Bonjour [EMAIL],

Le Chabrol, in the heart of the Dordogne
with three bedrooms and a shimmering heated pool..

Hassle-Free Ownership
at a Fraction of the Price

French Property Insider
Volume VIII, Issue 35
September 9, 2010
Paris, France
adrianleeds.com/frenchproperty/insider

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Bonjour French Property Insider Subscriber,

Don't confuse "Fractional Ownership" with " Time Share."

Time Share is a purchase of time usage, whereas Fractional Ownership is just that -- you own a fraction of the actual property and your usage is determined according to your share.

When you own even a share of one property, you own a real asset that may be sold later at a profit, just like any other real asset that increases in value. And just like any other property, if you purchase well, your property will provide years of enjoyment as well as financial security.

There are advantages and disadvantages to fractional ownership, that make it right for some, but not for all. If you are looking for a hassle-free solid investment in a location where you are sure to use and enjoy it, then fractional ownership can be perfect for you. Plus, you can have a whole lot more property for a fraction of the cost of purchasing it all by yourself. This is a huge advantage for someone with a smaller budget, but with big needs and desires!

"Hassle-free" means that the only things you may need to do regarding the property are make a few decisions in conjunction with the other owners and pay your annual dues. Most fractional properties are well managed and therefore take the everyday running of the property off the shoulders of the owners. This means that when your time comes to move in, you can do so with just your luggage, unpack, make yourself totally at home and leave all the worrying (and housekeeping) to someone else.

Lots of fractional owners have found that it's a great way to get to know a new and homogeneous group of people who all have the property in common and often become great friends. This has certainly been true for the owners at "Le Palace des Vosges" with whom I will be dining while I'm in Los Angeles at the end of this month. By sheer coincidence, all the owners live in California and all have agreed to gather together for an informal meeting while I'm there. It's the second time they will have met and from the report of their last gathering, it was delightful and very congenial.

This makes it very easy for the owners to agree on various issues surrounding the property. And their particular situation is quite fortunate. What is most contentious in a fractional ownership situation is when the owners cannot see eye-to-eye about basic issues. Attorneys who specialize in this work will tell you that they see more problems with properties with fewer owners as each has a larger share, more control and more proprietary sentiment. Also, if the property is not managed by an outside agency, but by the owners themselves, there is risk of more problems arising.

For this reason, we would recommend that you not only inspect the property, but investigate the management company and interview the other owners, too, to know more about their level of satisfaction and get to know who they are before purchasing a share in the property.

Each property you consider is going to have a different set of rules, but a similar structure. In France, most properties are purchased in the name of an SCI (Société Civile Immobilière), or property company, which must have at least two members. Those two members may be a foreign corporation, such as an LLC or HOA (home owners association), within which the shares are held. It is an advantage to structure the property in this way as shares may be bought and sold easily on the foreign side without disturbing the structure of the SCI.

For French tax reasons and concern for the property, normally owners are not allowed to rent their shares to outside parties, but may certainly allow family and friends to stay. Some are more restrictive and will only allow outside parties to use the property if the owner is present. This is a decision made either by the original developers as outlined in the bylaws, or by the owners themselves. In any case, once all shares are sold and the developer has no more jurisdiction over the shareholders, they may change any part of the bylaws they wish!

The usage calendar is different with almost every property you will find. Shares may be divided by month, either fixed or rotational. Sometimes shares are by weeks, and the usage is spread over the year. Some use a combination of fixed and rotational plans. In all cases, the idea is to satisfy the owners depending on their scheduling needs and you just have to find the one that fits your lifestyle best.

Expenses of the property are shared among the owners. A budget is set and the owners pay their portion. Expenses include copropriété fees, utilities, taxes, management, maintenance, replacement of furnishings, etc. Housekeeping may be included or handled separately. Again, each property is set up in a different way and therefore it is important to review each one before making your decision on which suits your needs best.

We have worked closely with many developers in Paris and France to find the properties, renovate and market them. Our newest offering is a beautiful home offered by France-Fractional named "Le Chabrol" -- a 'Shared Equity Plan' in the heart of the Dordogne with three bedrooms and a 'shimmering heated pool.'

Developer Gary Gunas tells the tale that they "bought this old stone barn when the cows were still living in it. The conversion was completed in 2007." It sleeps six in three bedrooms (1 king, 1 queen, 1 pair of twins convertible to a king); has 2.5 baths; a spacious open-plan kitchen/dining/living room; a low-chlorine, heated salt water pool; central in-floor heating (no A/C, but a great river breeze); a big country fireplace; WiFi broadband large flatscreen TV with French and English (Sky) satellite...in a serene country setting directly on the banks of the Dordogne River -- inside the famously scenic Cingle de Trémolat in the Périgord Noir (the best part of the Aquitaine!) between Sarlat and Bergerac. Note: Bergerac Airport (Ryanair, 80 minutes to London Stansted) is 30 minutes away, and Bordeaux Airport (short flights to Paris and Madrid) is two hours away.

Sounds like heaven, no? Visit Le Chabrol to learn more about the property and be sure to tell Gary that French Property Insider sent you!

If you like country living, then take a revisit to Le Muguet -- Lilly of the Valley -- in Vers, Pont du Gar, near Uzes, south of France, offered by Ginny Blackwell of French Property Shares. There's a new video that shows the property now accessible from our site page at Le Muguet.

For Paris properties, there is a wide variety of sizes and share structures to choose from. Visit frenchproperty/fractional to see all the properties and if you have any questions, do not hesitate to contact us at fpi@adrianleeds.com

A bientôt,

Copyright 2011, Adrian Leeds®
Adrian Leeds Group, LLC, www.adrianleeds.com