PROPERTY LETTER 72

Posted by admin in Property Letters | May 29th 2008

PL72: PROPERTY LETTER 28TH May 2008

Dear All,

Word gets around and many of you have heard that I had a medical problem while back in South Africa recently. We have had many kind letters and phone calls and we appreciate them all very much. Thank you. I had a laminectomy and an angiogram (big words I didn’t know before) and the good news is that although there was a bleed into my spinal column there was no tumour, and no further treatment is required once the wound (from the laminectomy) has healed. Vicky and I and the family are mightily relieved and feel very lucky – it was a worrying few weeks.

The medical team tell me to get back to normal life, slowly to start with, so I do plan to build up to the inaugural “ Marathon des Alpes-Maritimes” or “French Riviera Marathon” in November if I can. If anyone is interested in this event please contact me and I will help in any way that I can – it is to be a spectacular course and I feel sure will become a big name on the European marathon calendar in the future. www.marathon06.com/AN

Some questions I have been asked / and doubts expressed:

This one from South Africa – It is not a good time to buy with the exchange rate against us…..some feel that the Rand will strengthen as soon as the USA economy improves.

Should we buy at a lower level? We will be penalised (capital gains / bank loan penalties) when we sell to upgrade to what we really want.

The property market seems to be in trouble in the UK and it may be worthwhile waiting to see if prices drop.

Some answers:

(The Economist articles referred to and quoted below are more than a month old, but what they say isn’t out of date:)

When will the US economy improve? In The Economist of 12th to 18th April there is a very good analysis. In a leader article they propose that “the recession may not be as severe as many fear, but the recovery could take longer”…..”During the past quarter century the world’s most powerful economy has suffered only two official downturns, in 1990 – 91, and 2001. Both were short and shallow.”……”The 2008 recession may be mild, but the 2009 recovery will be feeble.”…..There’s another interesting article that suggests that the Euro may take a bit of a hammering under the by-line “Danger Ahead for the Mighty Euro”. As for the Rand – it’s anyone’s guess. So what does one do?

When Vicky and I left Zimbabwe in 2001 (during a recession) we had no choice – our farming life had been ripped away so we had a new life to build, and two of our three children were still at school. We took a hard decision to cash in the bulk of our meagre outside assets and go (personally) into property in France – the business grew later. But to be “safe”, and because the markets were down we left a small (sensible) amount in sterling, tied up in unit trusts. We have recently been considering liquidating that asset because we want to invest it in a property project in Cannes. If we do that today we will be paid out the “total interim value” – just 67% of the amount we started with! And yet we still ask ourselves “is it the right time?” Well, we’ve grown well with our property investments and if we’d taken that money in 2002 and put it where we should have it would be worth twice its original value now. So what do you think we should do? I say we should get it into property, and better late than never. That’s just our story, but illustrates for me that you have to go with your instinct in the end and sometimes it’s wrong. One can equally super-analyse oneself into total inertia. Recently an analyst on Sky was asking an “expert” about the market in Royal Bank of Scotland shares, when they were floating them to existing shareholders at an apparently lower price to try to raise 2.5 billion to get them out of trouble. The analyst asked the expert “OK so which way would you go then?” meaning would the shares make money if one purchased some, and the expert replied “I wouldn’t be sitting here if I could tell you that!”

My view on capital gains tax (and many of our investors have faced the problem. having moved on and up the market after holding on to first properties for a few years) is that annoying as it is to pay the tax, it is ONLY chargeable on net gain, after deducting legal and admin and transfer and renovation costs. So it’s a tax on the real profit on your deal. I’d be more worried if there wasn’t any tax to pay! Bank penalties are unacceptable and you can (and should) make it a precondition that your loan is not subject to early repayment penalties in the first five years. (Banks do agree to it). In any case, if you use the same financier to finance your second investment it falls away because they roll over the loan and give you two years to sell the first property. It’s so much easier to get the second loan when you have faithfully repaid your first loan every month for a year or more.

