Property finder Paris 15th District
Searching and finding a place for investment – TROCADERO => FOUND !
Hereafter the story of an efficient search by Catherine Ziegler, your property finder 15th District of Paris.
The real estate project
Majd lives and works in NYC, USA. He is looking for a home base in the area of either the Eiffel Tower or Trocadéro. He envisions a quick transaction to benefit from the low loan rate of the moment. (However he is able to finance the acquisition without a loan)
Why a property finder ?
Majd needs a property finder since he lives abroad, and is not able to visit properties in Paris. The Homeselect property finder makes the visits of target places and writes detailed reports with many pictures. Communication and trust between the property finder and his client allowed the possibility of a successful offer
Why HOME SELECT ?
HOME SELECT had been recommended by a friend who had previously found his home base with HOME SELECT. HOME SELECT had selected because of reasonable prices
What are the requirements ?
The requirements are as follows :
Budget : 250 000€ all included
A 2 room apartment – The alternative is a1 room apartment with the possibility of transforming it in a 2 room apartment.
Minimum square footage : 24m2
The apartment must be located preferably in « Haussmannian » architecture on a high floor for brightness. « No maid’s room on the top floor of a building » ; reasonable property charges. Renovation is possible if the cost is included in the total budget.
What are the areas for the search ?
The areas are well defined by the customer : the district 16th NORTH – in the neighborhood of Trocadero – or the 7th or 15th district, close to the Eiffel Tower
What is the action plan ?
Set up of the action plan : advise the surrounding real estate agencies of the search, put them on watch. The selected areas are « the most wanted » ones and the agencies have a list of potential customers also looking for the same type of apartment in these areas. Very often this small type of apartment is selling very quickly from ear to mouth and is not even published for sale… I am on the watch and look for new property for sale hourly.
How did the search go ?
The search is challenging : I walk methodically in the areas, starting with Trocadero neighborhood, then with the Eiffel tower one. Very few places of the type on the market. I visit only 3 apartments in 2 weeks ; finally only one is worth a report : a 2 room apartment, 22m2, fully renovated but very expensive and above the budget of Majd and the apartment is not interesting for him.
On the 4th week the « great opportunity » shows up
A week full of events :
Friday, April 3rd : (Good Friday, Easter week-end) late afternoon, « pop up » on my smartphone : FOR SALE 2 room apartment, with separate kitchen, a few steps from Trocadéro, in a nice and quiet building ; needs FULL RENOVATION, opportunity to be seized 189 000€
This ad is published by a real estate agency of the 11th district of Paris that I have never worked with ; a cell phone number is noted ; I immediately place a call : voice mail, I leave a message asking details about the place and ask for a possible visit ASAP
Saturday April 4th : I find on my voice mail a message from Madj : he has also received the pop up from « se loger » and wants me to take a look at the apartment ; I call again : the voice mail box is now saturated and cannot take new message ; I try to call the real estate agency and I am told to call again after the week-end
Monday April 6th : Easter Monday and bank holiday but I still try to call both numbers : no luck. I notice that the ad is not on line any more.
Tuesday April 7th : 9:30AM I call the cell phone number again and the real estate agent answers : he has numerous messages (more than 40) and he has just started to call back everyone ; he tells me that I am the 6th person to call ; we plan a visit for the next day at 5 :00PM. I send an e-mail to Majd with this information.
The same day at 2 :30PM the agent is calling me to cancel the visit because of personnal issues…I am surprised and doubtful but he he is assuring me that he is cancelling all visits ??? He is going away for a few days and will call me to re-plan the visit when coming back ?… I am very disappointed and I send another e-mail to Majd about the cancellation
I am pretty sure at this moment that I will never hear from the agent ever again
Thursday April 8th : during a « hunting walk », working on another search I meet with a new real estate agency : « Halbout & Clerfeuille ». I share different searches and before I leave I explain my disappointment about the cancellation of the previous day ; Amazing coincidence : this agency has just gotten the property for sale in the morning from a judiciory administrator ; I learn more about the apartment : it is part of an inheritage ; it is not a 2 room apartment but a large 1 room apartement with separate kitchen ; square footage is exactly 21,3m2 and not 24m2 ; it is located on the 3rd floor – with elevator – of a nice and quiet building well maintained, very close to Trocadero ; It has been vacant for many months and needs full renovation ; I schedule a visit with the agency for the next day when the agency receive the key of the place ;
The agent trusts me and commits not showing it to anybody else and not advertising it on the web for the next 48 hours ; this allows time for visit and report for Majd.
The agent also informs that if my customer is interested, the offer HAS to match the SALE price : it is mandatory when an inheritage is managed by a judiciory administrator. Halbout & Clerfeuille as well as the agency in the 11th district are both in connection with the judiciory administrator and both of them get off and on great opportunities on the real estate market.
Timing is tight. I warn my customer to be ready to read carefully my report and watch carefully the pictures : the buying decision has to be quick if the apartment suits him.
