Apartment hunter: search and find Rental investment — TROCADERO
Found!
Discover a research conducted brilliantly by Catherine ZIEGLER, our apartment hunter in Paris 15th...
The real estate project
Majd works and lives in NYC, United States. He wanted to quickly acquire a foothold near the Eiffel Tower or the Trocadero. He is considering a quick project in order to benefit from the attractive loan rate at the moment (he can possibly finance this purchase without resorting to a loan).
Why an apartment hunter?
Majd needs an apartment hunter because he is abroad and cannot travel to visit. He needs a very detailed report, supporting photos to get a real idea of the property visited and is probably considering an offer to buy “remotely”.
Why HOME SELECT REAL ESTATE HUNTER?
The HOME SELECT network was recommended by a friend who found his footing thanks to HOME SELECT. He also chose HOME SELECT for reasonable fees.
What are the specifications?
The established specifications are as follows: budget of 250,000€ all inclusive. You need 1 large room (which can be divided) or a 2 room with 1 bedroom. The minimum surface area required is 24m2. The apartment must be in a possibly Haussmannian building if not clean and with an elevator. Preferably a high floor for good clarity. No maid's room. No DRC. Reasonable charges. Work is possible if included in the budget.
What is the research sector?
The research areas are specific: Paris 16th — Trocadéro district - or Paris 7th/15th around the Eiffel Tower.
What is the action plan?
The action plan was defined as follows: put the surrounding agencies on alert but the sectors are very popular and this type of property is very sought after. Agencies have pending lists of potential buyers — often this type of property is sold by “word of mouth” without even going through an agency's real estate department... I monitor very closely the websites on which I am on standby and alert, hour by hour.
How did the research go?
The search is not easy: I crisscross the 2 sectors, first the Trocadéro district and then the surroundings of the Eiffel Tower. Few properties on the market that meet the criteria. I only visit 3 properties in 2 weeks but only offer a 2-room apartment of 22m2, renovated — overestimated and above budget in Majd who does not retain it.
That's when the “rare deal” comes along...
A week full of twists and turns:
Friday 3 April: (Easter weekend) at the end of the afternoon an announcement “falls” : 2P, 24m2 with separate kitchen 2 steps from the Trocadero in a beautiful and very quiet building; TO BE RENOVATED to seize 189 000€ ; Announcement offered by an agency from 11E — I have never collaborated with this one yet — a mobile number is indicated. I call immediately: answering machine, I leave a message requesting information/wish to visit the premises as soon as possible...
Saturday April 4: on my mailbox, I have a message from MAJD who saw this property on site and wanted me to visit it for him: I called again — to no avail; the answering machine indicated a box full of messages that did not take any new messages; I tried the agency number; I was told to call the number again at the beginning of the week.
Monday 6 April: public holiday but I tried to make a call anyway: no answer. The ad is no longer online.
Tuesday April 7:9:30am, I call again and the agent replies that he had 40 messages and that he is calling everyone back in the order of call, I am in 6E place — he confirms an appointment at the end of the afternoon 5 pm; I send an email to Majd to let him know about the appointment. At 2.30 pm the real estate agent calls me back to cancel the appointment for personal reasons and tells me to cancel all visits??? He must be away for several days... and will get in touch again?... Very annoyed I informed my client of the cancellation and the rescheduling of the visit. At this stage I doubt I will have a new call and a new appointment...
Wednesday 8 April: during my tour of agencies hunting for another search, I contacted a new agency: the Halbout and Clerfeuille law firm. We discuss various issues and by pure chance I mention the cancellation of the previous day's visit and my disappointment. Rebound: this firm was just THE SAME DAY commissioned by a judicial administrator for the sale of this property located in Trocadero! New information is then communicated to me and corrected: this property is part of a jointly owned estate managed by a judicial administrator. This joint ownership is in liquidation. It is not a 2-room apartment but a large studio whose area is 21.3m2 and not 24m2; the kitchen is separate; it is located on the 3rd floorE floor of a very quiet building with very clean common areas, with elevator, very close to the Trocadero. It needs to be completely renovated, has been unoccupied for several months. The agency will be in possession of the keys the next day. We set up an appointment for 16:30. The real estate agent undertakes not to show it or advertise it in the next 48 hours, while I visit it and offer it to Majd. I am told that an offer at the price is essential in the case of a property under the management of a judicial administrator. The Halbout et Clerfeuille law firm explains to me that they are in contact with me as well as the 11E (who let me down) with a judicial administrator to market assets in liquidation... the timing is tight and the offer at the price is unavoidable. I inform my client of the appointment and ask him to be very responsive if he is interested in the studio.
Thursday 9 April: site visit. The property may well correspond to the search, well-made building in the second row, very quiet - close to the Passy cemetery. Beautiful light, south-west exposure, large window, without annoying opposite, great potential but the entire renovation is essential, (around 15 to 20,000€). Certainly the property is below the desired area BUT I notice that no wall inside the apartment is load-bearing. The existing entrance “airlock” is useless, it is a loss of m2 in an apartment where each m2 is precious so the studio plan probably needs to be rethought. I take a large number of photos and send a detailed report to MAJD the same evening.