The property market is in trouble in the UK (the Economist says it could be…”almost 30% higher than can be explained by fundamental factors such as disposable income, interest rates and size of the working-age population….”) and I’m sure it will spread to France, but France was never anywhere near 30% overvalued and nor was “…credit artificially cheap in recent years because investors have demanded too little return for the risks they have taken on…”. In niche markets ( Cannes being one of them) the effect of downturns is cushioned because the market is less dependant on people being able to repay their debts, keeping or losing their jobs, etc. The wealthy are less affected by the cyclical ups and downs of the market – theirs is a much flatter graph. The Economist again – “Charles Peerless, who owns estate agencies near the City and in the West End, areas where prices are holding up relatively well, says each property is being viewed about 12 times before a sale, compared with just four or five viewings a year ago.” He obviously deals in areas of London where property prices are less turbulent – I bet estate agencies in less prestigious areas of London are going bust, as they will in marginal suburbs of Nice, Lyons and Paris. You can’t build any more in the City or the West End, nor the Croisette or the Champs Elysee. So when I see Sky News reporting that property prices are set to fall 25% and home owners are going into “negative equity” I can believe that it’s true for some areas, and the hardest hit are the first time home-buyers making up 30% of the market, with 100% or even 105% mortgages (madness), but to get the real story I wait for The Economist!

In Cannes we are finding what Charles Peerless is finding – properties are taking longer to sell and sellers that are keen to sell quickly are prepared to lower their prices (see below – some bargains are beginning to appear). But overall I’d say that the market is reasonably steady; not rising for the moment, but not dropping much either, and I feel that it is likely with the summer upon us that it will creep upwards again because there is only one French Riviera and property here remains in short supply.

Vicky and I continue to watch the Cannes market and the Cote d’Azur very closely because we have over 70 very precious properties here now, belonging to us and family and many close friends, old and new.

Vicky and I will be in Cannes until mid July when we’re going to immerse ourselves in WWII history for a few days with old friends in Normandy before returning to South Africa for August. We will be back in Cannes for part of September, and all of October and November.

Please don’t forget to go to our website sometimes – we update it regularly: www.azur-accom.com

With kind regards,

Guy.

A few of these properties are repeats (i.e. have appeared in my Property Letters before). I include them amongst the fresh stock because I believe there is real value to be had in them. All the prices quoted are “asking prices” and you can make reasonable offers – in todays market we may well achieve success in some cases.

Some of the properties below are priced to sell.

A few are bargains.

Properties in ascending price order – please scan through until you find the budget that suits you:

====================

Properties Below 300 000€.

====================

Palm Beach: Two Studios.

Both of the studios are in the same building. Both look westward across the wonderfully lively home of “boules”, the Place de l’Etang. The situation is lovely, and full of character. Today one of the studios is rented on a short term basis to conference delegates and holiday makers, and the other is rented long term, currently to a German mathematician working in Sophia Antipolis in the “ Technology Park”. He has been there a year and would prefer to stay for the duration of his 3 year contract if he is allowed to (this depends on the buyers plans and wishes). He pays 550€ per month, which is a bit low – he should be paying 600€. Both apartments belong to Irish invetors who for their own reasons are moving out of the market here. Both apartments are in very good condition and both are selling fully furnished and equipped. Both apartments have balconies which have been glassed in with large sliding windows to provide the apartment with extra living space.

The Place de l’Etang From Above. The Apartment block from Across the Place.

The third floor apartment:

· 28 m² of living space.

· Looks west from 3rd floor.

· View across Place de l’Etang.

· Constructed 1970’s.

· Asking Price – 170 000€.

This apartment traverses the building from west to east, and has a (very) small room with a folding double bed – when the bed is down, the room is full! The little bedroom leads to the back balcony, which looks east with a little sea view between buildings. The back balcony is equipped with a little table and works as a very light and pleasant office. The main living room is quite spacious with a double sofa-bed, and leads to the front balcony (overlooking the Place) which is equipped as a kitchenette and has a dining table and four chairs. It’s a really attractive small apartment (and the German mathematician loves it, and hopes not to have to move!)

