Cannes Property letter 87

Posted by admin in Property Letters | April 23rd 2010

PL 87, PROPERTY LETTER

Dear All,

Having fairly recently sent you a Property Letter (17th February) and promised to follow up with some more properties, I am going to split this into two separate letters, aimed at two different audiences. You will receive both however as I can not know which you will find more interesting or relevant, and many of you will enjoy reading about both:

A “Property Letter” containing a selection of medium and low budget investment properties. But don’t let that detract from them for one minute – there are some gems amongst them, and some (which I have indicated) represent particularly good value in the market right now.

A “Platinum Properties” Letter with a small selection of luxury properties.

Cannes is a place which stands out in the world as home to luxury, and we have been able to source a number of truly exceptional apartments in the last few weeks and months. Properties such as these, for those who can afford them, are accepted as blue chip investments by wealthy and discerning people around world – they can not be duplicated or reproduced
elsewhere, they are rare and sought after, and they steadily increase in value while giving years and years of security and pleasure to their fortunate owners. They do not change hands regularly, and when they do they don’t generally come on to the market at all, but change hands amongst people who know each other.

There is no question that the market has awoken and sales are taking place at an increasing rate. The result is that there are some very good offers right now and it is ‘the time to buy’. Vicky and I attended a bank function (hosted by the Dutch bank ABN Amro) and some of the points made by the speakers were that FNAIM (the property industry regulatory body of which we are members) report that prices in France were up 1% in January, and that came
on the back of a 2% rise in the last quarter of last year.
Their information is that the drop in prices in the Cote d’Azur was never as dramatic as in the rest of France anyway because; as they said “everyone anywhere in the world with money wants to buy a place on the Cote d’Azur”. Good news for us who have invested, and very nice to have banker confidence!

With kind regards,

Guy.

The prices quoted are asking prices only.

The selection offered represents a few properties chosen from many, so if what you are looking for is not here, we can tailor-make our search for you.

If you follow the links you will be able to read about the properties, look at a gallery of photos, and see the position of each property on a map.


These properties still have great merit – herewith individual links to them. In all cases they are properties that we recommend. Two of those I listed in this category in February have sold since then.

  • Rue d’Antibes – Charming, fully furnished and ready to receive guests – 330 000€.
  • Freres Pradignac – Two bedroom apartment in the heart of Cannes – exceptional rental prospect – 340 000€.
  • Sun Valley – Two bedroom apartment on the 7th floor with beautiful views, and a large terrace – perfect second home or
    residential let – price reduced and very good value at 365 000€
  • La Bellita – Two bedroom apartment fully furnished and working – the best value apartment in Palm Beach today at 399 000€.
  • Le Lys -A two bedroom apartment just off the end of the Rue d’Antibes, in a quality security “domaine” with large and
    pristine gardens and a lovely pool. It begs to be upgraded into a heart-stopping two bedroom, but lends itself to
    conversion very easily to a three bedroom, three bathroom unit. For its size and position it is well below market
    price today at 480 000€.
  • Palm Beach – 4th floor two bedroom apartment for renovation. This is still a winner with great position and great potential – no
    doubt about it at 490 000€.
  • Rue d’Antibes – Two bedroom apartment furnished and ready to go. This is an excellent position and excellent conference renter –
    498 000€.

Please know that if you are interested in any property or properties but don’t understand how the finances work; what total costs will be by the time you get to signing; what rental returns are likely to be compared to the running costs and the cost of finance; I will willingly send you a “financial” on any specific property or properties, answering your questions.


THIS IS A RECOMMENDATION

Palais Eve : Large Studio Apartment

  • 28m² of living space
  • 10m² enclosed veranda / terrace adding to the living space
  • Exposition north and west
  • View across a school and the suburb of Basse Californie
  • 3rd floor of 5
  • Garage in the basement
  • Cellar in the basement
  • Asking price – 191 000€
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A great studio for the rental market in Cannes – situated just 200m from the beaches of the Croisette it suits either short or long term rentals.

The apartment on the 3rd floor of a good building looks out unobstructed across a very open view of the pleasant suburb of Basse Californie. It has a living room with a very Provencal open plan kitchen, and a shower and toilet. But it also has a large terrace which has been glassed in adding significantly to the useable living space, and making a comfortable studio apartment into a large and comfortable studio apartment.

It is double glazed, fully furnished, fully equipped, and comes with a garage in the basement and a cellar. A garage in this part of town has real value and can be sold separately (if desired) as it is a separate “lot” on the title deed.

There is a tenant in the apartment paying a regular monthly rental and it is the buyer’s choice as to whether he stays or goes, but if it seems interesting to take over a “going concern” then we would recommend keeping him as he pays well.

