September update – there is nothing to update

A few phone calls, a few ads that have interested me, but no visits since the last time I posted.  I’m feeling very “over it” and sometimes a few days will pass before I check the throwaway email account for all my explorimmo, seloger, pap, etc alerts.  And even if I do see something that kinda piques my interest, most of the time I can’t even be bothered to call.  The longer we wait, the pickier I get, and now I am deadset on remaining within a few blocks’ radius of our current place.  Yes, I am in serious need of motivation.

The only two notable tidbits I must share are about two apartments from the past.

The first is that Rue du Pont Neuf apartment that we attempted to buy, a few months ago, for either €220k or €250k, I honestly can’t remember.

Surprise, surprise, it’s back on the market with a brand spankin new price.

This really upsets me because it means the agency we dealt with was not at all forthcoming with us – we made our offer at full asking price and normally that’s the end of the story, the apartment should have been sold to us.  And now it reappears a few months later, with the exact same agency, and in the exact same condition, but with a new much higher pricetag?

Something’s rotten here.  I’ve been bugging my darling to call the agency for an explanation since he’s the one who dealt with them, not me.  Don’t hold your breath.

Similarly, this one-bedroom in the 5th was also relisted for a much higher price.

I think this one was initially listed at €260k or €280k, but we didn’t even go to visit it because it is a 3rd floor over a bar and a very loud boulevard.  When I saw that it was relisted for at least €55k higher, I had to call and ask why.  Apparently the owner paid for the roof to be redone and also did some interior work on the stairs.  Whether or not this deserves a €55k price increase remains to be seen, but at least there is a (somewhat) reasonable explanation for the jump.

In the meantime, I’m enjoying the return of the fresh market, the vide-greniers that accompany the rentrée, and these sunshiny days of early fall.  Apartment hunting, and thus this blog, have completely fallen by the wayside and my lack of updating has everything to do with that reality.  Hopefully next time I update it will be something actually exciting to share, or at the very least an actual apartment visit!

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8 Responses to “September update – there is nothing to update”

  1. Sam Says:

    That is very interesting. It reminds me of the Southern California real estate market in 2005-06, when people were buying way more house than they could afford in order to “flip” them for a quick profit. Of course, we all know how that ended up. I would be interested to know how much down payment is typically required for a Paris apartment, and if the requirements to qualify for a loan are strict.

    Please keep posting, I love hearing about the apartments you have seen!

  2. househuntinginparis Says:

    Yes yes yes – this is another reason I am becoming pickier, because the more I speak with friends and families in the US and hear about colleagues having to shortsell and plummeting home values v. mortgage balances, the more conservatively I start to think about this search and waiting to buy.

    On paper at least, conditions are great to buy because of the low interest rates (0% for 20% of the total mortgage, I think we’ve been quoted 3 or 4% for the rest). But these conditions, the demand, the tiny number of quality apartments, the lack of a MLS and in general the terrible attitude of realtors also make it very hard on prospective buyers. (waah! First world problems!)

    In France, or Paris at least, I don’t even think you are required to have 10% down. One of our friends might have even only put 5% down. You are only allowed to make mortgage payments that are up to 1/3 of your gross income, so the amount you can borrow depends on the length of the mortgage. Longer term mortgages are dealt with suspicion and I don’t think they even offer 30 yr mortgages.
    In constrast with NYC, there are no co-op boards to meet with or strict liquidity requirements.

  3. Claire Says:

    I really enjoy reading your blog, though I confess that it makes me feel a little hopeless. I have just started thinking about the possibility of buying a little apartment in Paris, but as a humanities professor whose only income is teaching, I feel that I’m competing against wealthy expats (realtors’ anecdotes about California surgeons who buy the “right” apartment sight unseen scare me) who look at a Parisian apartment as an investment property they may stay in once in a while. Not only would I like to have a little apartment in an “emerging” neighborhood, I’d prefer not to have to rent it out~ if I do, it would be to grad students and other professors. Is this an impossible dream? Could I buy a fixer-upper and fix it up slowly? Like you, I want somewhere to live, though unlike you I would just like to have a place big enough for me to stay with my grown children and maybe one day grandchildren that wouldn’t be too uncomfortable.
    Can you tell me how you get “alerts”, give that there’s no MLS equivalent here? Thanks, and good luck~!! Claire

  4. Sam Says:

    “Allez vers l’est, jeune femme.”

  5. Sam Says:

    This article shows an interesting movement toward the 20th: http://immobilier.nouvelobs.com/prix/nobstr/75/680/2010-08-26%2010:00:00.html

  6. Frenchy Says:

    What’s next? I’m curious to known.

  7. Kim Says:

    I’m also house hunting in the Paris area. Did you see lately that there is talk of a housing bubble in Paris? I’m not sure whether to believe it or not. But I know what you mean about being discouraged, I’m considering stopping my search as well. Your blog is helpful, I hope you decide to start it again.

  8. Ileen Says:

    Hi, just wondering if you found an apartment in Paris in the end? Maybe we can help? Think of us as a friend who can show you around town. Not only can we help you find a house, we can help you establish your home. (www.uneadresseaparis.com)

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