The Top Two in Paris
Volume III, Issue 34
The French are back…in full force. The summer is over and La Rentrée has definitely begun. Everyone is scrambling to recuperate the several weeks of vacation they took and accomplish a month of work in the first week after their return. I watch this charade every year and chuckle to myself about the foolishness of the stress created from self-imposed over-relaxation.
It is also ironic that the weather should turn warm after a very cool and unusual August, where the air conditioners that everyone ran out to buy have remained dormant, with their hoses wrapped and tied, waiting for hotter temperature. Everyone warned that an unairconditioned apartment wouldn’t rent and then we didn’t need them after all…until now! The fan is running as I write to keep me cooler than the outside air.
Buyers are back, sellers are back, agents are back, our Property Search Consultant, Yolanda Robins, is back and ready to go. While August would normally be considered a BAD time to be apartment hunting, one property investor friend has found his finest properties during the month of August when there is no competition. I can see how that would make sense and be useful to know. There is less inventory, fewer owners and agents, but what is out there is selling at a better price and therefore a bigger bargain.
Still, good properties are selling quickly and for their asking price. We see this with every purchase now. Just today, a client was able to reduce the price only by 2500 Euros as eager buyers waited in the wings to pay full price or possibly more. Some are predicting the bubble will burst, but as long as properties are priced to sell and as long as interest rates remain low, prices will continue to rise. We have seen no end to the constant increase. Most recently the comparables on my own apartment increased again, taking an investment of 210,000 euros from five years ago to a value of 630,000 Euros today — three times — a compounded appreciation of more than 30%. Seems shocking, but true!
Very soon, you will be hearing from us about the rental apartment Web site we are in the process of creating to advertise and book apartments for short and long term rental. This will satisfy many of our readers as well as the owners, particularly our clients, who have quality apartments to rent. The site isn’t up yet, and we have much work to prepare, but in the next couple of months, we’ll be able to assist those who have apartments to rent and those who wish to rent.
In today’s FPI, you’ll find an exposé of the 2nd arrondissement, often overlooked, along with a very unusual property there for sale. Also, properties on the auction block, more about Corporate Housing in Paris (CHIP — an alternative to the leaseback) and a leaseback property on the Ile de France.
For all of those who expressed their concern for the victims of Hurricane Katrina and the New Orleans flooding, many thanks for your kind letters. And for those of you curious about what good will come of the recent deadly fires here in Paris, one very close to me in Le Marais…scroll down to read what Katrin Bennhold of the International Herald Tribune had to say about it.
Editor, French Property Insider
Email: [email protected]
P.S. Register now while you save $150 each for one of our two exciting and power-packed conferences/seminars coming up this October — Living and Investing in France in San Francisco October 21 – 23, 2005 and Invest in France at the Harvard Club of New York City October 26, 2005! Save $150 per registration now through September 21, 2005 and another $150 when you bring a spouse, partner or friend (bring up to three friends at the New York seminar at this discounted price!). See https://adrianleeds.com/wp-content/uploads/newsletters/parlerparis/liveinfrance/index.html for information on both.
Volume III, Issue 34, September 1, 2005
In this issue:
* Jean Taquet Attacks the Immigration Questions with Practical Answers
* The Two Takes the Tops: A New Look at the 2nd Arrondissement
* Living on Six Levels on Passage Choiseul
* “Welcome to France” Fair – Get Your Free Tickets
* Upcoming Conferences
* Complete Relocation Solutions
* On the Auction Block This Month
* CHIP Off the Old Block
* Securing Safety in Paris
* Leaseback on the Ile de France
* Classified Advertising: Leeds Apartment and Short Term Apartment Rentals
Taquet’s Practical Answers
September 1, 2005
I am a Filipina woman with two children, married to a German citizen, and I acquired German citizenship that way. My husband and I lived together for ten years in France, but have been separated for several years now. I currently live alone in our house with my youngest child, a teenaged daughter; the other children are in college. In case of a divorce, can I stay in France with my child, can the divorce be handled by French courts, and what kind of compensation can I expect from the court?
