Five Easy Pieces: Fractional Properties on the Horizon
LA LANTERNE DU MARAIS…COMING VERY SOON (I PROMISE)
Just a few weeks ago, I wrote about our newest Fractional Ownership property in Paris, “La Lanterne du Marais,” the shares of which will be offered up for sale…momentarily. It’s a “jewel” of a property that will welcome 13 owners to share in its pleasure, each with four weeks a year of usage. This kind of ownership outsmarts the city officials’ anti-short-term rental policies because these are owners, not renters, who will inhabit the property for two or four weeks at a time. Plus, it provides an investment that will grow with time and which can be resold or bequeathed.
We had an overwhelming response to our complete description of the property, even before showing off any photos of what’s to come (thanks to Martine di Mattéo’s creative decorative skills) or finalizing a price for the shares* in the March 4th issue of French Property Insider. You can read all about it by revisiting that issue here.
* Now that we have more information than when we first wrote about the property, you can expect the average price per share to be around 100,000€.
Thanks to that high level of response and interest, we are hard at work creating more Fractional Ownership shares in properties located in Paris and the Côte d’Azur. But, let me stop here to fully explain what a Fractional Ownership property is.
You can own a “fraction” of a property and enjoy the benefits of a dream home in France without the hassle of home ownership. Fractional Ownership is a hybrid of direct ownership and time-sharing, combining the best elements of both. Ownership brings together a few individuals in a single property with shared usage and shared expenses. Most fractional property opportunities in France are properties that have been purchased, renovated, and decorated by one developer who then sells off the shares to individual buyers. Most of these offerings are six to thirteen shares to minimize the investment amount while maximizing the size, location, and quality of the property.
Our criteria for a great Fractional Ownership property have very highly held standards:
– A property that is highly desirable, well located, well designed, decorated, and appointed—a “jewel” that is unlike any other of its category (missing nothing!)…
– A usage calendar that is attractive to a wide variety of owners (I have the best one ever designed!)…
– A legal structure and supporting documents that must be 100% correct to avoid any conflicts among owners (we work with a seasoned and experienced specialist attorney!)
– Quality management must be in place to keep the property running smoothly and remove any unnecessary obligations by the owners (we bring in our best management team!)…
– Owners should be like-minded (like all of you who love France!)…
So, every property we represent will have these attributes. Not only must a property receive my “seal of approval,” but it will be designed to be perfect, as perfect as possible, in just about every way.
THE USAGE CALENDAR
Like all of our projects, we use the smartest usage calendar around—proven by the success it has had at other properties in the market we developed. The occupancy for the 13 owners begins on Thursday and ends on Thursday, in two-week intervals, 26 weeks apart. Each year, the rotation moves forward by 10 weeks to allow for a full mix of seasons. Owners may trade weeks with other owners as they like throughout the year and it’s easy to plan as the calendar is set for the next 13 years. Owners who wish to have four weeks consecutive usage may choose a share adjacent to another owner with the same request. By trading weeks between them, each can have four weeks consecutive usage. The calendar may be altered by a unanimous owners’ vote.
LUXURIOUS TWO-BEDROOM IN LE MARAIS…NEXT ON OFFER
Since I last wrote about the one-bedroom apartment we call “La Lanterne du Marais,” we’ve been working on several more projects. Our next one, soon to be offered for sale in Paris, is just down the street—literally one block away on the corner of rue du Roi de Sicile and rue Malher. It’s 50 percent larger and a two-bedroom/two-bathroom apartment on the 5th floor of a beautiful Haussmannian-style building with an elevator (of course!), a wrap-around balcony (!!) on the corner for east and south exposure, plus stunning views of the Église Saint-Paul-Saint-Louis! It comes with a cellar for storage, but even better than that is the “chambre de bonne” one floor up that will house individual owners’ closets so owners can leave their belongings for use during their stays.
We’re working on the transaction now and when it’s fully ours, our illustrious Interior Designer, Martine di Mattéo, will add her special touches to revitalize and perfect what is already a magnificent property. Usage will start in 2022, so you have plenty of time to plan your future travel to Paris.
Based on the current projections, expect the shares will be priced around 175,000€ each. We don’t expect them to last long on the market. In fact, if you would like to “stake your claim” on a share NOW, then I suggest you email us and let us know your sincere intentions. We’ll put you on a special mailing list to be one of the first to know about it.
MILLION DOLLAR VIEW IN VILLEFRANCHE-SUR-MER
Since I’ve been on the Riviera this last week, I’ve identified two more potential Fractional Ownership properties.
The first one is a one-bedroom “pied-à-terre” in the heart of the Old Town in the wonderfully beautiful and romantic Romanesque village of Villefranche-sur-Mer. It has a large covered terrace on the waterfront overlooking what I call the “million dollar view” on the port and the peninsula of Saint-Jean-Cap-Ferrat.
