Guest redwine Posted July 9, 2009 Share Posted July 9, 2009 A friend who works for an agence immo tells me that the Russians are still buying at the top of the market on the Cote d'Azur. Unlike 3 years ago when they turned up and bought within the hour, they are now negotiating hard. 20-30% reductions are the starting point on villas costing between 5M-20M euros. And it's taking weeks or months for them to sign. Ah the Russians the rich foreign buyer another french property myth In the 1990's it was the japanese that were buying up Paris they melted away and were forgotten about Then came the British buying up all the old barns in rural france started late 90's early 2000's Now they are leaving so the french have "invented "the russians I heard that they are on the Cote d'Azur but they are not far from here as well the Alpes They have bought Courcheval with its rich palace style chalets the top richman's ski-station Or so the media says its not a few rich russians that are going to get the french housing market back on its feet The foreign house buyers in France account for less than 1% of all property sold in France Once the russians leave they will invent somebody else rich chinese who know's Quote Link to comment Share on other sites More sharing options...
non frog Posted July 9, 2009 Share Posted July 9, 2009 .....they will invent somebody else rich chinese who know's My money is on rich Algerian drug dealers. Quote Link to comment Share on other sites More sharing options...
righttoleech Posted July 9, 2009 Share Posted July 9, 2009 Je propose Sir Fred Goodwin Quote Link to comment Share on other sites More sharing options...
Guest redwine Posted July 9, 2009 Share Posted July 9, 2009 I am betting on Brazil i think that next year the invisible russians should have gone home by then just like the brits have nearly all left So i am sure that media here will start saying that rich Brazilien's are buying up houses on the Cote d'Azur etc Seen it before and it will see it again anyone betting ? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 14, 2009 Share Posted July 14, 2009 just come back from the Cote D'Azure. Beautiful place, but it is absolutely RAMMED with cars, people, villas up all the hillsides. really spoiled. And this was off peak. And half hour at least to leave St Trop.....the place is a joke. Never going again....ruined. Quote Link to comment Share on other sites More sharing options...
felix Posted July 14, 2009 Share Posted July 14, 2009 And half hour at least to leave St Trop.....the place is a joke. I totally do not fancy that part of the Cote d'Azur. Too far away from cosmopolitan Nice. In the winter the place is dead and in the summer as you have noticed. No train station too. What worries me most is that the recession does not have seem to hit France hard enough Quote Link to comment Share on other sites More sharing options...
non frog Posted July 14, 2009 Share Posted July 14, 2009 ...What worries me most is that the recession does not have seem to hit France hard enough having just paid €220 to replace the back door window in my car after someone stole 5 quid's worth of crap off the back seat I'm not too sure. Most parking bays near us have a nice little display of glass shards in them, glistening in the lovely south European sunshine... Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 20, 2009 Share Posted July 20, 2009 I totally do not fancy that part of the Cote d'Azur. Too far awayfrom cosmopolitan Nice. In the winter the place is dead and in the summer as you have noticed. No train station too. What worries me most is that the recession does not have seem to hit France hard enough I'd never stay in the St. Trop area. Horrible, horrible place and as you say, the access to/from it is ...er...horrible. Unfortunately, due to the media, this is the one part of the coast that tourists think is a "must visit". As for the recession not hitting hard? What tv channel do you watch ? Factories closing down every day all over the country. One thing that has saved the average Frenchman is his level of savings is much higher than the average Brit. Also, social security payments tend to be higher, so the immediate effects are less ona man and his family. For the south coast, I've always said that they will get through their main summer months and then the grim reality will be felt from October onwards. I expect quite a few shops/hotels/restaurants will go to the wall before Christmas. I bought a pair of beach shorts from a boutique in Juan Les Pins yesterday. Had 30% off price, which made them affordable. In mid-July, this is unheard of. I was in the shop for about 30mins at lunchtime and only one other person came in. If this is repeated for the next 6 weeks, quite a few are not going to stay open much longer................. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 20, 2009 Share Posted July 20, 2009 just come back from the Cote D'Azure.Beautiful place, but it is absolutely RAMMED with cars, people, villas up all the hillsides. really spoiled. And this was off peak. And half hour at least to leave St Trop.....the place is a joke. Never going again....ruined. Sorry to hear you had a bad experience. But to be honest, going to St. Trop is the UK equivalent of queuing for the London Eye or the Tower of London at the start of August. Only for the die hard tourist who has to add this to his book of "places I have seen". There are 100s of better places along the coast from Menton to St. Raphael. Drive 30 mins behind the coast and there are , again, 100s of beautiful places to visit and not all are tourist ridden even in July/August. Haste ye back.....(and drop me an email next time and I'll give you a few pointers !) Quote Link to comment Share on other sites More sharing options...
whiterabbit Posted July 20, 2009 Share Posted July 20, 2009 just come back from the Cote D'Azure.Beautiful place, but it is absolutely RAMMED with cars, people, villas up all the hillsides. really spoiled. And this was off peak. And half hour at least to leave St Trop.....the place is a joke. Never going again....ruined. It took us an hour to get only halfway into St Trop along the beach road last November. We gave up and turned back! Can't imagine how bad it must be in season. Quote Link to comment Share on other sites More sharing options...