Since you are now a German citizen, you have full rights to be in France and work here, and you should not need any residency documentation as such; however, considering that you were born as a Filipino citizen, I would advise you to get a carte de séjour, which should be easy to get if the prefecture is willing to issue you one. Your daughter, a minor who also has German nationality, has the same rights. For me, this is almost a non-issue, as such.
Now, the divorce issue is a lot more complex. First of all, I have insufficient information to address all the aspects of such a procedure. Also, there are several important issues related to international law and conflicts between the various national laws involved which will require an international lawyer who specializes in divorce cases like yours. That said, I would like to explain some basic issues. Without getting too technical, according to the Hague Treaty (signed by France and Germany, as well as many other countries), in your case, considering the fact that the last location where the complete family was living together was France, the French court system would be the one to judge your case. However, the number of years that you lived together in relation to those that you have lived separated could modify this analysis. Should the French court rule that it has jurisdiction to hear your case, and with the disclaimer mentioned above, this is what you can expect as a final decision.
There are four available divorce procedures in France, and it will mostly depend on your relationship with your husband as to which one would best suit your situation:
One is the mutual agreement procedure – the couple agrees on everything, the procedure takes three months or less (it depends on the court schedule for the hearing), and you see the judge only once.
One is the acceptance by the couple to divorce (i.e. you agree at least on divorcing). The procedure requires at least two hearings (one for introduction of the procedure and one final hearing, but there could many in between); the minimum time between them should be at least three months.
One is divorce after the long-term separation of couple (at least two years of living apart). Whoever asks for it gets the divorce. The court rules on everything the couple does not agree on, and there are at least two hearings.
One is related to the severe abuse one spouse is inflicting on the other and/or the children. The spouse must prove severe physical or mental violence.
Only for the first procedure outlined above can there be only one lawyer representing the couple.
In your case, I would think that any of the first three procedures could be an option for you.
Now, the consequences of a divorce should follow these guidelines:
Your chances of keeping the use of the family home-the house you are occupying right now-are excellent. If you are a tenant, then the lease will be passed on to you if you were not mentioned on the lease. If you owned the house, the issue will be addressed according to your marital regime, which defines between the two of you who owns what in the marriage. In any case, you would retain the use of the home, probably until the child leaves home permanently.
Since your youngest child is currently a minor, the courts will award some child support. The amount will depend on your standard of living, your husband’s means and the specific costs of your child’s education. Regarding its duration, even though the legal age is 18 (so normally, this would be the cut-off age for receiving child support), France has a very different way of looking at this. Should the child go to university and earn a degree, the maximum age would be 25. So, obviously, this is worth fighting for, and is even possible for children who do not live with the guardian parent and are studying in a foreign country. This provision might mean that perhaps the other children who are still in college could receive money directly as child support.
Alimony is the money that one spouse pays to the other under specific conditions. The idea here is that the spouse with the most means needs to compensate the other for the loss of standard of living. Under the new law, this is only possible if it is going to be really hard for the poorer spouse to get back on an equal basis with the other spouse. In other words, if you have not worked for two decades or so because you were raising the children, and are now about to reach retirement years, there is no way you can get a decent job, so this provision would be very helpful to you. On the other hand, if you work and make about as much as your husband, then this provision will do nothing for you.
I cannot really say anything about the split of the common assets (if there are any). As mentioned above, the marital regime will determine their ownership. However, this split can be modified, depending on what the court decides about alimony and child support.
To renew my carte de séjour “private life”, I needed a recent PACS statement from the Tribunal de Grande Instance in Paris, since I was not born in France (as you mentioned in one of your previous columns). For your records, this office is located elsewhere:
Service du PACS
11 rue de Cambrai
Also, contrary to your statement in the same column, the prefecture will not accept an attestation from the court we registered our PACS with, which is in the 10eme, to renew the carte de s
You have been the victim of both a last-minute prefecture ‘new requirement’ that has no legal grounds, and therefore, could even change from one civil servant to the other. You are also the victim of a misunderstanding between a court authority and a location. In this latter case, the physical location of this tribunal is inside the Palais de Justice on the Ile de la Cité for most of its court rooms, but not all of them, and it is true that many of its administrative offices are scattered all over Paris. Indeed, the Service du PACS of which you speak used to be inside the Palais de Justice and is under the authority of the TGI (which handles all the PACS partners not born in France), but recently moved out of the Palais to the new location you gave.