I HAVE TO PUT THIS ONE IN AGAIN. IT IS WORTH LOOKING AT A SECOND TIME

St Jean 5th floor

Petit Juas

One bedroom apartment

  • 46m² of living space
  • 10m² of terrace
  • Exposition north and west
  • View of hills and the suburb of Petit Juas. (And a little sea)
  • Exposition east
  • 5th and top floor
  • Asking price – 207 000€
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Typical Petit Juas. Sea in the distance
Petit Juas is a quaint and old suburb on the hill overlooking Cannes from the north west. It is on the opposing hill to La Californie which overlooks Cannes from the north east. Behind Petit Juas one climbs further into the hills and into the exclusive suburb of La Croix des Gardes. Petit Juas is made up of little streets, many of them one way, and gorgeous houses which are proudly looked after and preserved. It is more “French” than La Californie and La Croix des Gardes which had a lot of foreign (English and American) influence a
century and more ago, and some huge and wonderful villas and residences. Petit Juas is less imposing, and for this reason it is an up-and-coming suburb in Cannes. There is a great deal of building and renovation taking place and the character of the suburb is largely respected. We have seen values rise considerably in the area because it is very much in demand. A lot of young people live there because it is “vibey” and affordable, and very close to Cannes, considerably closer than our own suburb of Palm Beach in fact.

The building is modern and well cared for, with a permanent guardian. It is only 700m from the Palais des Festivals

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The apartment on the 5th floor is quiet (the road five floors below is a single lane, one way local street) and spacious, and with a lovely open balcony and view it has much potential. As it is it is someone’s second home or holiday home, used for occasional visits to Cannes over many years. It would benefit from a facelift, and there is much value to be had.

It consists of a large living room opening onto the east facing terrace, a bedroom, a bathroom and separate toilet, and a separate kitchen. It has a cellar in the basement and a garage too.

THIS IS A RECOMMENDATION

L’Idee

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
  • Asking price – 230 000€
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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 very pleasant apartment is in an absolutely ideal situation for the conference rental market. Position, position, position.

THIS IS ALSO A RECOMMENDATION

Le Bernis; Two bedroom apartment

  • 70m² of living space
  • 100m² of garden terrace
  • Exposition south and west
  • Unobstructed and some sea
  • Parking space
  • Cellar
  • Asking price – 350 000€

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This ground floor apartment on the western slopes of the charming suburb of Petit Juas and looking directly south and west has a lovely garden terrace. From it one looks over the old and quaint suburb and the valley de Riou to the sea below. It is a 10 minute walk to the Old Port, the covered Forville Market, and the Palais des Festivals, but because it is hilly it seems further than it is. In reality it is no further from the Palais than the Martinez Hotel on the Croisette – in practice it’s a bit more daunting than that, particularly going home as it is quite steep in parts.
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The building is a fairly modern six floor block of apartments in very good condition, with a guardian, and a large parking area. With this apartment comes a designated (numbered) parking space, but there is guest parking too.

One enters a hall and a large living room, made larger by the knocking down of a wall to incorporate a third bedroom into the living area. This was a good idea because the bedroom was small and so was the living room. Now it has a very large and light living room and still had two bedrooms. The smaller of them looks out the back (north) and the main bedroom looks straight out at the gardened private terrace. Charming. There is a bathroom, separate toilet and an equipped kitchen with a small pantry

Footnote: The terrace is delightful and faces full-south. The view is unobstructed and includes lovely old French architecture in some of the buildings one overlooks, and more than a glimpse of the Bay of Cannes is visible below. The building was constructed in 1964 so it’s relatively modern, it is in very good overall condition, and there is much to be said for having property in reasonable modern well maintained buildings. Old can be romantic, but not so old can be a lot less demanding.

St Honorat; One bedroom apartment

  • 52m² of living space
  • 10m² of west facing terrace
  • Exposition west
  • View of Palm Beach and the Place de l”Etang
  • 3rd floor of 5
  • Asking price – 360 000
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The building has two entrances, one from the Avenue Lerins which splits the southern tip of Palm Beach peninsula up the middle, and the other from Boulevard Gazagnaire which is the eastern beachside boulevard. One can therefore exit the building straight onto the beach, or away from it and virtually directly onto the Place de l’Etang famous
for its “boulles” and its charm and ever popular restaurants and village atmosphere.
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The apartment on the 3rd floor looks away from the eastern beach at the buildings of Palm Beach and the Place below. It is not a sea view but it is a charming view, and many would favour the western aspect of the apartment anyway. The apartment is completely renovated, light and very bright, with a modern and pleasant kitchen and spacious bathroom and toilet. The living room and bedroom both open onto a very attractive balcony / terrace.

The price is quite correct for the area but may be open to discussion, and as a holiday apartment it is perfect. Similarly, it is very well placed and equipped for short term holiday and conference rentals. It is being sold furnished and ready to work.

Casanova

Three bedroom apartment

  • 105m² of living space
  • 40m² of private terrace
  • Exposition east
  • 1st floor of 5
  • Asking price – 627 000€
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The position and the size in tiny pedestrian Rue Casanova right in the heart of Cannes is extraordinary from a rentals point of view. It is in the heart of the shopping and restaurant area, and only a minute or two to the Palais des Festivals. The apartment is situated on the side of the building which is away from the street and looks out onto its very own courtyard away from any roads, and therefore it is quiet!
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It comprises three bedrooms, two bathrooms and a very spacious living room with an open plan kitchen – and it all opens onto a terrace of 40m² – with the ability to entertain with or without a gazebo, for which a frame is in place. The apartment is air conditioned and entirely renovated so there is nothing required to be done apart from furnishing.
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The bedrooms are all spacious enough and two are air conditioned (and the third could be), but all are interior bedrooms with small windows and no view. If the bedrooms are well furnished with plenty of light this is not important to the rental potential, as the large light living room and terrace is where people will spend their time when not sleeping.

Worth considering!


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