The fourth floor apartment:

· 23 m² of living space.

· Looks west from 4th floor.

· View across Place de l’Etang.

· Constructed 1970’s.

· Asking Price – 175 000€.

This apartment does not traverse the building so has no back balcony or small room, but it is wider in the living room and front balcony. It is also a very attractive little apartment, and like the third floor, it has its kitchen and dining table for four people on the balcony. In both cases, the balcony with its table and chairs is what is used as the principal living area, and the interior rooms mainly for sleeping. This is not at all surprising because the view is so attractive and so interesting that one is automatically drawn to want to sit there.

Alexandre III / Basse Californie. Large Studio Apartment.

35m² of living space.

Construction 1983.

3rd floor of 6.

View of trees and gardens.

Aspect east.

Terrace of 10 m².

Cellar.

Private parking space.

Price – 208 800€.

This studio apartment is in a very smart and well maintained building with gardens and guardian. It is extremely well priced. It is just minutes by vehicle from Palm Beach and equally just minutes from the centre of Cannes. It is perfectly suited to a longer term rental – a residential tenant rather than conference delegates as it is just beyond their easy walking reach. It is close to shops, in a luxury residence and has many advantages for people needing to live in Cannes.

The apartment itself has an entrance hall off which are the bathroom and separate toilet, and good cupboards. It has a large living area opening onto a very useful and attractive terrace, currently rather

beautifully gardened, and a far wider than usual kitchen which is fully equipped, and because of its width the kitchen is used as an office and TV room. The kitchen also opens onto the terrace. The floors are marble, the awnings are brand new, the apartment is air conditioned, the shutters are electric and it is all double glazed. There is nothing left to do to it. With the advantage of the private parking one can expect a very good monthly rental, and there is no difficulty finding good tenants.

Basse Californie. One Bedroom Apartment.

44.5m² of living space.

Construction 1960.

4th Floor.

View of trees and gardens.

Aspect south and east

Price – 220 000€

This one bedroom apartment is situated just behind the Martinez Hotel, and only a couple of hundred meters from the Croisette and the beaches. It is light and bright, with good cupboards, and a useful and pleasant balcony. It can be rented either for conferences and short term lets, or very viably for annual rentals. (We have an identical apartment on 3rd floor which is rented to long term tenants a year at a time, and there would be no problem renting another on the same terms.)

It does need some basic work done on it – a coat of paint and ideally a basic renovation of the kitchen and bathroom, both of which are dated. For anyone who has doubts, this sort of renovation is something we organize with our building team regularly for investors – it is not an obstacle. In fact often the contrary applies – because there is value to be had from a renovation we have investors who search specifically for properties that need uplifting. They know that these properties offer the chance to add value.

I do not believe there is much room for negotiation on this apartment because it has already been discounted.

Le Cannet Residential. One bedroom Apartment.

35 m² of living space.

Construction 1982.

3rd floor of 3.

View of gardens.

Aspect east.

Terrace of 10 m².

Price – 225 000€

Le Cannet is a suburb above and overlooking Cannes and is a quality suburb of good buildings and many villas. The old town of Le Cannet is older than Cannes and was populated while Cannes was just a swamp with a small settlement on the hill at Le Suquet. It has great character and is completely off the tourist map. Vicky and I like to go to Le Cannet for dinner to charming (and very French) restaurants on a Sunday evening, and feel as if we’re in a village many miles from the bright lights of the Riviera. In fact we’re only 15 minutes away.

This charming apartment is just a couple of minutes walk to the old Le Cannet. It is in a quality residence with a guardian, and quiet on the 3rd floor of 3. It has a terrace leading off the living room, an open plan and fully equipped kitchen, and a bedroom which also opens onto the terrace. It has a cellar in the basement, and a big garage.

This is another very good long term rental prospect.

Jean de Riouffe. Large Studio Apartment.

In the Centre of Cannes.

37m² of living space.

Fully renovated and ready to work as a rental unit.

Double glazed.

