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Paris in Transition
|
Paris' 13th Arrondissement - in Transition |
(FOR SUBSCRIBERS ONLY)
April 1, 2010
Paris, France
http://adrianleeds.com/frenchproperty/insider
Bonjour French Property Insider Subscriber,
There's nothing foolish going on here in Paris, in spite of April Fool's Day...as we're concentrating on the transition Paris is undergoing thanks to the city's progressive thinking. In a 38-page four color brochure circulated by the City of Paris, Paris is taking giant steps in the direction of modernization and progress. Learn all about what's in store for the City of Light in today's French Property Insider along with Hot Properties in the hottest new development districts.
Then, don't miss very important news about rental apartment scams. As a renter or owner, you don't want to make the mistake of getting caught in one. Read all about a Web site we found which had 'stolen' hundreds of properties in Paris in order to advertise them for rental...but who was getting the rent? And who was having use of the apartment? We venture a guess to say they were getting the rent and the renters were getting nothing but a bad address. Read all about it, and beware.
There's an informative article on a tax and case law update affecting couples involving civil partners and foreign companies whose assets consist of French property. Don't miss this -- it could be quite important to you.
And for all you who have an iPhone, check out the new free application that searches for homes that are for sale while you're out and about. What could be easier?
All this and more in today's FPI.
Happy Holidays to all and à bientôt,
Adrian Leeds
Editor,
French Property Insider
Email: fpi@adrianleeds.com
P.S. Parler Paris Apartments offers a 'bouquet' of luxury rental apartments you can trust! As a gift to Parler Paris readers, we're making a very special springtime offering. Book Your Parler Paris apartments stay this April or May and you can count an extra 15% off the price of the rental, just to say thank you for being such loyal readers. In addition, if you are a guest staying in any one of our luxurious apartments, and would like to consider having your own "pied-à-terre" for your pleasure and profit, you may contact me for a FREE one-hour consultation while you're enjoying the apartment in the City of Light. For more information, visit http://www.adrianleeds.com/parlerparis/apartments/.
Volume VIII, Issue 13, April 1, 2010
In this issue:
* Paris
is Changing
* A Warning for Renters and Rentees
* French Property Exhibition Next Month
* Examining Tax Changes for Couples and Companies
* FPI Fractional Property Offerings
* Discover A Special Offer
* Moneycorp: Take the Risk Out of Currency Conversion
* New Smartphone Technologies for Real Estate
* Get a Free Property Consultation with Adrian Leeds
* Parler Paris Apartments: Spring Specials
Continue!
* Hot Properties: Tantalizing
Transitional Territory
* Investment Outlook Good for Paris Property
* The Next Notaires' Auction: April 6th
* How You Can Obtain a Mortgage in France
* Parler Paris Après-Midi: Next Gathering April 13th
* Managing Your FPI Subscription
* Subscribers Receive Discount on Insider Paris Guides
Paris
In Transition
Compiles by Adrian Leeds
"Paris is undergoing a major moment of transition."
That's the opening line of a 38-page four color brochure circulated by the City of Paris to educate, inform and convince us that Paris is not a city standing still.
A few years ago, Bruno Silvestre, an NBC News Producer, wrote an editorial that made a few waves titled: "Paris: City of Museums or Museum city?" He reported that "The City of Lights has a problem. It can't decide what kind of world capital it wants to be and it may be gradually losing its soul in an effort to preserve it." (http://worldblog.msnbc.msn.com/archive/2007/02/23/66316.aspx?p=1)
Bruno, according to the Mayor of Paris, Bertrand Delanoë, and this new publication, you're wrong. "Urban development projects, involving almost 10% of the capital's territory, have been accelerated in order to meet the needs of all Parisians: housing, especially social housing, public amenities, green spaces and new transport lines..."
There
are 17 development projects underway, mostly in the outer
districts (arrondissements 10 through 20) with the exception
of Les Halles in the very heart (1st arrondissement) and
the Quartier Austerlitz (5th arrondissement). So, while
Bruno Silvestre's "friends believe Paris has long
ceased to be an influential city where tomorrow’s
artistic trends are conceived and launched. It no longer
represents an attractive option for creators who prefer
the excitement and vibes of other capitals...," the
city officials were planning something entirely different.
This publication attempts to prove him wrong by making
note of just a few of these important facts:
Paris ranks among the top three cities of the world and is third to London and Singapore in terms of foreign-backed investment projects.
