Bonapart Client interview - Tim and Karen Nagle

Tim and Karen Nagle are now far more frequent visitors to Paris since buying their own apartment. Tim discovered the attractions of staying in an apartment rather than a hotel a few years ago and in November 2005 we launched his search for a centrally located two bedroom apartment. At the time, we were pleased with the apartment located in the heart of the Marais (story about the area) but it’s nothing can compare to the transformation that came after purchase! Each time they visit and we meet up, it seems like they are both learning about and enjoying more aspects of French life; from cuisine and cooking to nuances of the language and the funny bits and pieces that make being part of a different culture so fascinating!

How did you feel when you got the keys to your property?
It was exciting to know that we were now the owners of a Paris apartment, but in our case, since we were doing a complete renovation, the real thrill would come after we walked into the apartment and it was completely renovated and furnished. That took our breath away.

What happened after renovation, furnishings, and utilities?
Prior to finalizing the purchase we had met with a well known and extremely talented American artist and designer who has lived in Paris for 20 years and he had agreed to manage the reconstruction and refurbishment of the apartment. For prospective apartment buyers in Paris, I think it is a good idea to get advice and estimates on furnishing and upgrading the apartment prior to making your offer. A good designer/architect can turn an ordinary space into something extraordinary, if you are willing to invest the time and money. In our case, we gutted the apartment entirely, redesigned the living spaces somewhat, and installed a complete new kitchen and bathrooms and so forth. This took about 6 months. In addition to the technical issues, one also has to liaise with the building Syndic to ensure a smooth process.

How do you manage your apartment?
We employ a professional apartment management service the principal of which we met prior to conducting our search. The owner is extremely experienced in the Paris market, bilingual, and he has our total trust. They have done a great job. In my opinion, it would be difficult to manage all of the maintenance, Syndic, and rental aspects of an apartment in Paris without some professional on site help.

Who stays at the apartment?
One thing that becomes rapidly apparent is that there is no shortage of interested parties once the word gets out that you have a Paris apartment. In our case, we restrict the use to ourselves, our two adult children, and our closest family and friends. Frankly, it’s an amazing gift to let friends use the apartment occasionally.

How much do you charge and how do you market the apartment?
At present we are still in the initial stages of determining how often we are going to rent the apartment to the outside and how much we might charge. Setting aside the capital investment, the carrying costs (property taxes, utility fees and building fees) of an apartment in Paris are quite reasonable, perhaps 20% of what they would be for a similarly valued apartment in New York, so one doesn’t have to push too hard on rentals unless one has to cover a mortgage payment. The last thing we want is to have so many rentals that it starts to seriously interfere with our usage.

Have you had any disasters/funny stories?
With the right professional advice from Bonapart from the very beginning and good planning on the part of our design and management team, I think we managed to avoid most major pitfalls and disasters. But we didn’t try to micro manage the process and tried to defer to local advice in most cases. I think it might have been a disaster if we had personally tried to deal with the Syndic, when we needed approval for installation of air conditioning, for example, because even our bilingual advisors had their hands full there. And, we did find it unusual by US standards to be required to perform a documented noise evaluation test prior to the final approval of the a/c, but in the end, everything worked out fine.

How often do you come to Paris?
It’s still early in the evolution of the process for us, but I hope to spend 6-8 weeks a year in Paris on three or four different trips.

What advice would you give to others thinking about investing in Paris Property?
Make sure that you work with people you can trust and rely on like Bonapart. Follow their advice. Be realistic about your budget. While, as noted above, the carrying costs are lower in Paris than New York, the initial transaction costs are higher (Notaire, commissions, and renovation.) Try to meet and engage your designer and manager prior to making your offer, if at all possible. Be patient with your timeline; nothing happens overnight in the Paris property market. Be flexible on arrondissement, but be firm on view, elevator, neighborhood look and feel, noise level, apartment size, and Syndic limitations on remodel (i.e., understand any limitation on moving walls, installing a/c before you buy.).

Your favorite.....:
Restaurant
There is a great restaurant near the Bastille called Brasserie Bofinger which serves as the model for Brasserie Heininger in Alan Furst’s spy novels, in which pre war and occupied Paris always plays a central part. Besides his writing talents, Furst is an expert on all things Parisian. Brasserie Bofinger is the archetypal Paris restaurant with a rich history, ambience and fascinating alter ego.

Boutique
All of the boutiques on the Rue des Francs-Bourgeois in the Marais are great and they are open Sundays. We love all the outdoor markets as well including Marché Richard Lenoir at Bastille on Sundays and Thursdays.

Secret Paris Place
Hardly a secret, but we love to spend time in and around Place de Vosges, Paris’ oldest square. Another non-secret favorite place is the Clignancourt Marché aux Puces, just a short metro ride from central Paris.