About the first issue, I can assure you that this other office has the right and the authority to issue you this document. Therefore, the statements issued by either of them carry exactly the same legal weight. This said, I have absolutely no meaningful explanation why a civil servant would demand one and refuse the other. On some occasions, dealing with the prefecture regarding immigration means coping with these situations, and I have no other advice to you than to comply, be patient, and be very quick to get the documents you have been asked for.
Jean Taquet is a French jurist and associate member of the Delaware Bar Association, specializes in civil, criminal and commercial law. He frequently gives courses about the legal system in France and regularly speaks at the Living in France Conferences in the U.S. and Paris. He is also well known for his informative Q and A columns in past Paris Voice magazines, which can now be purchased in one document as “The Insider Guide to Practical Answers for Living in France.”
To subscribe to his monthly newsletter, email Jean Taquet at [email protected]
To make an appointment with Jean Taquet for his consultation services:
Phone: Cell: 06.16.81.48.07 or email [email protected]
To read this month’s column in it’s entirety, click here: https://adrianleeds.com/wp-content/uploads/newsletters/parlerparis/practicalanswers.html
The Top Two of the Two
By Adrian Leeds
For some synchronistic reason, of which I am not yet certain, I have found myself spending more time on the border the 1st and 2nd arrondissements along rue Etienne Marcel. This area of Paris, spanning bits of both arrondissements, comprises some of Paris’ most unique treasures — the coverage passages and the elegant Jardin du Palais Royal among other illustrious structures, boutiques, restaurants and markets.
From the center spoke, place des Victoires, if you go due east, you bump into the vibrant market street of rue Montorgueil. Go southeast you will converge with Les Halles. Head due south to the massive Banque de France and southwest to the beautiful Palais Royal. Directly west is a long and straight path to place de la Madeleine. Northwest will take you to the Bibliotèque Nationale and due north to La Bourse. Seven streets radiate from it in all these directions.
This square where place des Victoires now sits was designed by the same architect as the place Vendome, Jules-Hardouin-Mansart and was built to honor Louis XIV in 1685. The original statue of Louis XIV, on a pedestal supported by four chained prisoners, was dressed in royal coat and crowned by Victory. It was torn down during the revolution and the equestrian statue there now was made by Bosio dating from 1822. When the rue Etienne-Marcel was opened in 1883, the place was entirely disfigured and ceased to be enclosed place, pierced at all sides — a denial of the architectural concepts of Mansart. Around the place you will find very trendy fashion boutiques including Thierry Mugler and Kenzo.
The passage Choiseul is one of the many covered shopping alleys in this district, at 40, rue des Petits Champs to 23, rue Saint Augustin in the second arrondissement. It is 190 meters long and 3.9 meters wide, making it the longest passage in Paris. It is open for business to the public Monday through Saturday from 7 a.m. to 9 p.m. A grill door allows entry at other hours only to those who are privy to its code.
The passage was constructed in 1925 by the architect Tavernier in place of four hotels. Of all the passages in Paris, it is most like a street with houses facing one another along the passage, connected only by the glass roof. The first floor of each has a large arched window, creating a scalloped effect down the length of the passage.
The publisher Paul Verlaine has a bookstore in the passage and as a child, Louis Ferdinand Céline lived there many years then later immortalized the passage in his work “Passage de la Bérésina” in “Mort à crédit,” 1936.
Now the boutiques form an eclectic bazaar, the windows filled with books, clothing and shoes, decorative items and furnishings, both of high and medium quality.