After Tokyo, it is the most popular city with the world's 500 largest companies.
Paris ranks second in the world in terms of qualified workforce with 17.2% of its active population considered in the category of "executives."
Paris currently has 16 million square meters of office space with 2 million more planned for the coming years.
The GDP of Paris is 500 billion euros, with 11.2 million residents on the Ile-de-France and 360 million potential consumers who live less than two hours away from Paris.
In
the next few years, Paris will devote one billion euros
to innovation and research and by the end of 2010, 80%
of buildings will have fiber optics and high bandwidth
connections.
The brochure outlines all this and much more. Sure, this
is Bertrand Delanoë's way of convincing you that
Paris is not just a city of museums or a museum city --
that Paris is 'moving and shaking' just as much if not
more than other cities of its class.
I'm not so sure I'm going to personally like all this modernization. Bruno Silvestre wrote: "As the saying goes: 'Paris sera toujours Paris...Paris will always be Paris. Perhaps THAT is precisely the French capital’s problem."
And maybe that's exactly what I like about it. Paris will always be Paris. Would we really want it to be like London? or Tokyo? or New York? Hmm...
Editor's Note: To read the city's brochure, visit http://v.calameo.com/2.0/cviewer.swf?bkcode=000173109992a6cd067a0&langid=en.
The
Keys are in the Mail. Really?
Excerpt
from Parler Paris Nouvellettre®
http://www.adrianleeds.com/parlerparis/
Wednesday, March 31, 2010
Attention all France and Paris rental apartment owners, rental apartment agencies and renters...BEWARE OF SCAM RENTALS!
According to some guesses, there are almost 40,000 vacation rental apartments in Paris alone. I don't believe that figure is correct, as many apartments are advertised on a variety of sites and therefore may be counted twice in the estimates, but even so, there are enough to keep vacationers and part-time residents quite well housed.
Renting an apartment in Paris is big business, for both the investor (owner) as well as the vacationer, as both bring enormous sums of money into the French economy from outside, particularly from foreign investors, such as the British, Italians, Americans, Asians, Russians, etc., etc., who love Paris and want their little piece of it.
Unfortunately for all of us who have been a part of the industry, whether from the side of the 'provider' or 'consumer,' there have been some cases of fraudulent activity which makes everyone nervous about who you can trust.
Just this week, we found many of the apartments we advertise exclusively on Parler Paris Apartments, including my own personal property, advertised on a Web site called EXPLORANDA.COM without any authority to do so, whatsoever. Photos from our own Web site had been taken along with the descriptive text, having changed only the name of the apartment and minor details within the text. Hundreds of other apartments are advertised there, too.
In addition, we found many of our apartments advertised on CraigsList.com with the requests going to Exploranda.com!
If you own or represent one in Paris and other parts of France (or in any of the other cities they advertise), you may want to peruse the site to see if you are also one of their victims. Clearly, this is illegal, from purely the infringement of copyright, if nothing else.
Read the entire article at http://www.adrianleeds.com/parlerparis/.
Harrogate
Set for French Property Exhibition
Archant Life France is hosting its annual advice and information exhibition on moving to France in Harrogate between May 14 and 16, 2010.
Show visitors will be able to meet real estate market professionals such as estate agents, tax advisers, mortgage lenders and removal and currency exchange companies.
Free seminars led by experts will run throughout the show, offering house hunters an opportunity to have their questions answered face to face.
More information and free tickets are available at http://www.fpeharrogate.com/default.aspx.
Tax
and Case Law Update Affecting Couples and Companies
Full exemption from inheritance tax for couples under a UK civil partnership [or presumably other countries as well]
UK Civil Partnerships will now take effect in France thanks to a law dated 12 May 2009, which introduced a new section into the French Civil Code alongside the rules applicable to the French PACS (pacte civil de solidarité).
The effects of a partnership agreement forged outside France will be recognized in France provided they do not contravene French public order or French law. For instance certain countries allow siblings to sign a "cohabitation contract". This would not be recognized in France as only partnership between couples (non relatives) are legally recognized.
From a tax point of view, the ministry of Economy confirmed on 1 December 2009 that the tax provisions applicable to partners under a French PACS are now available to civil partners. Just as for married couples, the tax benefits include (1) a full exemption from inheritance tax on death, and (2) an allowance of €79,533 on gifts.