Friday 10 April: 13:00 (time difference with NY) response from MAJD who wants me to formalize the offer on its behalf. The offer made is at the price and is not subject to a suspensive loan condition (on the advice of the firm for the offer to be accepted). I am calling the agency to inform them of MAJD's offer at the price and ask them to acknowledge receipt and forward it to the judicial administrator as soon as possible. At 6 p.m.: the firm acknowledges receipt of the offer sent by email and confirms that it has been sent to the judicial administrator; it informs me that the acceptance of the offer should be confirmed within a few days.
Tuesday April 14: acceptance of the offer by the judicial administrator; we learn that the studio was valued at €180,000 and that the agency fees amount to €9,000.
Majd has a notary in Paris and wants the transaction to go through his office. The contact details of the respective notaries are communicated to each of the parties. The minutes of the last 3 AGMs are provided to me by the firm. The real estate agent at Halbout et Clerfeuille is an excellent collaborator and questions the trustee several times; a number of points are clarified; Majd receives a quick answer to all his questions.
The date of signing the compromise at the notary of Majd was quickly set for June 2 to the greatest satisfaction of Majd, who wanted the signature to be done as soon as possible because he planned to start renovation work at the end of summer so that by the beginning of next year the studio would be habitable. Majd gives me power to a member of his family to sign the compromise, he cannot go to Paris. This same person also wishes to visit the studio prior to the signing of the compromise in order to confirm Majd in his purchase; I collect the keys at the agency and organize the visit the same morning as the signing of the compromise. The visit was successful: the neighborhood was attractive, the building met expectations and the estimated construction budget was confirmed. Majd is “reassured” about the purchase of this property - which he has still not seen - occupied by an activity that did not leave him free to go to France to visit it.
Majd then decided to take advantage of favorable loan rates. Banks have difficulty granting loans to French people living abroad and it is thanks to the Partnership between HOME SELECT and CAFPI that the project will succeed. The CAFPI international department was very effective in obtaining one of the best possible rates and putting the case together in record time. Mr Vargues from CAFPI and Jean Mascla from HOME SELECT have been setting up this partnership 8 months ago. CAFPI is a real estate brokerage company. CAFPI offers a project solution adapted to the project of each of its customers. On a national or international scale. We are then in the summer period and the study informs of the usual 3-week closure period... The work will not be able to be done during the summer.
Monday 31 August: signature of the authentic act at the notary.
How did you find the property? After how long?
Internet announcement of an 11 agencyE and finally by the firm Halbout et Clerfeuille, a real estate agency on Boulevard de Grenelle, in the 15th arrondissement. This apartment was found after 2 months, I had only visited a few properties corresponding to the criteria.
What is its description?
It is a studio: you access the main room by crossing an entrance hall; very large window in the living room, framed on each side by 2 large closets, carpet on the floor. A wooden alcove on the ceiling gives an antique/retro character to the living room. The kitchen is separate, it has a window; the bathroom, with sink and bidet, is blind; the toilet is separate; tiled floors in these last 3 rooms. Everything needs to be completely renovated. The studio has not been inhabited for several months. (No DPE available, the counters are closed, but the diagnostics have been made).
How did the customer decide?
Majd decided very quickly upon receiving the elements I provided him with: a complete and detailed report, numerous supporting photos, a complete file on the property was provided by the firm, which was professional during the visit. Majd understood the urgency of the decision if he wanted to acquire this studio. The most important criteria were met: neighborhood, “quality” of the building, reasonable price — possibility of making it a studio, or even a 2-room apartment (MAJD project with an architect) of quality renovated within the initial budget allocated.
Has any work been done?
The advantage of this property is that we are under budget, the geographical location is optimal: 400m from the Trocadéro metro station. The work is necessary and indispensable. They are currently in progress. Photos “after” the renovation will be available soon.
The conclusion of your apartment hunter Paris 15th
The search for a foothold in a “prestigious” Parisian district is quite classic. The initial budget was a challenge, the opportunity for this property in the hands of a judicial administrator was to be seized at a moment's notice because the search could have been much longer. Our international broker who within 3 days set up the loan for a foreign client. My tenacity to successfully visit this property, the happy and lucky coincidence to find it for sale in an agency other than the agency of the initial announcement were rewarded! A great lesson in not giving up.
The final word for our customer
Majd was satisfied with the progress of the support process offered by HOME SELECT and with my great availability for calls — even late ones — (time difference with New York). He appreciated my responsiveness, my great motivation and my seriousness throughout the follow-up of the offer file until the signing of the authentic act at the notary.
Here is his certified customer review from September 20, 2015:
“I would like to thank HOME SELECT and especially Catherine Ziegler for the very good service. I would recommend HOME SELECT for anyone looking for a nice place in Paris!”