Boutiques of note:
N° 16-18: printer
N° 36: parlor games
N° 52-76: graphic arts
N° 62: access to the Theater
N° 82: used book store
Living on the passage is a particularly special view of life in Paris. Just ask Laurel Hirsch who has been there the last four years…
Pleasure on the Passage
By Adrian Leeds with Descriptions by Laurel Hirsch in Quotes
Among the discoveries in the quartier around place des Victoires is a most unusual “house” in Paris FPI featured this past June and which has not yet been sold.
“It is one of the four-story buildings that comprises the 19th-century Passage Choiseul in the 2nd arrondissement, somewhat equidistant from the Bibliothèque Nationale and the Opéra. The house is situated just at the rue Saint-Augustin entry of the passage.”
Entirely newly renovated by American owner, Laurel Hirsch…”the house is a blend of sleek modern elements and the warmth of the original, 19th-century oak interiors. Each of the four floors has been designed to maximize space and light, and an open feel pervades. While each floor has its own personality, the loft-like continuum remains uninterrupted. The commerciality of the two lower floors has been retained.”
From the passage, you enter the house as if you were entering one of the shops. The store front is painted a dark brown and the glass is frosted so you can’t see in.
“Presently used as a sitting room and an office, it is furnished with a custom-made floor-to-ceiling wood bookcase and desk; the flooring is a variegated blue Italian tile lain in a framed diagonal pattern. The ground floor has 3.35-meter (11-foot) ceilings and offers direct access to the cellar. The storefront window is ‘frosted’ with a film that freely allows light to enter while prohibiting view from the outside. Heating for this floor is provided by an accumulator — a highly efficient mechanism that stores heat in its porous bricks. The efficacy of this unit serves to heat the floors above, although they too have individual electric units.”
The cellar is accessible from this room. “The stone-vaulted cellar with its cement floor is utterly dry and its cool temperature fluctuates no more than a centigrade degree or two throughout the year. It is furnished with electricity and water (a Miele clothes washer is in service), and new PVC plumbing has been fitted for the future instillation of a WC, sink and/or tub/shower, hammam/sauna. A new 100-liter (26.4-gallon) hot water tank has been installed that presently services only the kitchen sink.”
A door in the cellar leads to an underground passage that runs the length of the passage Choiseul and may eventually lead to others underground connecting many of the Paris passages.
The first floor is my favorite room with an arched window overlooking the passage. It’s the kitchen and dining area equipped with… “a Poggenpohl custom-designed workspace with ultra-modern utilities: Siemens convection oven with rotisserie, Siemens four-burner ceramic stovetop and a Liebherr stainless steel full-size refrigerator/freezer. Along with the original oak floorboards, the original oak spiral staircase and oak mountings of the half-moon window have all been refurbished.
Take another flight of stairs to the second floor and find a most unusual space: “An open ‘Roman-style’ shower area and intimate sitting room. While the toilet is private behind a partial wall (with a new 50-liter/13.2-gallon hot water tank above the WC), the tiled shower and sink are open to the room. The floor, shower and hand-crafted sink are all fashioned from an ensemble of Italian ochre-peach-gray tiles. A portion of the room’s ceiling is a wall-to-wall glass panel, situated so as to allow light from the terrace above to stream down. The contemporary oak spiral staircase leading to the floor above (bedroom) was assiduously designed to follow the specifications of the 19th-century staircase it serves to continue. A wrought-iron/water buffalo leather couch accents the sitting area.”
In essence, the entire level is an open bathroom. It is possible to enclose these spaces for more privacy, but owner Laurel Hirsch chose to allow the openness.
Up again you will find the bedroom, terrace and a mezzanine. “The floor space is divided approximately three-quarters/one-quarter interior/exterior space. The interior bedroom floor is a mosaic of small black tiles and the top-side of the glass panel. The terrace — separated from the bedroom by a wall-to-wall insolated sliding glass door (and an electrically-controlled vertical metal shutter) — is outside of the Passage’s glass roof and offers a view of the ‘toits de Paris.’ Approximately 5.6 square meters (60 square feet), it is tiled and has been furnished with an outdoor electrical socket and lighting fixture.”
