Purchase An Apartment in Paris - part 2

Paris Market:

Properties range in price from 9000 – 17,000 euros p/m2 in the most sought after
locations: L’Ile Saint-Louis and the 6th and 7th arrondissements, principally around
St.-Germain, Invalides and Champ de Mars. In addition to location, factors that
strongly affect an apartment’s price per square meter are which floor the property is
on, whether there is an elevator, it’s orientation and its exposure to street noise, how
much natural light it gets, whether it includes a chambre de service or storage space
in the cellar, presence of a building manager, distance from a Metro station, and so on.

Property Search:

Once the search parameters are agreed upon, I use the internet and my personal
contacts to search listings but by living in Paris any search expert’s greatest
competitive advantage is their ability to work the neighborhood on foot.  It is common
knowledge that there is no multiple listing service (comprehensive and transparent
database of listings) and many, many apartments are simply listed with the agency
that is in closest proximity to the building.  The larger more exclusive and expensive
properties are generally listed with either one of a handful of some of the more
“prestigious” estate agents – Daniel Féau, Emile Garcin, Knight Frank. But even these
agencies don’t necessarily work in tandem, you have to work the neighborhood
where you want to find the apartment.

Good properties DO NOT stay on the market long. Paris is a seller’s market and it is
imperative that you be a SERIOUS buyer.  If you see something of interest, be prepared
to make a decision quickly - keeping in mind that once an offer is made, you have 7 
days to rescind with no penalty.

Fees:

We charge a 500 euro (nonrefundable) retainer to start the search and then a
percentage of the price of the apartment – up to 3% depending on the parameters of
the search.  This fee is in addition to the fee that you will pay to an agency (usually 5%
which is included in the listing price and generally not negotiable). You will also pay
notaire (lawyer) fees of 6 – 7% of the purchase price.  We can assist you with the
negotiations, or let your work directly with the agent or seller, as you prefer.  We can
also introduce you to English speaking notaires to represent you in the closing process.

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