Prestige at the water’s edge
This rare commodity reigns supreme over all other kinds of homes on the Côte d’Azur. “Location, location, location,” say the Anglo-Saxons ! What setting could possibly be more enchanting than the Mediterranean shore, a cape basking in the sun, a wild cove or a smooth sandy beach ?
Specializing in properties at the water’s edge since 1988, Michel Chassagne of Waterfront Property has counted 1,957 of them between Menton and Saint-Tropez, ranging from simple fishermen’s huts to sublime private estates. As well as implying direct access to the sea, specific geographic features have further impact on the price. Capes are worth more than a simple coastline, the Alpes-Maritimes are more expensive than the Var, the eastern part of which is more highly valued than the west, a gated and guarded estate is more pricey than an open shoreline, sand costs more than pebbles, a lively setting more than a view of the open sea. The main disadvantages raised by critics of this type of residence consist of exposure to prying eyes and the right of way along the old customs officers’ paths.
“Cap Martin and Cap Ferrat, both benefiting from their closeness to Monaco, but also Cap de Nice and Cap d’Antibes, once adored by the Italians, are now targeted by East Europeans,” says Michel Chassagne. “Clients from countries sharing a border with France are more drawn to the stretch between Cannes and Sainte-Maxime, while Saint-Tropez has always been a magnet for an international clientele.” The contemporary style now wins all the votes. Together with homes that have already been renovated. Following a long period of constantly rising prices from 1998 to 2008, the first international “subprime” crisis brought the trend to an abrupt halt. Since 2008, prices have seen a downside adjustment. In 2012, transactions orchestrated by Waterfront Property ranged from 980,000 € - the sum required for a house of 90 m2 in grounds of 1,000 m2 amidst the Red Rocks of the Estérel - to 5 M € - bringing a residence of 600 m2 in need of a revamp, in a park of 7,000 m2 between Saint-Raphaël and Saint-Tropez. The largest share of the stocks available, much more extensive in the Var than in the Alpes-Maritimes, ranges from 3 to 5 M €. By way of example, one seller is asking 950,000 € for a split-level 2-bedroom apartment of 74 m2 with a private garden of 140 m2 in a small residence at the water’s edge, surrounded by the famous Red Rocks (such seafront residences being even rarer than villas). A property of 450 m2 in need of modernization, with grounds of 1,300 m2 opening out to a creek, is on offer at 2-2.5 M € on a quiet gated estate in Saint-Raphaël. Finally, a contemporary villa of 190 m2 with top-notch appointments in grounds of 2,000 m2 is priced at 4.5 M € between Saint-Raphaël and Sainte-Maxime. The Var coast in fact boasts a few private mansions. Expect to part with 13 to 16 M € to acquire living space of 600 m2 with 6,000 m2 of grounds on the Mediterranean coast. From time to time, the market goes through periods of real sluggishness. Neither buyers nor sellers can make up their minds. More than ever before, real estate obeys the “ location, location, location” rule. And from this point of view, a property right at the water’s edge is a privilege that only 1,957 members of the happy few can enjoy here on the Côte d’Azur.
“Despite the crunch, villas at the water’s edge, like penthouses in fact, are still highly coveted,” comments Jean-Christophe Hym of the Europa agency. Based in Cannes, this agent knows of four in the Festival City, five in Golfe-Juan, some belonging to King Fahd. Only one is up for sale. Tastefully renovated, this house of 250 m2 in Cannes with grounds of about 3,000 m2, once owned by the Heineken family, is on offer at 15 M €. Sheltered from view and the customs officers’ path, this property is a 5-minute drive from the Croisette. Confronted by scarcity, fans set their sights on Cap d’Antibes - as long as they have the means. If they were for sale, Abramovitch’s Château de la Croë, the Château de la Garoupe owned by the late Berezovsky, the Villa Aujourd’hui and Médi Roc would post colossal prices. Last year, a South African client is said to have paid 27 M € for a villa of 300 m2 in 2,000 m2 of grounds on the east side of the cape. Just three years ago, properties at the water’s edge - which should be distinguished from seafront properties separated from the Mediterranean by the road, - changed hands at prices exceeding 100 M €. In the Var, prices are more affordable and the types of properties more diverse. Relatively craggy, the Estérel coastline offers picture-postcard scenery. Pierre Cardin has a property at the water’s edge here, down below Le Palais Bulle, and Sheldon Adelson, the world’s 15th largest fortune, is said to own another one over towards Anthéor.
“With the exception of the Villa Aujourd’hui and a few other houses close to the Hôtel Belles Rives, there are no real “water’s edge” properties on the west side of Cap d’Antibes,” explains Régis Ramette. “On the east side, the rare examples that exist have given rise to three sales over the past three years, one of them handled by the John Taylor agency. As for Billionaires’ Bay, there cannot be more than a score of such properties. Most of them found new owners between 2000 and 2008. And many of them, now fully restored, deserve to be called estates.” A property of 600 m2 in grounds of 1,000 m2, benefiting from direct access to the Deep Blue Sea, in fact on the west side of Cap d’Antibes but in need of a revamp, recently found a taker at 15 M €. The “seafront” alternative is much more affordable. The famous Pamplemousse - 600 m2 in need of refurbishment, in grounds of 7,000 m2 - is said to have fallen into the lap of a Russian buyer, already an adept of this particular cape, at a price around 20 M €. An equivalent property, this time “at the water’s edge” in Billionaires’ Bay would fetch over 50 M €. “In Saint-Tropez, this market segment is particularly buoyant,” says Magali Masuy of the John Taylor agency. “And the starting price is 18 M €.” East Europeans do not hold a monopoly over this particular category, targeted by a truly international clientele. If direct access to a beach or cove is coupled with an address on a private guarded estate such as Les Graniers, La Capilla or Les Parcs de Saint-Tropez, the price, already high, begins to soar.
By Laetitia Rossi