“Above the bedroom, the mezzanine is beamed. Beneath the pitched roof, the height of the mezzanine is a full story at its depth. Presently used as a wardrobe/dressing room, it has a view onto the terrace and could be designed as a bedroom or a second office. Furnished with an electrical outlet and lighting, it measures approximately 5 square meters (54 square feet).”
“Each of the four floors, and the cellar, measures approximately 23 square meters (248 square feet), a minor percentage of which (
ably) is ascribed to space occupied by a staircase. The plumbing and electricity throughout the building are new. All appliances are top quality and new. Some of the home furnishings (couches, queen-sized futon bed, dining table and chairs, appliances, kitchenware etc.) are available for separate sale.”
Asking Price 640,000 Euros + 2.5% Finder’s Fee
For more information, visit http://passagechoiseul.monsite.wanadoo.fr/ or contact Yolanda Robins at [email protected]
Get your tickets to the “Welcome to France Fair” today!
At the Expatica Welcome to France fair you will get the information you need from companies and agencies specialised in expatriate services.
You’ll find information on house hunting, finding a job, immigration and permits, staying long-term, and much more.
Meet the people who make expat life great, including the top clubs and associations, travel agents and sports teams.
Welcome to France October 16, 2005 Carrousel de Louvre Paris, France Tickets are FREE before September 16 if you sign-up online. Click here
Editor’s Note: Adrian Leeds of French Property Insider and John Howell of EuropeLaw.com will be at booth #17 during the fair. Be sure to stop by and say hello!
LIVING AND INVESTING IN FRANCE
October 21 to 23, 2005
Sheraton Fisherman’s Wharf
Our popular three-day Living in France Conference will give you all the information you need to make your Paris dream a reality! The line-up for the conference includes seminars, discussions, dinners, cocktails with well-known Paris, Europe and U.S.-based experts. For West Coast folks, or those wanting more comprehensive information on all aspects of living in France, the San Francisco conference is a must.
INVEST IN FRANCE
October 26, 2005
Take just one day and learn from some of the finest experts in French real estate about the best ways to make your money and real estate investment grow. Join us at the prestigious Harvard Club for this power-packed one day event.
INVEST IN FRANCE
December 28, 2005
Enjoy your Christmas vacation in Paris, and set aside JUST ONE DAY of your busy schedule visiting museums and dining on foie gras to learn how to make your money grow, while building a portfolio of some of the most desirable real estate in the world.
For more information on The Invest in France Seminars or Living in France Conference, until we have our Web site up, contact Schuyler Hoffman, Projects Manager, at [email protected]/parlerparis to be put on a special mailing list to be notified when the details are in place (very, very soon!).
FRENCH PROPERTY EXHIBITION
September 23 – 25, 2005
National Hall, Olympia
Now in its 16th year, the London French Property Exhibition gives you the opportunity to learn about all aspects of buying property in France. Visit the John Howell and Co. booth to meet John Howell, and Adrian Leeds of Parler Paris and French Property Insider.
FOURTH PARIS POETRY WORKSHOP
October 2 – 6, 2005
This is your opportunity to spend five days in Paris as a poet among poets. Over the past several years, the success of each Paris Poetry Workshop has contributed to the creation of an expanding international community of poets writing in English, who come together from all parts of the world to generate new work, hone their craft, share and support one another’s creative endeavors. This is your chance to become part of this exciting and vibrant community.
THE ART OF TROMPE L’OEIL SEMINAR
December 29 – January 2
Join a unique community of artists, engaging in hands-on painting and conversation with internationally renowned trompe l’oeil muralist and educator, Yves Lanthier. An award-winning artist, Yves has created large oil paintings and elaborate
trompe l’oeil that adorn the ceilings a
nd walls of many East Coast mansions and Palm beach estates, including Celine Dion’s estate in Jupiter, Florida
Apartments for Rent: Long-Term
The term “Long term” applies to furnished or unfurnished apartments available 1 month to three years. FPI provides a service to assist you in finding apartments in Paris or the adjacent suburbs based on your preferences, budget and needs. Our rental professional will provide an interview with you, an apartment search and selection, provide photos when possible, arrange up to five visits, assist you to negotiate the lease or on your behalf and do a final walk-through visit with you.