picnic Posted July 21, 2009 Author Share Posted July 21, 2009 quick update... Paris Market. Down across the board .....people are desparate to shift shared owership flats in Place des Voges. Usual problem. Why buy now when it will be cheaper next year with a better choice. I have seen some where the developers are charging more for 4 weeks than a whole flat would cost in a cheaper but just as safe an area. They must think that the punters are thick as bricks! Went over to the Dordogne a few weeks ago and the whole place is for sale.However the problem is that there are no buyers. This is when people normally go around wasting estate agents time (the summer ) and not even that is happening. At least 50% off from peak if you drive a bargain. If ''you gotta sell you gotta sell'' so I would suggest that now ( or near as damm it ) is not a bad time to start looking for a change of lifestyle. Just don't open you wallet until it starts to rain after xmas. Roll on 2010. Quote Link to comment Share on other sites More sharing options...
Guest redwine Posted July 21, 2009 Share Posted July 21, 2009 quick update...If ''you gotta sell you gotta sell'' Just don't open you wallet until it starts to rain after xmas. Roll on 2010. They can't sell nobody is buying even last night on tv on NT1 they showed a poor woman that had been ripped -off she had bought a damp water ridden dump for a 150k in an out of the way French village it would cost here nearly half as much to get the place put right French property is over-valued by up to 46% as you say don't buy anything in France before 2010 Quote Link to comment Share on other sites More sharing options...
You Ain't Seen Nothing Yet Posted July 22, 2009 Share Posted July 22, 2009 (edited) Interesting to read this thread, because I live in a small bubble in Paris where the prices really haven't been dropping and properties are still very much selling and are being rented without many problems. Some try to advertise on the English and American websites asking for even more ludicrous prices, but I don't think they'll get very far. In 2-3 years time I'm looking to rent our current place and buy outside of the city in a rural (relatively Brit-free) retreat, where prices are already quite respectable, so it will be great if prices might drop a little, however it's also been my observation that a lot of French have no qualms about listing propeties for years on end. In the more commercial areas (took holidays in the SW last summer) there's far fewer bargains to be had. I checked out an immobilier in Collioure (out of curiosity as the SW is not my intended destination) and the prices were almost that of Paris. A lady next to me struck up a conversation saying she can no longer afford to buy now, but is not concerned as she's certain the prices will fall considerably. 3-4 years ago she had sold her place in Collioure of 400 square metres for what would now buy you 50 square metres if that. She was keen to move back to the area. Crazy! Edited July 22, 2009 by You Ain't Seen Nothing Yet Quote Link to comment Share on other sites More sharing options...
mpprh Posted July 22, 2009 Share Posted July 22, 2009 Collioure, and a few other prime spots are the exception in that they are highly desirable and have more buyers than sellers. Inland properties are selling steadily, and prices are not being drastically reduced. Some examples from a local forum : Coincidentally these 3 neighbouring detached villas are being offered for sale at the same time, by the same agent. They are on the edge of a desirable village midway ( 30 mins) Nimes-Montpellier and Coast-Cevennes and around 10km from the A9. The village has a shop, tabac, schools, creche, library and limited bus service. It has a main road bypass and is partially sheltered from the north and south by low hills. Sommieres, with all day to day facilities, is 5minutes by car. Villa 1 Habitable area 101m2 Land area 1450m2 4 bedroom garage pool Built 1985 Notes : owned by elderly lady, needs tidying, redecoration, upgrading Price : €225,750 Agents details & photos Villa 2 Habitable area 135m2 Land area 2313m2 4 bedroom garage pool Built 1980 Notes : Built on two levels, downstairs converted to extra accommodation. This is house is set back from the road and faces forest/fields on two sides. Price : €309,000 Agents details & photos Villa 3 Habitable area 104m2 Land area 1000m2 3 bedroom garage pool Built 2004 Notes : Exceptional condition Price : €359,000 Agents details & photos Villa 1 sold within 10 days. Villa 2 sold after 6 months (3 previous sales failed because banks were over cautious in lending). I understand that both were sold to local people - i.e. not foreign or Parisian Peter Quote Link to comment Share on other sites More sharing options...
non frog Posted July 22, 2009 Share Posted July 22, 2009 The third one seems a bit overpriced though, don't you think? Same square meters as 1 (sold quick) but 100 grand more (hasn't sold) A villa with a pool for 200K sterling is still a good buy compared to a 2 bed flat in Reading Quote Link to comment Share on other sites More sharing options...