However, unlike married couple, the partners are not automatically entitled to a share in each other's estate. They should remember to check the succession laws applicable to them before drafting any Wills, ideally before relocating or buying any property in France (afterwards, it is not possible for instance to buy a house with a joint tenancy known as Tontine).
Partners will also be subject to a joint income tax form to declare their French letting income for instance, or their wealth tax (if value of assets above €790,000).
Partners who are resident in France can sign a French PACS. It is worth noting that the PACS applies to all couples, not only same-sex couples. This can be a more flexible option for partners who were married before and do not wish to re-marry. Without a PACS, non married partners would be subject to inheritance tax at 60% after an allowance of €1,570.
Read entire article at http://www.bllaw.co.uk/services_for_individuals/french_private_assets_and_tax/.
www.adrianleeds.com/frenchproperty/fractional
If you are interested in traditional fractional ownership properties currently offered by ourFractional ownership partners, see below:
Paris: LE PALACE DES VOSGES |
|
|
 Paris: L'ABBAYE LUTÈCE |
 Paris: CHEZ LA TOUR |
|
 Paris: LE PETIT TRESOR |
 Languedoc-Roussillon: MAISON BLEUE |
|
 Languedoc-Roussillon: NOTRE MAISON DANS TOULOUGES |
Readers of FPI can take a look at special offers for Le Palace des Vosges, Le Petit Trésor and Chez La Tour at adrianleeds.com/frenchproperty/fractional.
Stay
for One Week "Free" at Le Notre Dame (http://adrianleeds.com/frenchproperty/fractional/pfo/lenotredame.html).
A petit studio next to Notre Dame at a petit price...
The Ile de la Cité is where life in Paris began centuries ago, centered around one of the world's most important cathedrals, Notre Dame. Just a few steps away is this old-world elegant apartment, Le Notre Dame Fractional Share Apartment.
Unsold shares are now available for immediate rental when the owners aren't occupying it! And even better than that...should you decide to purchase a share, your rental fees (up to one week's worth) will be deducted from your share price! That makes your week at Le Notre Dame absolutely FREE!
Book your stay now before the shares get sold out!...and then get it FREE when you become an owner yourself! For more information, contact glenn@paris-fractional-ownership.com.
Take the Risk Out of Currency Conversion
If you’re buying a holiday home or investment property overseas, when you trade your currency is crucial. The euro exchange rate is constantly fluctuating, so trading at the right time will mean your money goes a lot further.
Adrian Leeds Group LLC and Moneycorp are working together to ensure you make the most of your Dollar or Sterling when buying a property in France.
For
the latest exchange rate use our currency converter at http://www.adrianleeds.com/frenchproperty/loan/moneycorpconvertor
and learn more about moneycorp ere:
http://www.moneycorp.com/affiliates/microsite/index.cfm?agentid=10168408.
Portable
Real Estate Listings — but With a Difference
By R. SCOTT MACINTOSH
Open the mobile phone application offered by a French real estate agency and point your phone at a building along the Champs-Élysées or some other street in Paris. Within seconds, you will see the property’s value per square meter, superimposed over a live image of the building streamed through the phone’s camera.
Speed and convenience delivered with the aim of a smartphone. Could this be the new frontier of on-demand property search?
It depends whom you ask.
The application, engineered by Layar, a 10-month-old company based in Amsterdam, uses “augmented reality” technology, or A.R., to harness a phone’s camera, global positioning system and compass. Elements like statistics and 3-D images are, essentially, layered over a live picture so the user gets a single view with all available information.
These A.R. “mash-ups” already are being used to display information about tourist sites, chart subway stops and restaurants, allow interior designers to superimpose new furniture or color schemes on a room, and give crime statistics for a specific area.
The A.R. Beatles Tour, for example, superimposes videos and 3-D models, like a yellow submarine, when a smartphone with the application is pointed at locations in London and Liverpool that were significant in the band’s career.
But, “does it provide users with information that they find valuable?” asked Simon Baker, chief executive of Classified Ad Ventures, the publisher of an online real estate site called Property Portal Watch. “Is there real value in using it? Will it fundamentally replace the way we do things? Or is it a gimmick?”