Long Term Apartment Search: $1450 Paid in Advance
To book your apartment search, click here: https://adrianleeds.com/wp-content/uploads/newsletters/frenchproperty/insider/booking.html
FPI Property Consultation, Search and Relocation Solutions
Let French Property Insider expert property consultants find your dream home in France for you. We consult with you to help you make the best decisions, ferret out the finest properties to meet your criteria, schedule the visits and accompany you, negotiate with the agencies and owners, recommend the notaires and other professionals, schedule the signings and oversee the purchase with you from start to finish! You could never do it so easily on your own. Let us take the time and effort off your hands.
FPI Offers More Relocation Solutions!
Let our experienced relocation expert help make your move easy and hassle-free. We offer complete property and relocation services normally only provided by employer hired relocation firms…but at a price much more affordable for individuals.
Solution #1: Property Consultation and Search Services
Solution #2: Purchase Assistance
Solution #3: Getting a Mortgage in France
Solution #4: Property Appraisal Service
Solution #5: The “Après Vente”
To book your services, click here:
TODAY’S CURRENCY UPDATE
Visit the FPI Web site and click on the link on the left panel “Click Here for Currency Convertor by Moneycorp” for up to the minute conversions of all major currencies.
Compare currency values easily and quickly by visiting: https://adrianleeds.com/frenchproperty/loan/moneycorpconvertor.html
Charts http://www.Moneycorp.co.uk/members/charts.asp The charts below are updated every ten seconds.
The prices shown are “inter bank” exchange rates and are not the rates that you will be offered by Moneycorp. Your rate will be determined by the amount of currency that you are buying. Please speak with an Moneycorp dealer or your consultant for a live quotation.
Parler Paris Après-Midi
NEXT MEETING: September 13, 2005 AND EVERY SECOND TUESDAY OF THE MONTH, 3
p.m. to 5 p.m.
This is your opportunity to meet every month, often with local
professionals who can answer your Working and Living in France questions. You are invited to come for drinks and share your questions and comments about what it takes to create a life here, own property and enjoy what France has to offer. It is also an opportunity to network with other Parler Paris readers.
Upstairs at La Pierre du Marais
96, rue des Archives at the corner of rue de Bretagne, 75003 Paris
Métro Lines 9, 3 et 11, stations Temple, République or Arts et Métiers
Next session: September 20, 2005, 2 p.m.
Notaires de Paris
Place du Châtelet
12 avenue Victoria
Additional information on Les Ventes aux
Enchères des Notaires can be found on t
he website at http://www.encheres-Paris.com/ Though the site has a button for an English version, it isn’t reliable to work.
To read Schuyler Hoffman’s article about the property auctions in Paris, click on:
|3 rooms 84,40 m²
15 rue du Louvre
75001 PARIS 1st
Starting Bid: 484,000 Euros
Deposit: 96 800,00 Euros
|4 rooms 134,6 m² + parking
12 avenue Montaigne
75008 PARIS 8th
Vente avec prix de réserve
Deposit: 230,000 Euros
|Storehouse 295 m²
68 rue des Vignoles
75020 PARIS 20th
Starting Bid: 900,000 Euros
Deposit: 180,000 Euros
|3 rooms 64,5 m² + parking
47 rue des Solitaires
75019 PARIS 19th
Starting Bid: 190,000 Euros
Deposit: 38,000 Euros
|4 rooms 91,3 m²
109 avenue Gambetta
75019 PARIS 19th
Starting Bid: 369,000 Euros
Deposit: 73 800,00 Euros
|3 rooms 62,4 m² + Parking
3-5 rue de Pouy
75013 PARIS 13th
Starting Bid: 235,000 Euros
Deposit: 47,000 Euros
|4 rooms 55,6 m²
20 rue de Lourmel
75015 PARIS 15th
Starting Bid: 175,000 Euros
Deposit: 35,000 Euros
CORPORATE HOUSING IN PARIS (chip)
The FPI Leaseback Solution
By Antoine Cantin
The Parisian Landlord is totally reluctant to upgrade his flat(s) in order to meet corporate tenants demands. He will never accept to renovate his flat(s) and let a professional purchase the right furniture up front, and, moreover, will never cut the emotional link to its flat(s). It is then almost impossible in Paris to build up a high-quality portfolio dealing with existing owners.
