Hottest Investment Spot In Paris
In the Fall of 2002 when Thirza Vallois took us on her tour of the 20 arrondissements in Paris, passing the Gare du Nord and the Gare de l’Est in the 10th arrondissement, she told the passengers in the tour bus to stay away from the 10th as a desirable place to live, with the exception of the area lining the beautiful and romantic Canal Saint-Martin. We concurred with her assessment.
Within one year, that attitude for all of us had changed 180 degrees. The 10th has taken on a new direction, tremendously for the better, and is at this time, one of the hottest investment spots in Paris.
In the September 18, 2003 issue if French Property Insider, we reported on the most beautiful apartment I had ever seen in Paris…in the 10th, 300 square meters on two levels, a renovation of an old print shop, by two “Bobo’s” — young French who are “plus bourgeois que bohèmes.” They, like many others like them, are scarfing up bits of the 10th knowing their investments will grow as the city makes improvements to this long forgotten arrondissement.
In the June 26th edition, we reported on the oxygenation of the 10th — a immense undertaking by the Mairie as part of the “Les Quartiers Verts” program to reconstruct what was ancient Hôpital Saint-Lazare and surround it with greenery scheduled for completion in 2007. Each time the city has added green space to a street or a neighborhood, property values have increased.
The two major train stations situated in the 10th, Gare du Nord and Gare de l’Est, provide easy access to major European cities, so living nearby is a plus for regular travelers (the TGV — “train à grande vitesse” — a correction from yesterday’s newsletter — Eurostar to London, Thalys to Brussels and Amsterdam, for example). While living next to a train station isn’t normally considered ideal, the SNCF has put 150 million euros into the renovations and tra
nsformations of several stations, inclu
ding the Gare du Nord.
Along the Canal Saint-Martin, between rue du Faubourg du Temple and Place de la Bataille de Stalingrad, and where the famous Hôtel du Nord continues to provide nighttime entertainment, continues to be on the price rise and new restaurants and boutiques are opening as fast as the spaces become available. Almost anything overlooking the tree-lined waterway is extremely desirable and one of Paris’ most idyllic spots.
Recently, Baccarat Crystal moved its museum from rue de Paradis to a new Gallery-Museum spot on place des Etats Unis in the chic 16th, and in its old spot, something much more interesting has taken place than the sale of fine crystal… the new “Pinacothèque de Paris” has opened — a space of more than 40,000 square feet on two levels. Art lovers are now flocking to the 10th to see the 89 works from the private collection of Jacqueline Picasso, his second and last wife. Headed by art historian Marc Restellini, the project is “an entirely private initiative to create an international network of museums with a generalist vocation and aiming to conceive, organize and rotate major exhibitions for a broad public.” When this exhibition ends at the end of March (28th), it will close temporarily for renovation and reopen
in the Fall. Another big improvement to the district.
Even with all this in mind, the 10th is still not the hottest spot for short-term rentals and is a futuristic purchase for a Parisian, but if what you want is space, low price, a high return on your investment and a really pleasant place to hang your hat in Paris, the 10th offers a new opportunity.
A la prochaine…
Editor, Parler Paris
E-mail: [email protected]
P.S. It’s the year of the Monkey. Don’t miss the Chinese New Year parade of dancing dragons, elaborate floats and clanging cymbals that will invade the stately Champs-Elysées Saturday, January, 24th, 2004 at 2 p.m. plus the Eiffel Tower will be illuminated in red, the Chinese color of luck and prosperity, to welcome in the Year of the Monkey also starting on January 24th.
QUAI DE JEMMAPES
On the Canal Saint-Martin, 20m² studio on the 9th floor in a new building, living room with east exposure, sunny, calm, balcony, pretty view of the roof tops of Paris.
Asking Price: 90,000 Euro + 2% Finder’s FeeSerious inquiries, email: -1-04_Quai_de_Jemmapes
VIEW ON THE ÉCLUSE DES RECOLLETS ET HÔTEL DU NORD
42m² two-room apartment on the Canal Saint-Martin with a view of the écluse des Recollets et Hôtel du Nord in a small building of the turn of the 20th century on the second floor.
Asking Price: 189,000 Euro + 2% Finder’s Fee
Serious inquiries, email: 23-1-04_Ecluse_des_Recollets
RUE SAINTE-MARTHE – BELLEVILLE
108 m2 3/4-room apartment on the 4th floor with elevator with a grand double séjour, very sunny, calm, near shops, transportation and schools.
Asking Price: 427,000 Euro + 2% Finder’s Fee
Serious inquiries, email: 23-1-04_Sainte_Marthe