Thursday April 9th : Visit of the apartment. It is matching closely the search : neat and well-maintained building, in a very quiet courtyard- close to Passy cemetery. The main room is bright, facing South-west with a very large window, no direct overlook ; I confirm a high potential, evaluating a renovation cost between 15 000€ to 20 000€ ; It is a little smaller than wished but the place is showing several assets : no loadbearing wall, the space dedicated to the entrance is useless and can be added to the main room ; it is possible to transform it in a 2 room apartment.
I take many pictures and send them along with a detailed report to Majd that same evening.
Friday April 10th : 1 :00PM (time difference with New York), Majd wants me to make an offer in his name.
I write the offer – sticking to the sale price- without the suspensive condition of detaining a loan (this advice was given by the agency to optimize the acceptance of the offer by the judiciory administrator)
I call the agency to inform the sending by e-mail of the offer and they confirm reception of it and immediate transfer to the judiciory administrator. I am told that it usually takes about a few days to the administtrator to respond and confirm the acceptance.
Tuesday April 14th : acceptance of the offer by the judiciory administrator ; we find out that the net value of the appartment is 180 000€ and the fees of the real estate agency are 9 000€.
Majd has his own notary in Paris and wants that the transaction goes through his office. Notaries from both parties get in touch. The Minutes from the property council (over the last Past 3 years) are received. Questions are carefully answered, explanation is quickly given, excellent teamwork with the agency Halbout & Clerfeuille.
The date of signature of the pre-contract at Majd’s notary place is scheduled on June 2nd. Majd is pleased since he is planning the renovation of the apartment during summer in order to have it ready for rent early fall. Majd is giving a family member power of attorney : too busy with work, he cannot travel to France. This person wants to have a look at the apartment the day of the pre-contract, prior the signature, to comfort Majd in the buying of his property.
I pick up the keys of the apartement at the real estate and we visit it prior the signature ; the family member is pleased with the area, the building and the apartment ; the person has worked in construction and renovation and estimates an identical cost. Majd is satisfied and « reassured » on this acquisition that he has not yet seen himself.
Majd has a some time befote signing the final deed and wishes to apply for a loan in order to benefit from low interest rate. French banks are reluctant to agree on loans for french people who are not french residents. The project went through thanks to the partnership between HOME SELECT and CAFPI. The international department of CAFPI has been efficient in reactivity and offered the best possible interest rate. Mr Augustin Vargues from CAFPI and Jean Mascla from HOME SELECT have established a partnership the past 8 months and many properties found by HOME SELECT property finders have been financed by CAFPI ; CAFPI offers a customized service for each project for french or international buyers.
At this moment the office of the notary is informing about the closing vacation period and the final deed is now possible at the end of August. The renovation of the apartment is postponed until early Fall.
Monday August 31st : signature of the final deed at the notary.
How did you find the apartment ? How long did it take ?
Ad on the internet on the website « seloger » published by a real estate and finally by another agency « Halbout & Clerfeuille », located boulevard de Grenelle in the 15th district of Paris. The apartment has been found within 2 months period, I visited few apartments with matching criteria.
Description of the apartment
It is a 1 room apartment with separate kitchen ; a small entrance/lobby opens on the main room ; 2 large cupboards are framing a large window ; old carpet on the floor. A decorative wooden piece is framing both walls of the main room giving some retro style to the place. The separate kitchen has a window ; the bathroom has a bathtub, a sink and an old fashioned « bidet ». the WC is in a separate room. The place has been vacant for several months and needs full renovation. (No DPE : Diagnostic de Performance Energétique available because no one has been living there for a while, no invoice available)
How did the customer choose it ?
Majd chose it very quickly when he received the detailed written report and the pictures. The real estate agency has been very professionnal providing all needed information during the 1st visit. Majd understood the urgency of quick reply in order to acquire this place. Main criteria were gathered : area, nice building, possible renovation of the 1 room apartment in a 2 room apartment included in the initial budget.
Has any restoration work been done ?
The asset of this apartment is his price :The sale price is attractive, the location is ideal : 400m from Trocadero. Restoration work is a must and indispensable. The works are in progress right now. To be published soon : pictures after renovation.
Conclusion of your property finder Paris 15th
The search of a home base in one of the most wanted prestigious district of Paris is a frequent and hihly prized one.
The initial budget was a challenge, the opportunity of this apartment managed by a judiciory administrator was to be taken right away, on a short notice ; otherwise the search might have lasted much longer. Our international partner broker provided a loan within a few days for a customer living abroad. My tenacity to succeed in visiting it, the happy and lucky coincidence to find the apartment for sale in another agency willing to collaborate have been rewarded ! it is a valuable lesson not to give up.
Last word for our customer
Majd has been satisfied of the good progress, of the process of support provided by HOME SELECT, and of my great availability for calls – even late ones – (time difference with New York). My reactivity, my strong determination, my reliability all along the process from the offer to the signature of the final deed at the notary were greatly apreciated by Majd.
Here is a review with his certified rating posted on September 20th, 2015
« I would like to thank HOME SELECT and specially Catherine Ziegler for the very good service. I would recommend HOME SELECT for anyone looking for a nice place in Paris! »