardens. There will be space, parking, quiet and increased safety, and with high quality public transport it’s usually only a short train ride to the Louvre. Of course, this isn’t always the case and if enjoying Paris is important for you and your family, consider your new home’s proximity to public transport.
Your rent usually includes water and building maintenance. In theory, the landlord is responsible for the upkeep of the apartment itself. This does not, however, extend to appliances that may come with the apartment. For example, if you move into a studio which includes a refrigerator and it breaks down two months into your stay, you’re responsible for replacing it.
If you have gas heating the cost is shared between the tenants and is dramatically less expensive than electric heating. All other utilities are paid for separately and individually, but air conditioning is rare in Paris. Occasionally, parking is included in the rent but very infrequently.
A standard rental contract for an unfurnished apartment is three years. Don’t be frightened by the seemingly long duration of the lease. French law always favors the ‘little guy’ and as a tenant that’s you; the long duration of your lease exists to protect you from the landlord. If you want out, simply give three months’ notice and you’re free. And if you’re transferred with your job, you only need one month’s notice and a letter from your employer. If, however, the landlord wants you out he needs to wait for the full term of the lease. If, at the end of three years, the landlord wants you out they will need to send you a letter six months before the end of the lease. If there’s no letter, the three years is automatically renewed. These laws apply only to unfurnished apartments. (If you rent a furnished apartment the lease is one year. To leave early you must give a month’s notice. At the end of one year the lease is automatically renewed.)
Rent is paid monthly and is automatically deducted from your bank account. Negotiating your rent is, in most instances, unheard of. There is such high demand for apartments in Paris that landlords have their pick of tenants and because laws favor the tenant so heavily, landlords are very careful about choosing their prospective tenants. In addition to your rent you’ll need to pay a security deposit which is usually two months’ rent.
A good place to look for apartments that don’t carry an agency fee is the weekly publication De Particulier à Particulier, an excellent source for independent owners to sell or rent their property. You can also search the website which is available in English at http://www.pap.fr. FUSAC is a monthly English language collection of advertisements which includes a large selection of apartments for rent or sale. Depending upon your budget you may also find apartments advertised in the International Herald Tribune but these tend to be at the upper end of the scale. The website http://www.paris.craigslist.org has also become an excellent place to find apartments to rent, both short and long term as well as sublets and roommate situations.
Real Estate Agents
Because there’s no central real estate database in Paris, individuals often need to do a lot of leg work (or hire someone to do it for them) to find a place to live. Don’t be surprised if agents don’t return your calls, or generally seem uninterested by your desire to pay them money. Real estate agents in Paris all have window displays, which showcase their best properties. Agencies must be certified by the préfecture de police and you should only do business with agencies that have a professional ID number, a guarantor and insurance. All of these things must, by law, be printed on all contracts and official correspondence. All agencies charge a non-refundable fee if you use their services to secure an apartment.
Keep in mind that agencies don’t usually have exclusive rights to a property, and you may find the same property in another window so it’s worth looking around as one agent may charge less than the other.
Before you move into your apartment you will need to sign a copy of the état des lieux, a document evaluating the state of the apartment. Make sure that anything that isn’t up to par is marked in detail and take photographs. By law you must have tenant’s insurance and provide proof to your landlord that you’re covered.
In general, you will be asked to prove that you make at least three times the monthly rent and it is not uncommon for a prospective landlord to ask for personal financial details including extensive financial records, your employment contract, and even your parents’ financial records.
The lease itself is called the droit de bail or contrat de location and to be valid it must be drafted by a notary and written in French. You have no legal right to have the lease written in another language and if one is provided to you, make sure that you have the original in French reviewed by your lawyer or relocation agent before signing. The lease will be signed by you and by the landlord or occasionally by an estate
agency on the landlord’s behalf.
Main Accommodation Options
The majority of people who live in Paris live in apartments. There is an enormous range when it comes to price – you can find a room for a few hundred euros per month and you can spend upwards of €10,000 per month for a loft looking out over the Seine. As is true anywhere else, location is key. What you get for your money in Saint-Germain-des-Prés is not what you get in the 19th. Know what you want before you arrive and decide what it is you’re willing to give up; if you want to live in a house, odds are you’re not going to find one in Paris. There are exceptions, but to buy or rent a house in the city is brutally expensive, and even if you have the money it may be difficult to do.