View of streets leading to the Palais des Festivals.

The apartment is being sold furnished.

Price is 230 000 Euros.

This large studio is a perfect rental property. It is on the first floor of a very good building so the entrance and common areas are modern, light and spotless. If one leans out of one of the large front windows and looks right, one can see the Palais des Festivals 200m away at the bottom of the street. If one looks left, the Cannes central railway station is 200m away at the top of the street.

This apartment is in an absolutely ideal situation for the rental market.

Village Sablons. One Bedroom Apartment.

One bedroom apartment.

35 / 38m² living space.

Small balcony at front and small closed in balcony at back. (Potentail to expand this west-facing balcony and make more use of it.)

Aspect – east and west.

Fully furnished.

Price reduced: From 260 000€ to 235 000€.

The charming little shopping centre in the suburb of Palm Beach is called Village Sablons. It has everything a little French village needs – a fabulous bakery serving the best cappuccinos in town, two small grocery stores and an Italian delicatessen, two butcheries each offering their own specials and delights, a newsagent, laundry, hairdresser, pharmacy and post office. In the centre of it stands a little fishermans cottage dating back to the turn of the last century, and this has been converted into a shop (now the Italian deli), and a charming apartment on the first floor. The apartment has been entirely and beautifully renovated and furnished. It is ready to rent.

The walk to the centre of Cannes is through gardens and along the seafront of the Croisette, taking 15 minutes to the Palais des Festivals. The beaches are two to three hundred meters away on the east and on the west side (being on a peninsula). The eastern beaches facing Juin les Pins and Antibes are family beaches with restaurants, small boat and dinghy hire, volley ball, kite surfing and the like. The western beaches next to Port Canto on the Cannes side of the peninsula are a bit more glitzy boasting beautiful beach restaurants, yachts for hire, trendy roller bladers, and the Croisette with its gardens and constant kaeidascope of people to enjoy.

The apartment appeals to delegates to conferences as well as to holiday makers so as a rental unit it has great merit. However as a lock-up-an-go for weekends away, just to enjoy the sunshine and glamour of Cannes at its best but in a village environment it’s a winner.

Place de l’Etang – One / Two Bedrooms.

(Slow down and have a second look at this one if a renovation prospect interests you?)

53m² of living space.

Balcony facing south,

1st floor.

View of Place de l’Etang north from the bedroom, and gardens and attractive apartment buildings to the south (across a quiet car park).

Construction 1970.

Asking Price – 255 000€.

The Place de l’Etang is the village square famous for its “boules” in the suburb of Palm Beach which lies on the southern end of the Croisette. It is a lovely, quiet suburb just 15 minutes walk from the Centre and the Palais des Festivals, and many people (including ourselves, as it’s where we choose to live) fall in love with it. Overlooking the Place are a handful of apartment buildings and this apartment is on the southern side, and overlooks the Place on the bedroom side. On the living room side is a sunny south facing balcony. It is on the first floor, and overlooks the private car park which serves the building, but it is quiet, away from the street, and the outlook is of gardens and attractive buildings beyond the car park. The apartment itself is in terrible shape – a deceased estate, and it needs a renovation from floor to ceiling. Today it is a one bedroom apartment but the kitchen has the potential to be a second bedroom. Vicky and I would recommend that it be stripped and made into a small bedroom and an open plan kitchen created in the spacious living room instead. The value added through this renovation is going to far exceed the cost of the renovation. Once it’s furnished we will rent this apartment with ease.

The plan: Offer low and hope to get it for 225 000€ (4245€ per m²)

Cost of renovation at 1200€ per m² = 64 000€

Finished cost of two bedroom apartment = 289 000€ (5452 / m²)

Minimum value after renovation (6000 / m²) = 318 000€

Realistic value (6500 / m²) = 344 500€

View Across the Parking Lot – Gardens, Trees, Apartment Blocks.

Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

===============

300 000 to 600 000€.

===============

Lacour.: Two Bedroom Apartment

Good 12m² wrap-around terrace.

