Postcards from Paris…
With no multiple listing service and realtors competing against each other, plus a shortage of inventory and sky rocketing prices on top of a painfully unfavorable exchange rate, it can be very daunting looking for an apartment in Paris, even if you speak the language and think you know your way around the internet. Or so I've learned the hard way.
There are a several buyers’ agents out there, but they typically charge a very hefty fee for their service and I have been determined to try to beat the system and do it on my own. I've found several “by owner” sites on the internet and learned that their prices are as high and sometimes higher than the realtors, but at least they offer more inventory, since many of the realtor sites just offerthe same, tired and inferior apartments over and over.
Not only have I pored over the for sale listings, and subscribed to dozens of listing sites, but I’ve also read through all of the apartment rental sites to determine what makes a perfect rental apartment, if I want to rent it when I'm not there. For example, an elevator is absolutely essential if the apartment is on the 2nd floor or above. Personally, I like the exercise and enjoy going up several flights of stairs to be as high as possible (which in Paris is usually the 7th floor unless you are in one of those rare “modern” buildings, which could go as high as ten or fifteen). But most people don’t like to lug their suitcases up more than one floor, so an elevator is essential.
That rules out many apartments in the older Arrondissements, like the 5th and 6th, because those 17th century buildings often cannot accommodate elevators. And some of the elevators in the newer, “Haussman” style apartment buildings are so tiny and scary, I wouldn’t be caught dead riding in them. But an elevator is that prized possession that is essential in a rental, and it automatically jacks up the price by as much as 100,000 or even 200,000 euros in some prime buildings.
And then of course rule #2 is that you need to be in an old building, preferably 1900’s or before, but preferably with high ceilings. 1930’s buildings have recently come into favor with realtors, but Americans who rent apartments in Paris are really looking for the quintessential Parisian experience, and that is the Haussman like apartment with French doors, parquet floors, fireplace, molding, a bedroom overlooking a courtyard and a living room facing a tree and café lined boulevard. Rule #3 is, a view.
Some of the rental agencies think that a view is the most important feature in a rental, especially if there is a view of a coveted monument or, perhaps the greatest of all, the quintessential Paris landmark, the sparkling Grande Dame: the Eiffel Tower.
So imagine my excitement when one of my favorite agents, a woman who owns one of the best rental agencies in town, sent me an urgent email with an apartment whose views were so distinctive and amazing, I could barely hold myself back from excitement. This is it!! Look no further!! On one side, there was a sweeping, in-your-face view of the Eiffel Tower. On the other side, a view of the Paris skyline and the golden dome of the Invalides. And all along one side of the apartment, there was a large and wide terrace, with enough room to seat two tables of six – an almost unheard of commodity in Paris.
The apartment had been purchased by an English couple but for some reason they pulled out at the last minute (the French law is rather forgiving in this way), and so it had recently come back on the market, and my agent was sure that it would sell quickly.
An amazing view is a precious commodity in Paris. A private terrace is an even more precious commodity. So imagine having an apartment with views to die for AND a huge terrace from which to enjoy them! It sounded like a dream come true. Plus, I really trust and respect this agent, and if she says it’s a good apartment, then I know that it is.
But as I started examining the pictures more closely, I realized that the floor was prefab parquet, the architecture was 1960’s boring, and the neighborhood was so-so. I actually sort of welcome an ugly interior, because it’s more of a challenge and more satisfying to transform it. And I even welcome the challenge of turning a boring 60’s modern apartment in to a beautiful 21st century modern mixed with antiques and a little glam. But the common areas of the building and the outside are a different matter.
I got out my trusted Google maps and walked up and down the street, looking for restaurants and quaint little shops. Although the 7th arrondissement in general is my favorite, and the whole area is known to be safe, bourgeois, and very appealing, the immediate surrounding this apartment were not, and the street and apartment building were downright disappointing.
Although I welcomed the challenge of an inside renovation, I knew that nothing we could do could change the outside of the building or the lobby. I was also surprised that my favorite agent had suggested this to me, since she was the greatest proponent of buying “old.” But she insisted that the view was worth it and although she agreed that old would be better, and this one lacked charm from the outside, the apartment itself would be highly rentable.
And that’s when I realized that although renting was part of our purchase decision, I didn’t want it to be the only driving force. I would be living there too, and I needed to love it and feel comfortable. The last thing I ever wanted to do was to apologize for the building that we were buying in to. I already knew that this was going to be a game of give and take, but I didn’t think I could take the bad with the good on this one. So we nixed it, and moved on. No regrets, except maybe that unbelievable view. Luckily, there was an exciting opportunity that popped up on the horizon … stay tuned for “Happiness on the Ile St. Louis.”
Tata!
A.
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