The apartment is located on rue Pasteur at the end of one of the village’s primary streets, rue Poilu (at the other end on which there are lots of restaurants and amenities), parallel to the port overlooking a sweet “Place” with a working fountain (that you can see and hear from the bedroom). The entry to the property is dated on the door in carved stone—”1789″ (!!).
It has a minimal amount of stairs to the front door and is easily accessed by stretches of flat paths (for easy rolling of your suitcases) from the available parking on both the east and west sides. (If you know Villefranche-sur-Mer, you know that with so many levels, this kind of easy access is very important.) It’s also just a short walk to the train station that takes you all along the coast or to the buses on the Basse Corniche, so you don’t have to have a car if you don’t want to in order to explore the entire Riviera.
The apartment is going to get a complete update to make it just as luxurious as all of our properties. The moment you enter, you’ll have view of the sea from the kitchen window, and another from the living room/dining room. South facing, the light pours in all day long and as lovely as the apartment will be, it’s the terrace where we will be sure to find you! (We’ll heat it so that you can use it all year long.)
Shares will cost as little as approximately 80,000€ for this gem on the sea! We’re just in the beginning stages, but we need to know how interested you might be in this property…the kind that is so difficult to find! Just send us an email to let us know and we’ll put you on a special mailing list to be one of the first to have the opportunity to purchase the shares.
Special note: This applies to all the shares sold for the first time. The first group of shares are always priced the lowest. They get more expensive as they are sold out and become less and less available. Be one of the first to buy a share and save a ton of money! That makes your share immediately more valuable, too, as the shares are sold and the price goes up!
TWO-BEDROOM IN THE CARRE D’OR A BLOCK FROM THE MEDITERRANEAN SEA
The second property we’re working on is in the heart of the Carré d’Or in Nice, just a block from the beach in the pedestrian zone (no sound of cars!). In fact, it’s just down the street from where I live and across from my favorite restaurant, Il Vicoletto, on rue de France.
It’s a large and spacious two-bedroom/two-bath bourgeois apartment on the second floor (with an elevator) of one of the city’s most classic Niçois buildings. It has a long south-facing balcony with unobstructed views, very high ceilings, fireplaces, parquet flooring and floor-to-ceiling French doors. You can just imagine how it is bathed in natural light all day long! There is a view of the sea from the corner end of the apartment (that will become the kitchen once we completely renovate it and change the layout to be more functional and enjoyable).
If I weren’t so happily ensconced in my own apartment in Nice, I’d move into it myself…but I’m happy to offer it to all of you as the perfect seaside home-away-from-home in the city’s best district. One of our clients is actually in the process of purchasing the apartment across the hall! And another one of our clients just purchased an apartment a few doors down. This is by far the best spot in Nice from which everything is accessible without ever needing a car. A chic café is just at the door to the building and there is no end to wonderful cafés, restaurants and shopping at your toes in this location, not to mention the Baie des Anges and the Promenade des Anglais!
Believe it or not, the shares will be priced on average about 90,000€, so how can you lose!? The apartment will have the Martine di Mattéo touch, at the height of luxury and just like all of our properties, it will be missing nothing…air-conditioning, washer and dryer, fully equipped kitchen and all the bells and whistles of perfection.
This is your opportunity to get in on the ground floor, so let us know NOW if you think this is the right property for you. Email us TODAY so that we can put you on our special mailing list to learn more about when the shares become available. It won’t be until 2022 that the usage will begin, so have no fear—by then you’ll be able to travel to France without a problem (or so we think!).
ONE SHARE NOW AVAILABLE IN MA MAISON MIRON
And if all that isn’t good enough, one of the shareholders (a couple) at the amazing studio in Paris, Ma Maison Miron, is in the process of purchasing an apartment for themselves in Paris and will be offering their share for sale. Per the by-laws of the property, they must offer the share to the other owners first, but if there are no takers after 10 days, they can sell it on the open market.
The price for their share is only €69,650! If you are interested in purchasing the share, I’d advise you to act quickly…this is a property that was sold in its entirety in just a few hours about a year-and-a-half ago! This is a rare opportunity as we don’t expect there will be a share available again for a long time to come. Email us NOW to be contacted and a list will be made on a first-come, first-serve basis.
THE BOTTOM LINE
The bottom line is this: If you are interested in owning a share (or more) of a luxurious property in France, we want to know about it. We’ll be keeping detailed mailing lists so that you’ll be the first to know when the shares go on the market.
A la prochaine…
The Adrian Leeds Group®
P.S. If you missed yesterday’s Après-Midi with poet and author (“Adult Swim” and “Knock Knock”), Heather Hartley, don’t despair! You can learn more about the event and watch the entire two-hour “coffee gathering” on Zoom just by visiting our report.