65 sq.m. of living space.

1st & 2nd floors of 8.

Aspect – south and west.

Outside collective parking.

Asking price – 325 000€

Duplex apartment on 1st and 2nd floors of a good block in the suburb of Cannes just behind the Hotel Martinez. We have quite a number of apartments in this area and whereas they are not as easy to rent for congresses as the apartments in town, they are nowhere near the price. They do well on medium term rentals. This apartment needs a renovation because it is painted in very bright colours and they are unlikely to please anyone other than the past occupant. I think it would be advisable to add a second (upstairs) toilet too, and redo the kitchen. This is an apartment that one can add value to by doing a good renovation. (The price is very attractive)

La Croisette.

Large Studio Apartment.

· 40 m² of living space.

· 1st Floor of 7.

· Construction 1960.

· View over gardens, La Croisette and the sea.

· Exposition east, south and west.

· Terrace.

· Gated parking in the complex.

· Air conditioned and double glazed.

· Price reduced: From 425 000€ to 385 000€

This is a luxury apartment in one of the most prestigious blocks in the Palm Beach sector of the Croisette. The building is one of the landmark buildings, beautiful and immaculately maintained with gleaming floors and mirrors in communal areas and entrances, permanently manicured gardens, a guardian of course, and private parking.

The apartment itself although a “studio” is a generous 40m² with a terrace over a quiet and gated street (residents only) and a view across the green suburb of Palm Beach on the one side, and the Croisette and the sea on the other. Directly across the Croisette from this apartment is “Bijou Plage” or “Jewel Beach” which is one of the most charming public beaches on the front, protected and somewhat more private than the beaches closer to the centre, and with three quality beach restaurants (all supplying beach loungers, mattresses and umbrellas) to choose from.

The living room is spacious and the open plan kitchen brand new with Italian granite surfaces, a breakfast bar and all the appliances one would expect. One part of the living room has been sectioned off to create a desk and office area with broadband internet access and the sleeping alcove is off the living room and could be partitioned off if one wanted to. The shower room is fresh and modern and the toilet is separate. There are all the add-ons such as double glazing, satellite, air conditioning and as mentioned, broadband.

This is a rare opportunity to invest on La Croisette.

Louis Grosso.

Two bedroom apartment.

One bathroom with toilet, separate shower and toilet.

Balconies east and west.

57m² living space.

1st floor of 5.

Air-conditioned and double glazed.

Fully furnished.

Private parking.

Asking price – 450 000€.

This quality building is in the block which is on La Croisette, but in the second row. The apartment is “traversant” with balconies off the living room on the east side and off the bedrooms on the west side with views of La Croisette and the Port Canto between the handsome buildings which form the front row. The apartment has been completely renovated and is sold attractively furnished and ready to go – a very attractive and important opportunity.

Fragonard.

Two bedroom apartment.

Two bathrooms.

Living space – 78m²

South facing balconies.

5th floor of 7.

Air conditioned and double glazed.

Cellar in the basement and possibility of a garage.

Price reduced: From 490 000€ to 460 000€.

An apartment block at the head of Rue d’Antibes. It is a perfect rental location for central Cannes and has the advantage for guests of being extremely close to our rental offices. It is a landmark building.

Plage du Midi – Top Floor.

Three Bedroom Apartment.

Three bedrooms, one separate bathroom and an en-suite shower.

Separate toilet.

85 m² of living space.

Construction 1855.

3rd floor of 3.

View north, south, east and west. Sea, the port, and old buildings of Cannes.

All double glazed.

Cellar.

Resident parking in a closed garden.

Price – 540 000€

This is interesting in many ways. The apartment is on the top (3rd) floor of a building dating back to 1855. The interior is decorated with wonderful murals all the way from the grand entrance hall, up the spiral staircase to the top. A modern lift has been installed which is obviously not in keeping with the character of the building, but is an asset to residents none the less. The murals are grand but peeling in places, and one always has this dilemma with historic buildings – to restore the murals would cost a fortune, and to paint them over would be a crime! What do residents do? For the moment they enjoy the murals even if they are fading or peeling in places. I would never suggest painting them over personally.

