Project Cap d'Ail — Luxury Living on the Côte d'Azur

View of Cap d’AilHouse in its current stateExact location of houseView of Ave. Jacques AbbaThe gardens below the houseBirdseye view of the property

Last week while I was in Nice, I took a ride along the stunning Blue Coast into Monaco…just crossing the border into Princess Grace’s domain, then turning sharply back into the adjoining community of Cap d’Ail. It was the only way to enter avenue Jacques Abba to visit a property under construction literally 200 meters from the tiny country’s border.
Cap-d’Ail is one of those amazing seaside cities on the Riviera where life can be absolutely idyllic. With a population of about 5,000, it’s a contemporary resort on the “Basse Corniche” that is almost as fashionable as Monaco itself and its beach, Plage la Mala, is a day-tripper’s paradise.
Old friends from Paris have owned a condo there for many years with a lush terrace and garden overlooking the sea that has been a favorite visiting spot for me almost as long as I have lived in France. When Vivian and Patrick Salaun invited me to see their project in Cap d’Ail, it didn’t take more than three seconds to say, “bien sûr!”
The project is a multi-level house with a magnificent view on the sea and  overlooking the gardens of the homes below. Sadly, it went ‘belly up’ in the midst of its renovation. Four units were proposed in the space — two on each level, each with its own terrace or garden, all with views on the sea and with plans for on-site parking. Fruit trees are literally within reach and the scents and sights are stunning, including vistas on Monaco and the rest of Cap d’Ail. Close to transportation and walking distance to the beach, the location is ideal for full-time living or as a secondary residence.
The project is at a stage where much of the heavy work has been completed, but there is still much to be done. Someone with real vision could complete the four units or reconfigure it, even back into one home if they wanted, or divided so that one person could have one large apartment and then offer two others as rental units. There is room for all sorts of smart ways to divide it, combine it, use it or market it. It could be kept to live in or sold off for profit. Either way, it’s a serious bargain.
The “Loi Carrez” on the deed is 160 square meters, but the actual habitation space is much more. The lien is in the hands of the bank and therefore there must be a minimum offer of 670,000€ presented to the lawyers for consideration.
Depending on the kind of habitation one wants to make of it, an estimate of renovation cost would be between 1,000€ and 2,000€ per square meter. One might have a total investment of approximately one million euros, but estimates of the value of the property (according to meilleursagents.com/) are between 1,227,570€ and 1,660,830€, using 9,000€ per square meter as the average. The buyer of this property must also allow for closing costs of approximately 7% and and finder’s fee of 3%.
For someone with vision who wants to earn profits of up to 50% (or more), or have a dream home in a luxury spot along the Côte d’Azur, this is an opportunity seriously worth considering.
If you are a serious potential buyer and wish to have more information or be in touch directly with the sellers, please contact us at [email protected].
A bientôt,
Adrian Leeds
Director of The Adrian Leeds Group, LLC
 

Respond to Adrian: [email protected]

 
 
P.S. Take control of your finances — register for Money Matters for Women on Saturday, February 8, 2014 . I will be presenting  at the one-day conference hosted by WICE at The American University of Paris. You’ll learn how to take control of your finances including planning for the future, property investment in Paris and France, starting a business in France and much more. More details at wice-paris.org/.