mpprh Posted July 23, 2009 Share Posted July 23, 2009 (edited) The third one seems a bit overpriced though, don't you think? Same square meters as 1 (sold quick) but 100 grand more (hasn't sold)A villa with a pool for 200K sterling is still a good buy compared to a 2 bed flat in Reading Seems No 2 has sold - I saw the removal truck there yesterday. However No 3 still has a hand written "a vendre" sign on the wall and it is being advertised quite widely. Seems the owner has noticed the price differential : http://www.leboncoin.fr/vi/24967913.htm?ca=13_s Unless the house behind has been demolished very recently or trees grow rapidly in that area, someone has been less than honest with the photos ? http://195.154.158.38/images/035/0359148316.jpg http://core.naxos-fr.net/imagesBien/202/26...73_1916_1_1.jpg Peter Edited July 23, 2009 by mpprh Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 24, 2009 Share Posted July 24, 2009 Collioure, and a few other prime spots are the exception in that they are highly desirable and have more buyers than sellers.Inland properties are selling steadily, and prices are not being drastically reduced. Some examples from a local forum : Coincidentally these 3 neighbouring detached villas are being offered for sale at the same time, by the same agent. They are on the edge of a desirable village midway ( 30 mins) Nimes-Montpellier and Coast-Cevennes and around 10km from the A9. The village has a shop, tabac, schools, creche, library and limited bus service. It has a main road bypass and is partially sheltered from the north and south by low hills. Sommieres, with all day to day facilities, is 5minutes by car. Peter Peter, any idea what was the final price paid ? I know this is notoriously difficult to find out in France, but the price asked by EA's is rarely the purchase price. Especially in this declining market. On the Riviera, it seems prices paid are 20% or more below the price in the EA's window. (There are exceptions, of course). Given the 2 houses you show have been bought by locals, and they have a swimming pool, it might be that "local knowledge" has worked in their favour and they've got a good deal. Those without pools might have to reduce accordingly....... I had a quick look at the surrounding area. Plenty on sale in the price range you show above. The summer glut, surement This nice old town house in Sommieres is interesting. http://www.paruvendu.fr/immobilier/vente/m...MN000CX2CI1RG16 280 sq metres for 236K euros. and no doubt the EA will listen to offers.... They might look like bargains, but I'm still of the conviction that prices have still a way to fall. End of 2010, start of 2011 is the earliest I'll start looking. Quote Link to comment Share on other sites More sharing options...
mpprh Posted July 24, 2009 Share Posted July 24, 2009 I think house 1 probably went for the asking price. It was "priced to sell" and sold very quickly. I don't know about house 2 except that a compromise was signed at €287,000 as a private sale in November. It fell through because the buyers could not get a mortgage at that time. The sellers have a new job in the north of France and have found "the house of their dreams" up there. The Sommieres house has large volumes in comparison to the number of rooms. The low town has a serious flooding problem (In 2002 the water reached 1.5m on the 1st floor) which depresses prices. I think this house is probably floodable. A spot of rain : Peter Quote Link to comment Share on other sites More sharing options...
non frog Posted July 24, 2009 Share Posted July 24, 2009 Hmm... needs a new filter on that swimming pool Quote Link to comment Share on other sites More sharing options...
picnic Posted July 25, 2009 Author Share Posted July 25, 2009 Pity the rain came too early to put out the fires. Imptressive picture though. Quote Link to comment Share on other sites More sharing options...
davidg Posted July 26, 2009 Share Posted July 26, 2009 2009 its difficult to find work in geneve and house prices are starting to go down in pays gex but its going to be hard and long EA's still think that the good times will soon be coming back If you are an IT bod there is loads of work. I was told that 2010 will be worse for Geneva. I was in St Genis last week and they are still building like mad. It is becoming a real dump that side of the border unless you are right up in the foothills. Still the tramway may boost the local market when it gets built. Figaro has published the Notaires figures (like a shoddy version of the land registry) -3% for 2008 and they are predicting -10% for 2009. They are still very optimistic. Quote Link to comment Share on other sites More sharing options...
non frog Posted July 26, 2009 Share Posted July 26, 2009 ....I was in St Genis last week and they are still building like mad. It is becoming a real dump ...... This seems to be a general European trend in my experience. The number of unlet/unsold near us is getting bigger each week. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 27, 2009 Share Posted July 27, 2009 <lots snipped>The low town has a serious flooding problem (In 2002 the water reached 1.5m on the 1st floor) which depresses prices. I think this house is probably floodable. Merci pour ca ! Good to have local knowledge about this sort of weather. I think the "less scrupulous" EA's might forget to mention the floods to enthusiastic Englishmen looking for a bargain pied-a-terre Quote Link to comment Share on other sites More sharing options...
mpprh Posted July 27, 2009 Share Posted July 27, 2009 (edited) This photo is taken in an area about 2.5m higher than the low town. Floods caused by speculative development during drought years of 11thC ! Peter Edited July 27, 2009 by mpprh Quote Link to comment Share on other sites More sharing options...
picnic Posted July 30, 2009 Author Share Posted July 30, 2009 Figures just in from Paris show that even central Paris is showing falls of 5.9%..I rest my case. Elle est aussi plus forte en grande et en petite couronne, où elle atteint respectivement -8,8 % et -8,6 %, qu’àParis, où la chute est de 5,9 %. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.