real estate purchase Paris

I find tiny places harder to keep clean than ones with more space! It's a real challenge to find a place for everything.

Why so long?

Look on the positive side: It would take, what, all of five minutes to clean that place?

Isn't that where the kitchen is?

Maybe in the shower?

I am trying to do the space planning. We need an architect! I wonder if there's a chair!

My example below works out to about $1,250 per square foot for a place with no toilet. Granted the small space involved skews things somewhat, but for that price you can buy almost any real estate in the United States.

I saw this on one of the expat sites:
Immaculate totally renovated small studio(9m²) in a historic Hausmanian building right in the heart of the 16th district of Paris( Rue de Ranelagh), M°Ranelagh ou La Muette. 6th floor with elevator, beautiful wiew. Near all transportations and shopping (Very famous Rue de Passy). Amenities include: Kitchen-corner, Shower,WC, full size singl-bed, wardrobe, fair-place, phone and internet connection (optional). 550 euros/monthly all charges including.

At least it has the benefit of having an elevator, shower, and WC, but 9m2... yikes indeed! No doubt some young person on a limited budget looking to avoid a roommate situation might find it a bargain.

Sam: You forgot to add the majority are walk-ups! At least, you can cancel your gym membership.

Out here in the snitzy 16th, there are signs in the windows for chambres on the top floor with 10-11 square meters (105-120 square feet) with a shower and a communal bathroom down the hall, offered for 115,000 E. I guess they run the numbers and try to rent these rooms without amenities for 450E a month.

Yikes!

hmmmmmmmmmmmmmmm - the apartment happened to be on YOUR street.

As for getting much under 300,000 Euros, it isn't going to happen in chic cental Paris. HOWEVER, please factor in that taxes and maintenance charges are a FRACTION of what they are in the US.

"snitzy part" Now whatever is that supposed to mean?

Even in the snitzy part we have our share of excitement now and then. Last night it was a relatively nonviolent domestic disturbance which took place in the street and broke a gallery window. Police came, about five minutes after they were called--first one car, then a truck, then another car, then the first one left, then another car came... toward the end, I looked out and there were TEN cops standing out there and no sign of the couple having the problems (not sure if they had left or if one or both were in a car or truck at that point). The police cars blocked the narrow street, of course, but can you believe that people pulling up behind them actually honked for them to move along and get out of the way?

I wouldn't mind having a budget of 1.6 million; there are many nice properties in that range and even below. It's when you try to go below €300,000 that it gets tough, and certainly under €200,000 choices are much more limited unless you're looking to do a lot of work or get into a not-so-popular area. Last summer one of the news programs here had a segment about a young woman trying to buy her first apartment with a budget of €150,000, and there honestly wasn't much out there for her unless she was willing to go outside of Paris into the surrounding areas.

What amazes me is that in the 21st century there are still plenty of apartments in Paris without plumbing!!


By the way, sixth-floor apartments WITH elevator are pretty enticing for the view and the relative quiet, but be sure that you can take the stairs if need be... I've been to visit people in nice upscale buildings at times when their elevators have been out of order, and you really get your exercise!

The word is out that real estate prices and coming down in Paris. I am certain that's true in some quartiers -- or at the very least -- the market is slowing down.

For a real idea of price per area, consult http://www.pap.fr/

But -- I must tell a personal story. Went to see an apartment in the snitzy part of the 7eme near the Rue du Bac. I was with acquaintances of friends. -- money was not an object.

They fell in love with a 160-sq-meter apartment that was perfectly renovated and had everything. The price was a mere 1 million 600 Euros. The appointment to see the real estate agent was at 9:30. This couple wanted to buy on the spot. This apartment was their dream.

Unfortunately, it had been sold at 9:00 a. m and the agent wouldn't even take a back-up contract. Contrasted to the US - there are no escalation clauses or bidding wars. Granted, this was an exceptional apartment but don't expect to come to Paris and grab something cheap unless it is an emerging quartier and needs a lot of work! Apartments without elevators (especially when they are on the 6th floor) are frequently good buys!

Great apartments are still commanding and getting great prices.

John: did you buy that apartment? For everyone's information, Bonjour Paris is NOW working with an extremely reparable insurance broker. I was tired of NOT knowing about the fine print I was signing. Some of the people in this agency speak impeccable English.


Please email me if you're looking for health, real estate, travel and even insurance for your private jet!

Karen@BonjourParis.com

(who has been under insured and over insured since she's been in France.)

I would start by talking to the insurance agent you intend to use after your purchase. We were quite surprised (and initially confused) to learn where the coverage for an apartment kicks in, and where other factors come to bear. These can include coverage by the organization of co-owner, and also coverage under French law.

on a related topic, the apartment we are looking at is in an area (next to park Buttes Chaumont in 19th) is apparently the site of of medieval gypsum quarries. we were told to go visit the Office of Quarries (it exists!) which has an overview of all the old quarries around the city. our building, an old one, is apparently right on top of 2 quarries. the building is according to the owners and relevant documents has had no problems, but the office described the ground in this area as "sensitive".

my question is does anyone have an idea whom to consult to figure out what kind of risk this is? of course every real estate purchase involves risk, if you buy in California your house might get totalled by an earthquake, in Thailand by a tsunami etc. it is just that it would help us if we could assess how big a risk this is, what the presence of these quarries means practically.

thanks again for any ideas

j.

I do not think the current real estate prices per square meter is significant if you do not take the type and age of the builings into consideration. An apartment in a 5 story building for example will be completelly different if you have an elevator or not. Also the future plans for the area will also influence the present market value.
To ptoprly interpret those "average prices, you also have to know the present condition of the average for sale items, and the future plans


BP Chuck

Thank you! Very comprehensive answer.

There are some online sites advertising Paris properties. One is Se Loger at:

http://www.seloger.com/annonces.htm?idtt=2

The codes they want are the Paris postal codes which are 75(number of arrandissement). So the first arr. is 75001. For some reason, the 16th uses 2 codes, 75016 and 75116. Keep in mind that these are asking prices.

The price of real estate is a favorite topic among many publications, and it seems one or another always has a survey out on what's happened recently. Figaro is a regular at this, and they have an online site for RE at:

http://www.lefigaro.fr/immobilier/

They may have their recent survey up there.

I've found that averages rarely tell me much for several reasons. First, when we were looking for properties 4 years ago, a lot of what we saw was real junk. Second, there is a big difference between prices in various araes within many arrondissements. For example, the northern 16th is one type and the southern 16th is another; so too the southwest 17th is pretty upscale while parts of the eastern 17th are plain scary. Third, there are many, many factors, big and little, which come into play such as view, sunlight, guardian, quality of public transportation, mix of neighbors, and on and on.

Hi

Does anyone know of any good sources or websites that show current price per square meter for residential real estate in Paris by arrondissement?

thanks in advance for any suggestions,

John