According to the French agency, MeilleursAgents.com, the results have been positive. Julien Cheyssial, one of the agency’s founders and its chief technology officer, said it took a developer only two days to customize the Layar browser with prices, based on city and agency records, and GPS coordinates. Since the agency’s version of the application was introduced in August 2008, he said, there have been several thousand downloads a week...
Read the entire article at http://www.nytimes.com/2010/03/26/greathomesanddestinations/26iht-rear.html?pagewanted=1&nl=technology&emc=techupdateema1.
One-Hour Consultation with Adrian Leeds Free!
If you are a guest staying in any one of our luxurious Parler Paris Apartments, and would like to consider having your own "pied-à-terre" for your pleasure and profit, contact Adrian Leeds for a FREE one-hourconsultation while you're enjoying the apartment in the City of Light. Visit http://www.adrianleeds.com/parlerparis/apartments for more information or email me at
http://www.adrianleeds.com/parlerparis/apartments
Welcome to your home in Paris. Home is how you will feel in a
private apartment in Paris that has the "seal of approval"
from Parler Paris Apartments and me, Adrian Leeds. Parler Paris
Apartments offers high quality accommodations to make your stay
in the City of Light as enjoyable and memorable as possible.We
at Parler Paris know each and every apartment owner or manager
personally, and stand behind the quality of those we represent.
We understand your needs and desires, all the small details that
make a rental apartment a warm and welcoming home and a
much
better alternative to an impersonal hotel!Parler Paris Apartments is administered and serviced by the same great team as Parler Paris, French Property Insider and French Property Consultation. You can trust that Parler Paris Apartments and all those with whom it is associated will do their best for your 100%
Book
Your Parler Paris Apartments Stay this March, April or May and
Pocket 15%!
As a gift to Parler Paris readers, we're making a very special springtime offering.
Book any Parler Paris Apartment now and start your stay in the months of March, April or May, and you can count an extra 15% off the price of the rental in your pocket. In other words, we're taking 15% off the price during the most glorious season in Paris when anyone who is anyone wants to be here, just to say thank you for being such loyal readers.
Visit http://www.adrianleeds.com/parlerparis/apartments. To reserve any of our well located and luxurious Parler Paris Apartments, go to http://www.adrianleeds.com/parlerparis/apartments/request_form.php and make your request, or for more information, email: apartments@adrianleeds.com.
HOT PROPERTY PICKS: Tantalizing Transitional Territory
Each week French Property Insider features a range of properties which we believe are on the market at the time of writing. These properties are featured in order to give readers a sample of what is currently available and a working example of prices being asked in various regions of France and districts of Paris.
This week we focus on properties located throughout Paris in areas considered to be in transition.
 |
*** Paris, 1st: One-Bedroom, approx. 36m² Located in the Montorgueil/Les HallesBeau quarters. A very nice studio, is available fully furnished and equipped. On the top floor and with lots of light, in an 19th century building. The studio benefits from double exposures with views over the rooftops of Paris. Consists of entry hall, large living room, open kitchen, bedroom and bathroom. Asking Price: € 325 000 + 2% finders fee |
 |
*** Paris, 13th: One-Bedroom, approx. 45m² Located near Parc Montsouris, near commerce and transportation stops. In a beautiful old building recently freshened up. Unobstructed views on the court yard and street. The area is calm and quiet. The apartment is in very good condition and benefits from lots of natural light. Consists of a living room, bedroom, bathroom with wc, closet space and equipped kitchen. Asking Price:€ 257 000 + 2% finders fee |
 |
***
Paris, 17th: Studio, approx. 30m² Asking Price:€ 190 800 + 2% finders fee |
 |
*** Paris, 18th: One-Bedroom, approx. 50m² Very quiet and well lit flat in a lively district of Paris, 10 minutes walk from the Sacré Coeur. Consists of living room, bedroom, kitchen (needs renovation), bathroom, separate WC, cellar. Located on the 4th and last floor with only one neighbor on the same floor. Permanent view on the northern Parisian suburbs (including the "Stade de France"). From the bedroom: view on the "ateliers d'artistes" on top of the building. Electric individual heating and water (gas supply available), ADSL connection available. Asking Price: € 389 000 + 2.5% finder's fee |
French
Investment Recovery Expected in 2010
By Allan Saunderson
PARIS-French property investment should recover slightly to around $14.8 billion in 2010 from the low point of $10.1 billion last year, according to a survey of institutional investors by Investment Property Databank and the Paris Ile-de-France regional development agency.
