Rue du Colonel Combes

 

Located near the Eiffel Tower, Rue du Colonel Combes Fractional property is situated on the top floor of what was once a gracious 19th century private mansion, and now a small-scale, beautifully preserved apartment building with an elegant entrance. This residence offers sweeping views over the rooftops of Paris.

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- One-Bedroom, one bath, 7th arrondissement
- Approx. 47 Square Meters (506 Square Feet)
- 6th floor with an elevator
- High speed Internet
- Cable TV
- Central A/C
- Fireplace

Developer: Paris Residence Club

Shares Available:

There are only two shares left with a choice of either one of the following periods: Weeks 15-16 (April 6-20, 2014); 23-24 (June 1-15, 2013); and 34-35 (August 17-31). Each share is available for 95,000 euro. See below for a description of the usage plan.

Windows occupy an entire wall of this charming apartment, providing glorious light and the Eiffel Tower silhouetted against a sweeping expanse of sky.

That sense of hovering in the clouds above the city and the apartment’s perfect location - a block from the Seine River and the Invalides; a stone’s throw from one of Paris' best outdoor markets, the Rue Cler; mere minutes from the Champs-Elysées and Saint Germain-des-Près, and just a quick jog to the Champ de Mars Park and the Eiffel Tower - make this apartment better than ideal.

Perched just under the roof of this lovely rococo building on the sixth floor - an elevator takes you to the fifth floor and then you climb a small staircase - this newly renovated apartment boasts clean, graphic lines.

The bathroom has a spacious shower and a separate toilet. And gourmet cooks will find the contemporary, streamlined kitchen, which opens onto the living/dining area without actually being part of it, is fully equipped, with an oven, dishwasher , microwave, food processor, etc. There is also a dishwasher, washing machine, and dryer.

When you don't feel like cooking, just step outside the door: some of Paris's finest eateries - from quaint corner cafés to homey bistros to Michelin-star-ranked restaurants - are all within walking distance. And for evenings just spent relaxing at home, the apartment is equipped with cable TV and a Bose entertainment system.

This pied-à-terre combines a great location with spectacular views, light, and charm, and also provides a wonderful feeling of calm and intimacy - right in the Heart of Paris's Left Bank. Closest metro stations are Pont de l'Alma and Invalides.

The Location

The 7th arrondissement is one of the 20 arrondissements of Paris. It is bordered by the Seine River on the north, and it is located on the Left Bank. For the most part, this arrondissement comprises expensive residential neighborhoods and official buildings (ministries etc.).

Important places include: The French National Assembly, the Eiffel Tower, the Champ de Mars, École Militaire, the Invalides, all of which are within short walking distance from this apartment. Also, within walking distance you'll find the Quai de Branly, Quai d'Orsay and Rodin museums.

Immediate vicinity

Rue Cler market street (open daily, except Monday), is a cobbled pedestrian street lined with its chic shops and cafés. If you wish to learn the fine art of living Parisian-style, Rue Cler provides an excellent classroom (by Rick Steves, "Rue Cler: The Art of Parisian Living").

Local areas of interest include:

- The American Church is just around the corner
- The Pont de l'Alma is also very close, putting you at a short walking distance from the Champ Elysées
- The Seine river
- The Champ de Mars park, and the Eiffel Tower: a great place to relax or organize a picnic with family and friends, or for jogging
- The American University of Paris
- The Ecole Militaire
- Closest Métro station: Invalides
- Closest Bus lanes: 80; 92; 28; 63

Usage program

The Colonel Combes fractional ownership program allows each owner to have a minimum of two fixed weeks of usage and two flexible weeks.

The two fixed weeks are assigned at the outset based on the week numbers. The remaining fixed weeks in this program are: Weeks 15-16 (April 6-20, 2014); 23-24 (June 1-15, 2013); and 34-35 (August 17-31). This means that you would have exclusive use of any two weeks that you select from the above selection for as long as you own your share. It is customary to exchange your weeks with other owners should you prefer to visit during another period of the year.

The two flexible weeks are selected in advance before the beginning of each fiscal year and is done on a reverse priority rotation basis. Say for instance that you are the 11th owner to buy into the program, you’ll be contacted at the end of each fiscal year by the property manager to select your first two weeks from the list of available weeks and the manager will assign your weeks after the 10 other owners have been assigned theirs. The year after that, you'll get priority number 10, instead of 11. And the year after, you'll get priority number 9. So on and so forth, until you get to priority number 1.  Then back to 12, 11, 10, 9, etc.

Since there are only 48 weeks assigned in total (12 shares x 4 weeks), it means that 4 weeks are left to be use on a first come first use basis. Also, should one of the other owners not use one of his/her weeks, you have the right to use it free of charge as long as you make your request within one month of the date the week starts. Since all the other owners live in the US, and some of them have not used all their weeks on a regular basis, any owner living within a short flying distance can realistically expect to enjoy more than what’s officially assigned to him/her.

Rentals are not allowed, but “lending” your weeks to friends and family is.

The Legal Structure

The bylaws and everything legal about the property were prepared by  Andy Sirkin.

The Colonel Combes apartment is owned by a French SCI (transparent company). The French SCI is owned by a non-profit Delaware-based corporation with 12 shares, each assigned to a different owner. Owners can be private people, companies, or trusts.

The bylaws of the Delaware company include the full set of terms and conditions that regulate the use of the property, maintenance, and potential payment default events. The choice of a US company was made to facilitate the enforcement of the terms and conditions, as opposed to the difficulties in applying the complex French laws.

Each year, a Board of Directors is elected from the existing list of owners. The BOD is responsible for the application of the bylaws.

A local manager is hired to manage and maintain the property.

The Management

The Manager and BOD are assigned the responsibility of reviewing the expenses for every year and a new budget for the following fiscal year is prepared to be discussed and voted upon during a yearly meeting. These meetings are usually held in November of every year and are conducted by teleconference.

Yearly Dues

To date, a total of 2000 euros is levied on each owner, payable on a quarterly basis. The dues include the following items: Management fees; Direct costs (utilities; taxes; insurance, building assessments, etc.); A reserve fund to pay for repairs and replacements; and a default fund. It also includes a relocation reserve in the case an owner cannot use the property because of a last minute event such as a flood. The owner is then relocated in a hotel until the problem is fixed.

Extraordinary fees can also apply on top of the yearly dues. These are related to building repairs and maintenance. The last such fees involved the replacement of the elevator in the building. The total amount assigned to the property was then shared between the 12 owners and billed separately.

Cleaning fees are extra. This avoids having to charge cleaning fees even if an owner does not use one of his/her weeks.

The Manager and BOD are assigned the responsibility of reviewing the expenses for every year and a new budget for the following fiscal year is prepared to be discussed and voted upon during a yearly meeting. These meetings are usually held in November of every year and are conducted by teleconference.

For more information, please contact [email protected].