PL30 – Postscript – 17th September 2003.

Posted by admin in Property Letters | September 17th 2003

Dear All,

Sorry to do this to you – two in two days. This one will be very short.
To recap last nights e-mail, I was a bit stressed for time but wanted to get the information out to you. A couple of points:
i) We have since put the four apartments on paper and whereas three of them work financially, Villa Lerins at that price does not. The flat is great, but it would need to come in very much better priced.
ii) Especially for those of you who are unfamiliar with the way we work, as soon as you express an interest in any of the properties I describe, I send you much more information including a financial analysis specific to that apartment, with our income projections, and extra costs such as transfer taxes, notary fees, repairs and furnishing where applicable, and the rest. So you get the whole picture, and decide at what figure you wish to make an offer. We take it from there.

Now to the reason for this letter:
Picture this – You walk down the steps of the Palais des Festivals, (the same red carpeted steps you see the film stars walking down every year on TV) and you cross the road in front of you, which is the Croisette. Left and right of you are a line of the most expensive boutiques in Europe – Turn right and wander past a few until you get to Louis Vuitton, about 100 meters down the road. Just after Louis Vuitton and before Dior is a wide open and gated passage (10 meters deep) which leads into an entrance hall, and at the end of the hall, in front of you, is a door to an apartment. Before going in turn around and look back the way you have just come – the passage is wide and gardened, and through the wrought iron gate you see the Croisette, and beyond it the wide and friendly promenade, and the beautiful blue bay with yachts and boats and wind surfers etc.
Enter the apartment which is for sale. We saw it this morning for the first time, and like the apartment in Le Suquet, we have to move fast.
It is small (30 sq.m.) but very well designed and charming.
It includes an enormous (relatively) terrace of 50 sq.m. which looks out at the street behind, and running parallel to the Croisette. It is full of restaurants and chic shops. A well known night club called “Cat Corner” is 100 meters down the road to your left, and an equally trendy bar called Les Coulis is 100 meters to your right. You are in the middle of the action!
The asking price for the apartment is 197 000€. (I understand that if a small cash payment was possible the price is negotiable)
Square meter cost of the apartment living space is 6567€.
It is air conditioned, and double glazed which keeps out all the noise from the streets at night. (The road is tiny and largely pedestrian, and one way, so traffic will not be an issue) Shutters are electric.
All the furnishing is sold with the apartment, and the kitchen is simple but reasonably equipped.
The bathroom is lovely and has a washing machine in it.

We have estimated income from rental (and I have never seen an apartment more rentable in Cannes) and put it on paper and it certainly looks very interesting.
The value of real estate just there in the Croisette is not in question.

If anyone wants to get me on the phone at any time, my French mobile number is
+33 (0)6 6113 2565

With kindest regards,

Guy.

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