VINGT Paris

Renting your new Paris property

Apartment owned and decorated by Christiana Konstantinou
One of the first things to decide is whether you are aiming for long-term or holiday short term rentals.

As Paris is the most popular tourist destination on the planet, it can be suitable for short term rental but location is crucially important. Go for properties within shooting distance of the major attractions, basically, arrondissiment's 1 thru 8. I have my own particular preferences (based on most requested by rental clients!) which top the rest (the Marais, St Germain/Luxembourg Gardens and Montorgueill and Palais-Royal/Louvre areas). Take my advice and avoid the over-priced 8th (Champs Elyseés) and difficult to access Montmartre.

Paris : toujours plus cher

Despite the fact that elsewhere in France property prices are plateau-ing and the French media howls about "Le Krach" (the crash), for reason's mentioned earlier this week, Parisian property prices are still going up.

The median price per m² is 7 000 € and easily 10 000 € + in the sought-after quartiers, such as the 4th, 6th and 7th.

To take a look at the prices per arrondissement compiled by property website PAP (where owners list their property for sale direct). Figures are based on the sales price reported by owners advertising on their site after they withdraw their adverts when the properties sell.

Manhattan v Paris France

We recently had a client who was purchasing a property we'd hunted down for more than one year and finally got exactly what he wanted, a top floor apartment (with elevator, biensûr!) in a classic Haussmanian building and view across THE square he'd fallen in love with when I introduced him to the neighborhood.

This is the one we'd been patiently waiting for and constantly checking and re-checking when it was going to be put on the market, (beating a purchaser who lived inside the building and had been hounding the owner for years!).

In the price evaluation we did a comparison for our client who has a similar sized property in New York City and the results make interesting reading.

"My personal point of reference, price-wise, is my NYC apt in West Chelsea's London Terrace, which is easily the equivalent of Sq Trousseau (it's a doorman building with celebrities and an Olympic indoor pool. And it's in the HOT art-gallery district. The size is about the same (510 sq ft)... but there's no view. The current price is around $550,000 (400,000E)."

Waves in the UK/US vis a vis Paris

A client coming to purchase property wrote to me yesterday; "Susie - has there been anything in the French press about the waves in the British and U.S. property markets recently and whether it may or may not affect the French market? What are your views?"

Voilà mon reponse.......
We haven’t felt ructions in Paris and don’t expect too. Frankly the city is in just such another league that it is not affected by theses ups and down. Paris is right up there as a great bargain in comparison with other world capitals such as New York City (more on this soon) and London. Prime Central London, where 120m2 super-luxury apartments can cost £1,170,000 or £9,750 per m² (in Euro: €1,742,656, or €14,522 per m2). Apartments of 120m2 in other luxury areas of Central London are likely to cost £580,000 or £4,833 per m2 (€863,880 or €7,199m²). A 120m2 apartment in Paris has an average purchase price of €800,000 (€6,667 per m2). We WILL catch up and it’s still a great time to get your Parisian pad.

Parisian property is a great investment and here you can still afford to buy into the historic centre, which is heavily protected - there is almost no new residential development due to a lack of available land and tight planning restrictions. Paris is the number 1 most visited city in the world and a strong business and study centre for Europe. While domestic demand may increase over the next a general rise in property prices could make buying in tourist areas dearer as time goes on.

Bonapart approved by Association of International Property Professionals

Bonapart is proud to announce it's acceptance as a member of the Association of International Property Professionals AIPP and adherence to the AIPP's Code of Conduct.

In an effort to improve the professional standards of the international property market, Members of the AIPP have voluntarily committed themselves to industry regulation.

When you see that a company is a Member, it means:

John Baxter's "We'll always have Paris"

I've just finished the great book by renowned film critic, biographer and Paris guide John Baxter "We'll always have Paris" (read review). I met John recently when he kindly recommended some friends who are looking to purchase looked us up at Bonapart and I snaffled a signed copy of the book on the way out of his apartment.

I simply loved the stories about the “naughty” side to Paris, especially about the brothels of yesteryear. You can read more and buy the book on our arts site I V Y paris.

I'm making a roster of approved guides for Bonapart clients visiting Paris and John will participate. I'll unveil the selection for your delectation soon. Buying a home here is so much more than just real estate (thank goodness or I’d get bored with my job). Paris refreshes a part a part other cities can’t reach (to paraphrase an old beer commercial) and most of my clients have been bitten by the same bug as me so working with them to help them find their place (apartment -wise as well as in-firring with their lifestyle) is both a privilege and a pleasure.

French Property auctions

1.La vente judiciaire en cas de saisie immobilière. This is a repossession auction and takes place at the bar of the Tribunal de Grande Instance. A lawyer is required to submit the sealed bids.

2.La vente volontaire devant notaire. This is a public auction conducted by a notaire on the instructions of the owner, such as when a property is left to a number of relatives.

3.La vente des domaines. This is a public auction of state-owned property or property that is vacant, such as following a death where there are no named heirs.

Where can people find out about auctions?
Categories 2 and 3 above are public sales, open to everybody and advertised by notaires, usually via small ads in the regional or national press, at the notaire's office and on the internet (Marchê Immobilier des Notaires - MIN). Information usually includes the date and place of the sale and instructions on where you can consult the cahier des charges (property details).

For judicial auctions (Category 1, above), guidelines exist to ensure as widespread a visibility as possible. Such auctions are posted on boards at the property itself, at the Town Hall, the Court house, and advertisements are placed in the legal, local or national press. The whole schedule of upcoming auctions is available from the Tribunal de Grande Instance.

The Annual general meeting of the property and... mice infestation

I read of an interesting problem recently on Jean Tacquet's "Survival Kit for Paris" newsletter that I am sure he won't mind if I share with you. It sums up the frustrating business of dealing with one's Syndic (the management group in charge of the running of the co-owned apartment buildings in Paris).

It's a Parisian pastime to moan about the Syndic and how inefficient, overpaid and downright corrupt they are. This particular problem is quite heartbreaking because the owners must have shelled out around 10,000 euros a m² and are now faced with the problem of some unwelcome visitors along with their short term rental guests. And no end in sight...

"We recently bought a nice apartment for very short-term rentals in a really premium location, facing the river and the Ile de la Cité. Everything went fine and business was good until the building, and especially the apartments facing the riverfront, got invaded with mice. The building manager was immediately informed of this and we have been told that the matter was being handled, but we have seen no changes in our apartment.