If you’re set on living in a house with a garden and a parking space, consider the suburbs where this is infinitely more affordable. Serviced apartments or ‘aparthotels’ are available as well. If you don’t have the time to find a perfect, personal and charming place you can find very comfortable serviced apartments throughout the city, often in very desirable locations. These serviced apartments offer the amenities of a hotel but with fully equipped kitchens included. The Citadine apartments in St-Germain des Prés, for example, directly face the Seine and sit on some of the cities most valuable property.
Furnished apartments provide the comforts of home but without the services provided by aparthotels. By renting a furnished apartment you’ll save yourself the trouble of starting from scratch or shipping your belongings to Paris. This is, of course, a matter of taste.
If you’re happy to live with someone else’s things and can afford to pay a bit more per month, consider a furnished apartment. Another advantage to living in a furnished apartment is that there is less hassle when it comes to the lease. As mentioned, a furnished apartment is not subject to the same laws as an unfurnished property. On the downside, this means it is far easier for a landlord to throw you out should they wish.
Other Rental Costs
Aside from your initial deposit, the agency fee and your monthly rent there are other fees to consider. You’ll need to pay an annual habitation tax and, depending upon your phone, Internet and cable services, you may need to pay a deposit for those too. Keep in mind that there is an increasingly competitive home services market developing in France and there are some excellent deals to be had if you shop around. It is uncommon for parking to be provided with an apartment; if you have a car or expect to purchase one, consider your options when deciding where to live. There are many underground parking garages in Paris, which sell monthly passes. The mayor would like to ban cars altogether from the centre of the city and is pushing hard to accomplish this.
Editor’s Note: French Property Consultation provides a service at a one time fee to help find long term rental apartments in Paris or the adjacent suburbs based on your preferences, budget and needs. Our rental professional will ask you to complete a questionnaire to determine your specific needs and desires, consult with you, perform an apartment search and selection within 4 contiguous districts, provide photos and description of up to 5 apartments, plus assist you to negotiate the lease or on your behalf. For more information, visit:
The luxurious two bedroom fractional ownership apartment in the Place des Vosges, known as "Le Palace des Vosges," is available for immediate rental when the owners aren’t occupying it!
And even better than that…should you decide to purchase a share, your rental fees (up to one week’s worth) will be deducted from your share price! That makes your week at Le Palace des Vosges absolutely FREE!
Located at 9 Place des Vosges next to the Michelin 3-star restaurant, l’Ambroisie, it’s at the back of the second courtyard, where you can hear the birds chirping even though you’re steps away from the hustle and bustle of Paris.
Like a house in the country, the apartment is on three small levels — entering on the courtyard to a grand living room/dining room/kitchen/powder room, with just a few stone spiral steps up to the master suite and a few steps down to the second bedroom. Each bedroom has an en suite bathroom and a sumptuous velour sofabed in the living room converts to sleep 6.
The apartment is absolutely, totally luxurious and fully equipped with more than you could possibly dream! Anyone who loves to cook will adore the gas 5-burner Falcon stove and oven! And anyone who loves a good soak is going to be spending lots of time in the Marie-Antoinette claw foot tub! (Plus all the owners say the showers are the best they’ve ever had!)
Rates for a minimum stay of 3 nights are as follows, depending on season, length of stay and availability:
NIGHTLY: €375 – €525 per day
WEEKLY: €2,360 – €3,300 per week
MONTHLY: €5,900- €8,250 per month
Book your stay now before the shares get sold out!…and then get it FREE when you become an owner yourself!
French Property Fractional – Special Offer!
French Property Fractional has an exclusive offer for FPI Readers. If you purchase a share of the Chez La Tour or Le Petit Trésor properties between now and February 28, 2010, Paris Home Shares will pay your annual dues! Just use the code "Freestay." Visit our website to view these exceptional properties.
Chez La Tour
Boulevard de Latour-Maubourg,
7th Arrondissement, Eiffel Tower
Two-Bedroom, 88.1 m2
2 Shares Available: January, November
Le Petit Trésor
Rue de Trésor
4th Arrondissement, Le Marais
One Bedroom, One Bath, 56 m2
86,900€ per Share
2 Shares Available: February and May
To take advantage of this special limited time offer, please contact Steve Navarro and be sure to tell him you’re a reader of Parler Paris: email@example.com.
The vast 17th-century property, which once belonged to the Marquise de Sévigné, boasts listed rooms with period painted wooden beams and panelling and a spectacular view over the Place des Vosges.
Dominique Strauss-Kahn, the head of the International Monetary Fund, lives directly opposite and Victor Hugo used to dwell next door.
The squatters claim to be a group of highly educated individuals who broke into the 1,400sq ft hôtel particulier to draw attention to the plight of low-paid workers unable to afford housing while countless properties are left vacant. The mansion in question has not been lived in for more than 40 years.