The Grand Old Lady. – The building is in good condition and well cared for; the apartment on the top floor has been created as a partition of the original living space, and is very spacious. There are three bedrooms, one bathroom and a separate shower in one of the bedrooms, and one toilet. The living room and a separate dining area are generous and the separate kitchen is clean and adequate. Today the landlord rents it out to delegates and festival goers. It could continue in that vein, but we believe there is potential to create something much more by adding another bathroom and toilet, and opening up the living area and kitchen to vastly improve the views. I think the price (which is very reasonable) and the position and views justify making something special out of this apartment. There is a balcony at the back which doubles as an exterior passageway which could be improved with some imagination.

The position is superb being about 100m from the bathing beaches and restaurants and cafes of the Plage du Midi. It is therefore only five minutes walk along the beachfront to the Old Port, eight minutes to the Palais des Festivals, and five minutes to the old town of Le Suquet with all its shops and quality restaurants. It does have the railway track leading into Cannes behind the apartment. We listened to two trains go past in the half hour we were there and the sound is so minor as to be irrelevant. By the time they get to this position they are pulling into the tunnel leading to the station and are going slowly. One sees the tracks way below but the views of the sea and the old buildings of Cannes dominate the view – frankly the railway tracks are a minor irritation, not a big issue.

Isola Bella.

Two bedroom, two bathroom apartment.

Large east and south facing balcony.

78m² living space.

1st floor of 2.

Fully furnished.

Air conditioned and double glazed.

Garage and cellar in the basement.

Asking price – 550 000€.

In the gardens of a beautiful old villa in the centre of Cannes low apartment buildings were created around the villa and its beautiful gardens and pool. The complex is quiet, secure and residents have the exclusive use of the gardens and pool area. The villa itself now comprises four luxury apartments. We have a two bedroom and two bathroom apartment on the first floor of one of the new residences on offer. Lovely garden and pool views, and quiet. The living area is very spacious and the apartment has been fairly recently renovated, and is being sold furnished. However, there is the option of opening up the kitchen and hall to bring them into a greatly enhanced living area, and renovating the bathrooms while giving the apartment a freshening to raise it from a quality product to a luxury one.

Le Cannet / Oxford.

Two bedroom apartment.

· 90 m² of living space.

· 1st floor.

· Construction 1973.

· Exposition south and west.

· View across gardens.

· Expansive terrace to the south and wrapping around the western side.

· Garage and cellar.

· Two bedrooms.

· Two bathrooms.

· Separate toilet.

· Price reduced: From 605 000€ to 580 000€.

The apartment block is a landmark at the base of Le Cannet, or the top of the suburb known as Oxford. It is a prestige property with high security and a guardian round the clock. The lovely gardens are extensive and immaculately maintained. There are two all weather, floodlit tennis courts in the grounds and a fabulous swimming pool with a large shallow separate paddling pool. These facilities are serviced during the months between Easter and October, with umbrellas, sun beds and mattresses, and a lifeguard. Just outside the complex and accessible through a pedestrian gate to which residents have a key is a small shopping centre with a bakery, a newsagent, hairdresser, pharmacy and one or two other shops. The lovely old town of Le Cannet with its shops and restaurants is a good walk, or a short drive away, and the centre of Cannes is five minutes away by car or bus. The bus stop is right outside the front gates.

The views from the higher floors (2 and above) are of the rooftops and the Bay of Cannes. The first floor apartment is too low to see the sea, looking as it does at the cedar trees and lovely gardens.

We have already bought an apartment in the building for an investor, and carried out a major renovation in it. The owner of the 3rd floor apartment has had it for about two years now, and although he plans to enjoy it with his family in the future he has put it on long term (furnished) lease for the time being, and earns 2 500€ from it each month, comfortably covering his mortgage.

