Jumping the Hurdles of Protecting Your Investment

The Nice properties have turned into an intriguing situation…a set of hurdles that simply need overcoming, but which have never before presented themselves to us.

The seller of the two Carré d’Or apartments is a “Marchand de Bien” — a kind of real estate developer. He purchased one large apartment as is — that had been divided into two…at auction. That means that he paid a low price, in cash, but had little information about what he was buying and could not rescind the purchase. It’s a risk and an investment typical of this kind of developer.

Bathroom tile work in Le MatisseDuring my purchase period, the seller had a series of ‘issues’ with the Syndic (manager of the home owner’s association) for a variety of reasons — the main one being the division of the apartment, which had not been authorized by the “copropriété” (home owner’s association). The division had been done by the previous owner, who did not fulfill his loan obligations and therefore lost the property to the bank and ultimately to the auction. Still, we could not make the purchase until the home owner’s association sanctified it and allowed us each our own apartments and titles. They did, but reluctantly.

We did not know going into this that the sales of the two properties would be complicated riddled with these kinds of issues — but, as we are discovering, we have inherited its sordid history. I purchased my apartment “without renovation” and the other one was purchased “renovated” with the exception of the completion of the bathrooms which Véronique, the “mosaïste,” will apply her artistic skills. The difference in these two descriptions means a whole lot, because as a professional, the law guarantees his renovation work for 10 years and is heavily insured for this. In the case of my apartment, there are no guarantees and was purchased “as is.”

This week we met the Syndic. He’s a gentleman who has lived in the building 20 years and am sure he wants to have less grief than he’s had in the past. After a brief conversation letting him know that we would do our best to change the history of the apartment by being good residents, he seem to warm to his new foreign neighbors. Fortunately for us, he speaks good English, having lived in the U.S. for several years working for a large and important company.

As renovation has opened up the walls and discovered the hidden secrets, we are amassing a list of responsibilities for the Marchand de Bien to fulfill. The Syndic has his own list of promises made that were never fulfilled. Some have to do with lack of disclosure — which could be a serious issue. The plan is to formally provide him with our requests and see how he responds. The Notaires will be consulted and informed to show that the law backs up the claims.

I have no expectations as to outcome — but just like any part of the process of home ownership in France, it comes with the hurdles…but that’s all they are. Eventually we get through them and get it running as smoothly as any property can.

Véronique at work“Le Matisse,” my side of 37.5 square meters renovated to one bedroom with one (very luxurious) bath that sleeps four comfortably, is on the last leg of the road of renovation and is expected to be ready for occupancy February 1 as planned. I will be the first to enjoy it, of course, when I return week after next to install the furnishings and put the finishing touches and test all the workings of the apartment. Stay tuned for more on the story of the ‘hurdles’ and if you have the inkling, be one of the first guests! Simply email [email protected] for more information or visit Rent Le Matisse until our new site, Parler NiceApartments.com is up and running.

that make a second home and rental property in  Nice even easier! Little by little we are paving the way! We hope you will join us on this adventure on the Riviera! 

A bientôt,

Adrian Leeds
Editor, French Property Insider

(in her Nice “office”)

Email: [email protected]

 P.S. The other apartment, a two-bedroom, two-bath, is going to be every bit as luxurious and well-equipped. Martine di Mattéo and Véronique Husson are decorating it — so it’s sure to be “paradise.” Stay tuned as it goes through its transformation. When done, it will accommodate six and can be rented in conjunction with mine to house up to 10…all in one large apartment!!