However, they had not banked on its 87-year-old owner storming out of her retirement home to demand they leave. Béatrice Cottin knocked on the arched wooded gate, walking stick in hand, and is demanding compensation of £103,000 a month for illegal occupation. Mrs Cottin owns a string of sumptuous properties, including an estate in Cap Ferrat on the Riviera, hunting grounds in Sologne, north-central France, and land in the Arcachon basin in the south. She also has another luxury town house behind the Musée d’Orsay in Paris.
“She feared for her property. Squatters in her eyes were vandals and would degrade it,” said Stéphane Roques, 36, a literary translator living and working in the mansion, rent-free.
But the 33 squatters, including university students, a pianist, a lawyer and architects, were not what Mrs Cottin had expected…
Photo credit: MAGALI DELPORTE
This 25m² (270 sq. ft.) studio pied-à-terre in the heart of the Haut Marais just off rue de Bretagne is on the first floor (European — one short flight of stairs) on a quiet street, rue de Picardie, near the Mairie of the 3rd district and the Square du Temple. This historically designated apartment has all new furnishings and a brand new well-equipped kitchen. The three large windows can be opened for ventilation with little street noise. The exposed oak beamed ceiling adds charm and character and is testament to the 1700s construction. The apartment accommodates four on a double bed and a double futon. A drop-leaf table allows up to six to dine. For guests’ clothing there is a large armoire. The bathroom is large enough for a bathtub with a shower. This apartment is a proven short-term vacation apartment and comes furnished and ready to go! Nothing to do but ‘sign on the dotted line.’
Asking Price €237,500. For more photos, visit http://www.vacationinparis.com/apts/sub/49_photos.htm, and for more information contact firstname.lastname@example.org.
As the largest country in Western Europe, there is a huge choice of locations if you want to look at French property for sale. Where you would like to live depends upon many different issues, such as whether you like a place with many neighbors or you prefer a more isolated area, or whether you prefer to have an apartment or a detached home on its own land, and the suitability of an area for your family’s needs.
The price of the property depends on location as well. While Paris is among the most expensive capitals in the world for buying property (#7), you will find that in the rest of France prices are quite reasonable, and in many cases more affordable than similar properties in other countries.
Another thing to bear in mind is whether you have your own means of transport, or you depend on public transport to get around. You might want to choose an easily accessible location if you travel a lot. France has an excellent network of roads and railways throughout the country, so in general you would never experience any difficulty getting to and from your property.
But if you travel a lot throughout the year, on business for example, you might want to consider living in the vicinity of an airport or train station. Air France offers a domestic network covering the entire country from its hubs in Paris, Lyon, Bordeaux and Marseilles, and it’s easy to connect to other flights when arriving from the UK or any other country.
Various airlines are also offering more and more direct flights between smaller airports, making reaching your final destination even easier. Then of course there is also the TGV, the French high-speed train, which in many cases is as fast as or even faster than the airplane to travel within France.
On a more local level, you’ll have to decide whether you need to be close to a town or village. You may have friends in certain location. Generally speaking, the closer to a town a property is the more it will cost. On the other hand, if you prefer to have more land around the house, it is more likely you will find it farther away from the towns…
Read the entire article at http://ccclsanaa.com/property-in-france/buying-a-property-in-france-where-to-live/.
Take the fast track to French property bargains…
Affordable cottages, farmhouses, city apartments, and seaside retreats. Delectable food and wine… culture and history on every doorstep… first-class infrastructure… the world’s best healthcare system. France is arguably the world’s loveliest country¬and one of its most economically stable too. For those seeking full-time homes, vacation properties, or gilt-edged real estate investments, France hasn’t lost any appeal.
More information available at https://web-purchases.com/.
If you are interested in traditional fractional ownership properties currently offered by ourFractional 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
No surprise – Monte Carlo is No 1 in the Global Property Guide’s list of World’s Most Expensive Residential Real Estate Markets 2009, more than twice as expensive, at US$45,000 per square metre, as the runner up [www.globalpropertyguide.com].
Battling for the number 2 position are prime central Moscow and London. Prime central Moscow’s US$20,853 per square metre price tag slightly outpaces core Prime London’s US$20,756 per square metre, though it is fairer to say the two cities are neck-and-nec
Completing the top ten most expensive real estate markets are two European cities (Paris at 7th and Rome at 9th) and two other Asian cities (Singapore at 8th and Mumbai at 10th). Average prices range from US$9,000 per sq. m. to US$12,000 per sq. m.
