Living and Investing in France…in Old Preston Hollow, Dallas

One week ago today, I was speaking to a group of about 75 in a theater located INSIDE the 5.9 million dollar, 13,000 square-foot home in Old Preston Hollow where an Open House sponsored by Candy’s Dirt took place. It was like nothing I’d ever seen before…with more living rooms, bedrooms and bathrooms than I could count; matching male-female wardrobe-dressing rooms each larger than my Paris living room; a special “gallery” within which to park and show off a special car; a white baby grand piano doubling as a kitchen counter; a gym/dance room and the indoor theater with a “loge” and a double screen — panoramic, of course. Everyone was served a beautiful spread of hors d’oeuvres, champagne and wine while touring the house and getting to know one another.

Among the attendees were “movers and shakers” within the local real estate community, several of our own clients and readers along with a few family members who surprised me by showing up! Sam Elchami, the developer/builder of the spec house parked his four cars in the driveway for effect — a Rolls Royce, two Bentleys and a Porsche. The last time I saw a collection of cars as impressive was in Monte Carlo parked in front of the casino.

The presentation was designed to explain and discuss the differences between the real estate industry in the United States and France. So many people come here expecting to approach the purchase or sale of a property in the same way — which is impossible given the differences.

The single biggest difference is the lack of an MLS OR Multiple Listing Service. This means that every agent has access only to their own listings and does not expect to split commissions (about 5% included in the asking price). Agents are therefore proprietary and hesitant to share information or clients or listings and that agents will say almost anything to make a sale, although the attitudes toward commission-sharing differs in different regions of France.

Visiting properties is clearly different, too: weekdays 9 a.m. to 6 p.m., not on holidays! Appointments must be made with the owners or sellers or agents in advance. and activity in July and August is greatly reduced.

Property is priced within about 5% of seller’s bottom line and the seller is morally obligated to accept asking price! This means there is never a bidding war! And there is no formal document to secure the offer until a “Promesse” or ”Compromis de Vente” is signed by both parties (pre-sale agreement).

Some of these ideas were a big surprise to the audience of professionals, but one thing learned for sure…no foreign buyer should attempt to make such important purchase or investment in France without professional assistance from us or another agency like us that provide the same services (although we were the first in Paris).

To see the presentation yourself, download a PDF of the PowerPoint presentation.

Old Preston Hollow is an area north of Dallas which was once a farm then developed in the 1930’s when the Northwest Highway into town “was nothing more than muddy right of way.” George W. and Laura Bush have a big house there on five acres with horse stables, lake views, mountain views and golf club views. Sam said he had a contract on the house and was hopeful it would go through.

Many thanks go to Jon Anderson and Candy Evans of Candy’s Dirt for hosting the Open House and my presentation in Preston Hollow! You can read the full report about our event last Thursday on CandysDirt.com.

SPECIAL NOTICE: THREE
 DAYS OF NOTARIAL CONSULTATIONS

The Notaries of Paris, Seine-Saint-Denis, Val-de-Marne and Hauts-de-Seine, under the patronage of the Ministry of Family, Children and Women’s Rights, and in partnership with the Mayor of Paris and “Le Parisien,” are organizing three days of notarial consultations June 21 to 23. During these three days, you will find information and advice on topics related to marriage contracts, the PACS, gifts, estate, real estate, and more. The face-to-face consultations will take place from 10 a.m. to 6 p.m. with a late opening until 9 p.m. on Wednesday, June 22, at 1, Boulevard de Sebastopol, 75001 Paris – Metro: Châtelet. For more information, visit the site for more information. To schedule your rendez-vous, click here.

A bientôt,

Adrian Leeds
The Adrian Leeds Group

(with daughter, Erica Simone, at Old Preston Hollow Mansion)

Respond to Adrian: [email protected]

P.S.Mark your calendar for our newest House Hunters International, “A Paris Shoebox for Six”!

Liz and Tony love life with their four kids in Melbourne. In fact, they love it so much that until very recently, they’ve never left the area. All that changed when they visited Paris a few years back, and now Liz is determined to break into their modest savings and buy a dream Parisian apartment. Unfortunately for them, Paris isn’t so obscure to the rest of the world, and affordable real estate is hard to come by… The episode airs Monday, July 18th at 10:30 p.m. EST and Tuesday, July 19th 1:30 a.m. EST. You can find more details on HGTV.