Parisian Corporate letting market
As a consequence of what is stated above, the corporate letting market is totally heterogeneous. It is mostly proposing poor-condition flat including the second-hand’s owners private furniture…In parallel, the level of service is very low, especially in terms of maintenance. Furnished flat management agencies are struggling to convince Landlords to upgrade the flats and almost never manage directly utilities contracts, cleaning, maintenance…
CHIP has developed a unique concept in order to face these market drawbacks. The only way to provide corporate clients with a homogenous quality flatbook AND services consist of developing a end-to-end process in partnership with private investors:
1 — sourcing flats in line with Corporate clients and investors capital gain expectations
2 — assisting investor through the whole purchasing process (bank, notaire,…)
3 — designing, renovating & furnishing the flats
4 — letting flats out including services required by corporate clients
5 — paying a fixed rent to investors ensuring them a genuine piece of mind.
CHIP delivers well-designed, serviced and furnished apartment rentals right in central Paris.Comfortable furnished apartments for corporate housing or quality vacation stay in Paris. Paris apartment short term rentals from one week to six months down from the Opera House up to the Place de l’Étoile.
Who are the CHIP investors?
— Individuals who are looking to invest in one (or several) apartment(s) in Paris with the goal of making a profit. Their priority is to save time and avoid the usual problems that arise with this type of investment (choice of location, building, price, bank & notary, renovation company !, search for tenants, means of payments, maintenance, taxes, resale opportunity…).
Where do they come from?
— 10% are French (Parisians essentially), 90% are Anglo-Saxon (essentially British).
How does this service work?
— Our service is divided into
a series of steps:
1. You want to invest in an apartment in Paris. I make a presentation of CHIP, and give the details of our latest investments in order to set the framework for the investment, especially the financial aspects.
2. I help you choose from one of the four types of apartments based on your budget: Junior, corporate, senior corporate & family senior corporate.
3. Gabriel uses his network of contacts in the Parisian real estate market to select an apartment that meets the investor’s profile. Once the apartment is selected, I send you a detailed description including budgets and expected income: This step takes anywhere from one day to six months.
4. I assist you in the purchase: Legal aspects (notary, terms of selling contract…), financial aspects (type of mortgage, French or foreign bank…). All the contracts are signed at the same time: Selling contract, renovation & furniture budgets approval, management agency contract setting your net monthly income: This step takes two to three months.
5. Denis draws up plans for the renovation (choosing the tiles, painting, quality control…) and supervises the renovation team headed by Philippe.
6. Denis uses his talents, and his network of suppliers, to design & furnish a “new” apartment respecting both the budgets and the CHIP style: These steps take two months.
7. Alexandra manages customer relationships a team of 5 employees dedicated to all services provided to clients (cleaning, assistance, utilities, insurance…).
8. Once the apartment is completed, Philippe takes care of day-to-day maintenance, with no extra charge (a ten-year insurance policy is included in the renovation that he carries out with his team).9. I oversee all these operations and assure the back-office work (wiring your net monthly income to your account, sending you a financial report each trimester and filling out your yearly tax form).Each person manages his aspect of the project, but none of us looses sight of the “end goals”:
* profitability for the investor in both letting & reselling
* needs & expectations of corporate renters.
What is the single most important aspect of the service?
— If I had to highlight one specific point, it would be the quality of the renovation of the apartment. So many investors fall into the trap of purchasing an apartment described as being “in good condition” or even “newly renovated”, at the higher market price. As real estate professionals, we call this a “false good condition.” To obtain a good return on investment, you should buy an apartment in need of total renovation, at a fair market price, and have an in-house partner supervising renovation from start to finish. This cuts maintenance expenses and maintains the marketability of the apartment with often demanding clients.