This would push investment up to near its 2008 level but leave it well below the boom year of 2007’s $36 billion. German funds, insurance companies and other European non-listed funds are expected to be the most active investors this year. Yields are forecast to decline, with prime yields on central Paris office space predicted to ease to 5.40% at end-2010 from 5.65% currently and 5.80% at the time of the previous survey in November. Logistics yields are seen easing to 7.60% from 7.80% currently, but retail yields are not expected to decline further from present levels of around 5.60%.
The panel expects a further slight fall in take-up in the Ile-de-France office market, to around 18.3 million square feet this year from 19.4 million square feet last year and 25.8 million square feet in 2008, with the vacancy rate rising to 8.1% from 6.8%. Rents are therefore forecast to decline to around $79.81 per square foot in Paris CBD at end-2010 from $85.47 currently. Logistics rents should slide 4.5% to $66.76, after take-up in this sector almost halved to 10.8 million square feet in 2009 and no significant recovery is seen. Shopping center rents are forecast to fall by 7% as retailers seek to reduce costs following last year's decline in sales...
Read the entire article at http://www.globest.com/news/1627_1627/europe/184172-1.html.
The Next Notaires' Property Auction - April 6, 2010
Notaires
de Paris
Place du Châtelet
12 avenue Victoria
Paris 1st
Additional information on Les Ventes aux Enchères des Notaires can be found on the Web site at www.encheres-Paris.com.
To read Schuyler Hoffman's article about the property auctions in Paris, click on: www.frenchpropertyinsider.com/
| The following properties will be auctioned off April 6, 2010: | |||
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2010-08-01
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2010-08-03
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2010-08-04
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> | |
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2010-07-02
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When
you make a purchase as important as a piece of real estate in
a foreign country, you ant to know that you can trust the people
you are dealing with. Adrian Leeds has developed a network of
professionals that meet only the highest of standards. With the
expertise and experience of Adrian and her team, you can depend
on getting the best advice and support to feel completely confident
that you are making an informed investment decision.
Let us help you secure a mortgage in France at a competitive interest rate. Visit www.adrianleeds.com/frenchproperty/loan for more information or contact Loan@AdrianLeeds.com
HELPFUL CONVERSIONS FOR REAL ESTATE
1 square meter = 10.7639104 square feet
1 hectare = 2.4710538 acres
For more conversions, refer to: www.onlineconversion.com/
Parler Paris Après Midi: Next Meeting!
www.adrianleeds.com/parlerparis/apresmidi.html
The second Tuesday of every month, Parler Paris and French Property Insider readers gather at La Pierre du Marais for a drink and a "schmooze" --It's an opportunity to meet and chat with other like-minded people and a great way to make friends! Costs nothing except your drinks. Don't miss the next gathering Tuesday, April 13th, 2010 from 3 to 5 p.m. and every second Tuesday of the month (except August).
Managing Your French Property Insider Subscription is Easy!
We
receive many emails from French Property Insider Subscribers who
want to change their email address, or update personal information.
But did you know that you can make these changes yourself?
It's easy...
1. Go to www.adrianleeds.com/frenchpropertyinsider
2. Click on "Manage Subscription." You'll find it under the "Subscribers Only" section in the sidebar.
3. Enter your username and password.
4. On the Welcome Page, go to "Manage Your Account" and click on "Change Password/Edit Profile"
5. Once you've made the changes, scroll down to the bottom of the page and click on "Save Profile."
Simple!
Of course, we're always happy to help, so if you do need assistance, send an email to fpi@adrianleeds.com.
To access password protected pages: click on any of the links on the left panel of the home page of FrenchPropertyInsider.com under "Subscriber's Only," then type in your personal username and password.
Past issues of FPI are available
on the Web site. You will find the
"Past Issues" link on the left under "Subscribers
Only" or by going to
www.adrianleeds.com/frenchproperty/insider/membersTo
receive your free French Leaseback Report or the Paris Property
Report, click on
www.adrianleeds.com/frenchproperty/insider/members
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French Property Insider subscribers receive a discount of 10% off any guide and up to 25% off the entire purchase (if two or more guides are purchased at the same time). Here's how it works:
1. Click on special Web link we give you just for FPI subscribers.
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3. If you order two or more
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Here is the special "coupon"
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