The figures are based on the average price of a 120 sq. m., good-condition high-end used apartment in the city centres of more than 110 cities around the world, typically the economic centres where most foreigners are likely to buy. Data were collected during 2008. The US dollar exchange rate used is that of January 27, 2009…
Read the entire article at http://www.firmandwi.com/enjoy-jakarta/most-expensive-real-estate-markets-in-2009.html.
***"Vacation Home in Paris" – Episode HHINT-1A05***
January 15, 2010 7:00 PM ET/PT
***"Settling Down in Paris" – Episode HHINT- 402
February 18, 2010 12:00 PM ET/PT
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:
One-Hour Consultation with Adrian Leeds Free!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 email@example.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 andme, 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 thequality 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 b
ternative to an impersonal hotel!Parler Paris Apartments is administered and serviced by the same greatteam 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): Two New Apartments!
***Le Bac Marché
Rue du Bac, 7th Arrondissement
Studio Apartment, with Air Conditioning
Sleeps up to 2
Le Bac Marché is equipped with a Murphy bed which descends from its hiding spot at night to provide a comfortable sleeping experience, and then goes neatly back into place to provide plenty of daytime living space. Also in this room is a dining table, a plush sofa with ample pillows and a beautiful, large cabinet with dishes and storage space. There is hanging space along an adjoining wall. Also provided is a flat screen television, telephone and high-speed Internet, all included in the price of your rental. Calls to over 50 international destinations are free of charge. In the next room is the well equipped kitchen, with a modern two-burner stove, a full sized traditional oven, as well as a microwave and refrigerator. All cookware and utensils are provided should you want to make your own meals. The bathroom comes with a toilet, full sized stand up shower stall and a separate washer and dryer. High quality sheets and towels are provided for your stay.
Rue Beaubourg, 3rd Arrondissement, Le Marais
Sleeps up to 2
Located in a grand Haussmannian building, Le Beaubourg is a masterpiece of design and function. Warm, elegant shimmery colors mixed with luxurious fabrics, rich upholstery and elegant crystal and glassworks combine to create a space that you won’t want to leave. Upon entering the apartment, to the left is a gleaming new kitchen which features a stainless steel countertop, oven/microwave combination, refrigerator/freezer, washer/dryer, two-burner stovetop, coffee maker, kettle, toaster and all of the pots, pans, utensils and implements needed to allow you to be self sustaining during your stay. Self-prepared meals can be enjoyed on the beautiful Art Deco dining table, which comes complete with 4 upholstered chairs and sits under a magnificent crystal chandelier and opposite a fine antique mirror. For more relaxed seating, there are two strategically placed leather armchairs, from which you can contemplate your next foray in the City of Light or watch the Sony flat screen television. With over 100 channels available, as well as a DVD player, your viewing needs are well covered.
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 long term rental properties in Paris.
*** Paris, 2nd: One-bedroom, approx. 35m²
Located in the heart of Montorgueil. Very beautiful calm and clean. Includes one bedroom, living room on the courtyard, bathroom, equipped kitchen, dressingroom, parquet floors. Fifth floor without elevator. Has Digicode entrance to building and intercom, a cellar storage space. Close to businesses, transportation, and public parking. Rent includes utilities and charges.
Asking Price: € 992 per month
*** Paris, 16th: Two-bedroom, approx. 48m²
Located on Rue de Passy, in a beautiful stone building. On the third and last floor, no elevator. Beautiful apartment with living room, dining room, bedroom (possibility 2nd bedroom), kitchen, bathroom, WC. Bright and airy with many businesses nearby. Rent + 180 € per month charges.
Asking Price: € 2200 per month
*** Paris, 14th: Two-bedroom, approx. 45m²
Located in a charming old building, the apartment has been completely renovated. This apartment consists of living room, two bedrooms, kithcen, high ceilings, parquet floors. On the fourth floor, no evlevator. Near métro Pernety. Rent includes utilites.
Asking Price: € 1495 per month
*** Paris, 16th: One-bedroom, approx. 37m²
Nice apartment with plenty of light and in a calm neighborhood. The apartment consists of an entry hall, equipped kitchen, living room with a balcony, bedroom with closet space, and bathroom. Parquet floors throughout. Quality renovations have been done. Rent plus monthly charges of € 130.
Asking Price: € 1170 per month
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: www.adrianleeds.com/frenchproperty/insider/members/content/articles/auctions1.html.
|The following properties will be auctioned off January 19,2010:|
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.
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, February 9th, 2010 from 3 to 5 p.m. and every second Tuesday of the month (except August).
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