Do you accept to manage apartments which you have not selected, renovated and furnished?
— No. CHIP builds its own apartment book to ensure comfort and concept homogeneity to its Corporate clients.
For more information about CHIP, contact Yolanda Robins at [email protected]
Unsafe Paris Buildings Targeted
By Katrin Bennhold International Herald Tribune
THURSDAY, SEPTEMBER 1, 2005
PARIS Under public pressure after two fires killed 24 African immigrants here in the last week, the French authorities pushed ahead Wednesday with an inventory of the city’s most dilapidated buildings, preparing to evacuate those deemed unsafe.
Following the second blaze, which killed seven squatters Monday night, the police have stepped up efforts to gather information on living conditions in about 100 illegally occupied buildings and several hundred other rundown structures in Paris.
On Tuesday, Interior Minister Nicolas Sarkozy proposed the evacuation of all squatters, drawing sharp criticism from leftist opponents who called the plan unrealistic given the current housing shortage and saw it as an attempt to link the issue to the controversy over illegal immigration.
A list of unsafe buildings will be completed by the end of the week with a view to moving the inhabitants to safer quarters shortly after, an official at the Interior Ministry said, without giving a clear timetable.
President Jacques Chirac ordered his government Wednesday to build more subsidized housing and to draw up a renovation plan for the most-rundown apartment buildings in Paris.
“Faced with this situation we must act,” Chirac told ministers in a cabinet meeting. “We urgently must ensure the safety of people living in precarious housing.”
Last Friday, a fire killed 17 mainly Malian immigrants who had been waiting to be allocated social housing for years. In April, 24 immigrants died in a fire at a budget hotel, where they were housed temporarily while waiting for work papers.
The fires have prompted officials of all political colors to voice their concern about the safety of Paris’s poorest residents. But they have also sparked a row between the center-right government and the Socialist-run City Hall, both blaming the other for the shortage of housing.
Last year, more than 100,000 people competed for 12,000 available subsidized housing units in Paris, according to official figures.
The plan to evacuate large numbers of squatters was dismissed by city officials as unrealistic given the dearth of housing.
“It is not realistic to find adequate housing for thousands of people just like that – if it was we wouldn’t have the problem we have today,” said Jean-Yves Mano, deputy mayor of Paris in charge of housing. “There is no quick fix
and those who suggest there is are
doing this for electoral purposes.”
Mano said evacuations should be limited to those buildings where safety risks were greatest. Elsewhere, he said, such intermediate measures as installing smoke detectors and securing electrical wiring should be carried out until alternative housing was available.
“We say no to evacuations that come without a credible proposition of alternative housing,” he said.
Hours after the latest blaze was contained early on Tuesday, the first illegally occupied building was evacuated, in northeastern Paris, although officials confirmed later that only one person had lived there.
Another evacuation had been expected Wednesday morning, in a building where about 40 squatters, mainly of West African origin, have lived since 1999. Instead, the police just carried out a dawn raid, checking papers and questioning the inhabitants, leaving many uncertain about being moved out.
Lasana Bakayoko, 32, who is from Ivory Coast, said he would like to be moved to a better place but is worried that an evacuation would leave him and his family on the street.
“It’s the uncertainty of what comes afterward,” he said. “I would like to offer my family a better place to live, a place where you live in dignity and a place that is safe.”
Next door, Aisha Dosso, 14, lives with her parents and brother in a small, squalid room with a bunk bed and a small table.
She said she was awakened by the noise of dozens of police officers running up the concrete stairwell of the building around 7:30 a.m.
“I was very scared,” she said. “They knocked on our door and asked my father lots of questions and then my mother started to pack a bag in case they would force us to leave.”
The bag remains ready on the top bed.
“They will be back,” Dosso. “I’m sure of it.”
Ariane Bernard of The New York Times contributed reporting for this article.
LEASEBACK NEWS FROM IMOINVEST
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