For Sale: An Unsual Apartment with a Garden in Le Marais

Incentives to Make France Your Home

French Property Insider
Volume VIII, Issue 30
August 5, 2010
Paris, France
adrianleeds.com/frenchproperty/insider

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Bonjour French Property Insider Subscriber,

News for purchasers of their principal residence in France:

The French government has announced a change in tax incentives to increase home ownership. Now you will receive a tax credit on the loan interest associated with the purchase of your principal residence.

The way it will work is this: When you take out a loan to purchase or construct a primary residence, you will receive a tax credit equal to 40% of the amount of loan interest the first year of repayment and 20% of that amount for four years for existing homes and for new homes that meet the standard BBC 2005 (low-energy building), your tax credit will be 40% for the first seven years. For other new housing acquired or constructed, you may assume a tax credit of 30% the first year and 15% four years. The period during which the borrower can benefit from the tax credit is calculated from date to date based on the availability of the funds.

For more information, consult with your tax consultant. We recommend Sébastien Bacoup, Atisse, http://www.atisse.com, Email: sbacoup@atisse.com, 7 rue du Colonel Moll, 75017 Paris, Phone: +33 (0) 1 45 72 26 62, Fax: +33 (0) 1 45 72 18 51. (Please tell him Adrian Leeds referred you.)

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Interesting Statistics about the Chambre de Notaires de Paris:

As of April 1st, Paris can boast of 640 notaries including Seine-Saint-Denis and Val de Marne, practicing in 240 firms and employing over 5,000 staff. Every year three million people utilize their services to create an average of more than 300,000 documents, including 110,000 property sales transaction and 17,000 declarations of succession.

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May 2010 property prices show market is active:

Between March and May 2010, 35,700 homes were sold in the Ile-de-France, which is an increase of 58% over the same period in 2009 and 8% over the same period in 2008.

On an annual basis, prices rose 5.1% in late May 2010 (+7.2% in Paris, +5.4% in the inner suburbs and 3.1% in the outer suburbs).

To download the full report, click here: Indicesimmobiliersmai2010.pdf

 

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Hot Property in a Hôtel Particulier:

Today I visited this very unusual apartment that came on the market yesterday because the buyers couldn't find financing. With a garden of 34 square meters, it won't last long!

On rue Elzévir in the Marais (3rd) near the Musée Picasso, this stunning and beautifully maintained 17th-century "hôtel particulier" (townhouse) must have had a home for their servants behind the main house -- and it's that which contains this unusual apartment. You walk through grand doors, into a lovely and well-manicured couryard to the back to find the house. You enter on the "rez de chaussée" (ground level) to a large reception room with very high ceilings, off to one side is a kitchen and the other is a full bath, in one corner is a spiral staircase to the upper level and there are two large doors which open onto the garden. On the upper level are two bedrooms and a full bath. The surface is 58m2, there is a cellar and the garden can be totally privatized.

The apartment needs total renovation. Estimate approximately 120,000€ (2,000€ per square meter budget) to turn this very special space into a very livable one or two bedroom apartment that is in an amazing location in central Paris, but totally serene as if you were in the countryside in a grand château.

Asking price: 742,000€ + 2.5% finder's fee

For more information, email me at adrian@adrianleeds.com

A bientôt,

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