SPECIAL EDITION: Two or Three Fantastic Property Opportunities in Nice (Depending on How You Look at It!)

We don’t list many properties for sale — that’s because our agency refuses to represent a property that isn’t worth buying! As consultants, we want to be absolutely sure that we can stand behind every property our clients buy. Almost all the owners of the properties we represent are also Expats like you — mostly North Americans (or Australians, etc., and other Anglophones) who have the same vision as you about property ownership and use.

This is very different from a traditional real estate agency that will list anything, sell anything and say anything to make the sale…as long as it means money in their pockets. For that reason, when we offer up a property for sale, you can trust that it’s going to be a good investment and a great home.

We have two at the moment in Nice that you need to know about. One of them is located in the heart of Old Town and the other in the Carré d’Or near the Hôtel Negresco…so both in amazing locations!

LE PALAIS A DROITE A NICE — TWO APARTMENTS, COMBINED OR SEPARATE FOR ONE BUYER OR FOR TWO (OR MORE)!

You may remember this one from our mailing at the end of May, but it’s not just one apartment now, it’s two! I fell in love with it the first time I saw it years ago when a friend was renting one of the two apartments for his vacation in Nice. It’s in the heart of Vieux Nice on rue Droite, across the street from the famous and well-visited historic Palais Lascaris! The palace is a 17th-century aristocratic building and is currently a musical instrument museum with a collection of over 500 instruments — which makes it France’s second most important collection. Visitors flock to it daily, and to have a perfect view on its magnificent facade is a small piece of Côte d’Azur historic heaven.

There are two apartments, opposite the Palais on the first floor (just one flight up), each with its own entry and divided on the interior by a doorway that is currently sealed of and configured like a bookshelf. This means that it could remain as is, or could be opened to make one larger apartment.

One side is a spacious one bedroom apartment with a large living room/dining room/kitchen and spacious bedroom plus bath with a shower. The ceilings are so high that it makes the apartment feel much larger than its 39.6 square meters (426 square feet).

The second side is a well-configured two-room apartment (one bedroom, living room/dining/kitchen) in 25 square meters (270 square feet) with the same high ceilings and same fabulous view of the Palais Lascaris.

They are both move-in ready and rental-ready! All furnishings are included in the purchase, too…the kitchens are fully equipped so, there’s nothing for you to do but unpack your bags…unless of course, you wish to renovate and upgrade or combine them!

Here’s the really interesting story about these two apartments and why this is a very special deal:

The smaller side is outfitted with a “Sanibroyeur” toilet. This is a toilet “that uses a macerator pump and a fast-rotating cutting blade to break up the waste and toilet paper and convert the water and waste into a fine slurry that is discharged under pressure through piping and expelled into the sewer or septic tank.” Toilets like this are used whenever large sewage pipes are not accessible. (I have one myself in my Nice apartment.)

The two apartments are being sold as one unit because they were never formally divided on the deed. Therefore at this time, the electricity is counted as one unit, the water charges and the homeowner association fees, as well as the taxes are counted as one unit.

The current owner made an attempt to divide the two units so that they could be sold separately, but was informed by the homeowner association that in order to do so, she must re-plumb the smaller unit so that the evacuation pipes avoid the kitchen pipes — and if that were done, they would grant permission to divide the units. The seller does not wish to do this work prior to a sale.

Here’s where a smart buyer (or buyers) come in.

This is a location that is incredible for successful short-term rentals, yet is being offered at the particularly low price of 317,000€ (all agency fees included, less than 4,900€ per square meter!). The only additional costs are the Notarial taxes and fees, about 7%. Plus whatever renovation/decoration you wish to do. Annual homeowner association fees are approximately 1,000€ and annual property taxes are about 500€…making the cost of ownership very low.

Now, consider these possibilities:

1. One owner could leave the two apartments as is for the rest of his life. Either side can be used or rented as wished.

2. One owner could open the interior door and combine the units to have a spacious two-bedroom, two-bath apartment in the heart of Old Nice.

3. One owner could re-plumb the smaller side, get permission to divide the units and sell off one side at a higher price.

And there’s another really interesting scenario:

4. Two individual buyers, such as friends or relatives, or even just acquaintances, could come together and purchase the units together in the form of an SCI (Société Civile Immobilier), a French property company, with each party owning shares in proportion to the side of the apartment they wish to use (approximately 38.5% for one and 61.5% for the other). They would share in the expenses of operating the property based on their percentage of ownership. An arrangement of this sort is considered a “fractional ownership” and is regularly done. It has no issues as long as the two parties who own the property together have “by-laws” to which they adhere so that they understand their responsibilities and have an exit plan, should either wish to sell. (I can explain this in greater detail to those interested.) Allow an additional budget to create the SCI and the by-laws agreement (about 4,000€).

And here’s where it gets even more interesting:

5. Two individual buyers could, at any time, decide to do the plumbing work and formally divide the two units to make resale of each unit possible. This means that the two parties would no longer be responsible to one with the exception of sharing the homeowner association fees — still easy by virtue of the SCI bank account. The electrical counter could be separated, the water bills would be separated and either side would be free and clear to sell off.

An investor or new home-owner can’t go wrong in any of these scenarios…especially at this price!

I currently have a willing buyer of the smaller unit. Or maybe you have someone in mind yourself? If you are game to purchase this property, and are serious, contact me at [email protected].

100M2 ON RUE CRONSTADT NEAR THE NEGRESCO

I know this apartment because an illustrious member of the American community has stayed here many months a year every year for several years. Now the owner, also an American, wishes to sell it.

Located in the heart of the Carré d’Or on rue Cronstadt, Nice’s best district, it’s large and spacious — 100 square meters in a beautiful bourgeois building (built circa 1900) on the 2nd floor (with elevator) with a large living room/dining room (40m2), two large bedrooms (air conditioned, one on courtyard, one on street), a fully equipped independent kitchen and a large newly renovated bathroom with shower, plus an additional separate toilet. It has a balconette on the street and one on the courtyard off one of the bedrooms.

The asking price is 580,000€ including the kitchen appliances. The only additional costs are the Notarial taxes and fees, about 7%. Plus whatever renovation/decoration you wish to do. Annual homeowner association fees are approximately 1,800€ and annual property taxes are about 1,500€…making the cost of ownership very low.

If you are interested to purchase this property, contact me at [email protected].

And don’t forget, Nice is awfully nice at half the price of Paris! Here’s your chance to own a piece of the France pie.

A la prochaine…

Adrian Leeds