This first floor apartment is composed of an entrance hall, a large living room, an equipped kitchen, two bedrooms and bathrooms, and everything opens onto lovely terraces as the apartment is on the end of the building so has the advantage of a wrap-around, which the majority of apartments do not have. It therefore has 37 m² of terrace which is huge. The main section off the front bedroom and living room looks south, and the wrap-around section onto which the kitchen opens looks west. The second bedroom has its own small balcony looking north into the trees and gardens. In the basement are garages and cellars and this apartment comes with one of each. It is very quiet.

The buyer will probably want to give the apartment a facelift and a coat of paint, because although it is extremely comfortable it has been in the same family since the building was constructed. I think it deserves a new lease of life.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

===============

600 000 – 900 000€.

===============

“Villa sur le Toit”

Two bedroom, two bathroom apartment.

85m² of living space.

92 m² of rooftop terrace.

3rd floor of 3.

Aspect – east, south, west.

Swimming pool, tennis, double glazed, air conditioned, etc.

Cellar and garage.

Price reduced: From 900 000€ to 790 000€!

That means “villa on the roof” and is a phrase commonly used to describe penthouse apartments, or apartments that have a rooftop to themselves. This one needs renovation as it has been inhabited by an elderly couple for many years (since 1970 when it was built I gather) and everything is dated. It is also too expensive, and the sellers have been told that they will need to expect to come down a bit. The view across the gulf Juan from Cannes to Antibes is breathtaking. The residence is one of very high standing with everything you can imagine– security, staff, swimming, tennis, access to beaches and restaurants, beautiful gardens, peace and quiet. It is situated up the hillside giving it the height – and emphasising the views.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

============

Over 900 000 €.

============

Basse Californie Alexandre.

Beautiful Two bedroom apartment.

Two bedroom two bathroom apartment.

92 m² of living space.

25 m² of balcony.

5th floor of 10.

Aspect south and north.

Construction 1960.

Price – 1 325 000€.

This is an immaculate and just refurbished apartment on the 5th floor of a wonderful and imposing residence with an unimpeded view of Cannes and the Bay of Cannes, including the red Esterel Hills in the west, the Isles de Lerins in the centre and the Cap d’Antibes in the east. It has not been furnished or used since renovation and the quality of the work is top. The building is immaculately cared for and maintained, with gardens and a guardian. The apartment traverses the building from north to south, is quiet and the view is unbeatable. It has all that one would expect in terms of finishes, electric shutters, double glazing, air conditioning etc. and it comes with a cellar, a garage and a parking space.

(There is a similar apartment with equal views on the 10th floor, slightly smaller but at the same price per m², and it still requires renovation, so I have not included it here)

A Truly Amazing Penthouse in the Hills Overlooking Cannes.

267 m² of living space.

133 m² rooftop terrace.

4th floor of 4.

Four bedrooms, all of which open onto private terraces or the main terrace.

Four bathrooms. All bathrooms have a bath and shower and the master bathroom has a Jacuzzi.

A spacious office which can easily be used as a fifth bedroom.

Very large open plan living and dining area with a bar and a central fireplace.

Large fully equipped separate kitchen.

Four garages.

Private lift.

Asking price is 2 300 000€.

A penthouse apartment of this size and standing in Cannes is a rare find.

It is located in Le Cannet in the hills overlooking Cannes and the 360º view is unobstructed. The views over Cannes, with the Bay of Cannes to the south and the famous Esterel Hills behind which the sun sets in the west are magnificent.

The apartment has been finished with high quality materials, with marble floors and surfaces throughout. The living and dining area, bar, kitchen, master bedroom & bathroom, and office are in need of no renovation. The guest bedrooms & bathrooms in the West wing are in need of a little modernization; however they have been well maintained.

The penthouse is well secured with a series of locks and an alarm and has been fitted with electric shutters throughout.

The property has communal gardens and swimming pool that is terraced with access to a pool house. All the communal areas are of a high standard and have been well maintained. The building is secure with electric gates and doors.

The furniture is included in the price, so it can be a real turn key property.

Cannes is five minutes away and Nice airport only 25 minutes.

Leave a Comment