Private mansions in Paris, urban gems
Buildings of character and remarkable stylishness, private mansions awarded the status of “exceptional properties” comprise the golden nuggets of city living. In Paris, these majestic properties are mostly found in the 16th arrondissement, which historically took over from Le Marais for the construction of stately residences. Even today, they act like magnets on wealthy buyers.
The capital’s largest arrondissement after the 15th, the elegant 16th, leafy, bourgeois and reassuring, offers persuasive arguments that draw well-off families and a high-end clientele. With a diverse array of high-quality real estate, it boasts many very handsome private mansions. Jules Caris, director of the Galerie de l’Immobilier agency, explains : “The 16th is by far the Parisian arrondissement with the most private mansions. On some streets and private drives, they are legion, particularly on Rue de Pomereu, Villa de La Tour, Rue du Commandant Marchand and the upper part of Rue du Ranelagh, not forgetting the Villa Montmorency and Hameau Boileau. Mainly upper-middle class and financially comfortable, a French clientele has moved into the southern part of the 16th, which attracts few foreigners. They prefer the northern part of the 16th arrondissement, that’s to say from La Muette to Trocadéro via Victor Hugo and Avenue Foch, where a mixed bag of clients includes wealthy French families and foreigners with high purchasing power, mostly from the Middle East, Africa and the United States. Private mansions in the 16th mainly fall into the price-bracket ranging from 2.5 to 6 million euros. Our most recent sale was a mansion of 300 m2 in the neighbourhood of La Muette, acquired by an American family for 3.5 million euros. A private mansion always represents added value. Clients are above all attracted by the idea of having a garden, and not sharing a co-owned property”.
Elitist urban homes conjuring up richness and nobility, private mansions require generous initial budgets, as confirmed by Valérie Sélignan, manageress of the Féau Victor Hugo agency : “In our portfolio of properties, all agencies combined, we currently have 25 private mansions up for sale in the 16th arrondissement. The most striking thing is the vast range of prices. The least expensive property is estimated at 2,850,000 € : a private mansion of 260 m2 with a small garden. The most expensive, bearing a price-tag of 100 million euros, offers living space of 3,100 m2 on Avenue Foch. Private mansions conjure up notions of stylishness and a kind of fantasy world, even more so when the property is on a private drive, if it is surrounded by a garden, and built on several floors, one for entertaining guests, one for the parents, another for the children, with a basement fitted out with an indoor pool or movie lounge : which is, in fact, seen as the ideal layout”. A market hit by the economic crunch ? “In the 16th arrondissement, the market for private mansions has been less affected by the crisis than that for large apartments,” says our specialist. “In our portfolio, we currently have 25 mansions for sale as compared to 300 apartments, which speaks for itself. The many departures motivated by tax concerns have had a particular impact on the market in this arrondissement, which, however, has become much more buoyant since the start of this year, thanks to a marked return on the part of a French clientele.”
Private mansions propose different types of architecture, styles and layouts, some of which exercise more appeal on buyers. According to Paulo Fernandes, general director of Paris Ouest Sotheby’s International Realty : “Today, the private mansions which sell most easily are those on private drives, benefiting from gardens. As well as providing private outdoor areas, properties with gardens enjoy more light on the ground floor. For the same budget, buyers looking for spaciousness and light will prefer a penthouse to a private mansion without a garden. Then, in the 16th arrondissement, certain neighbourhoods are more sought-after than others : Passy, La Muette and Ranelagh appeal most to buyers, especially families, as they benefit from lots of shops and are close to good schools and the motorway. Private mansions often sold to industrialists, politicans or celebrities, either French or foreign, comprise an ultra-confidential niche market, and our agencies exercise total discretion with regard to these transactions. Without going into details, we recently sold a very desirable mansion near the Bois de Boulogne, priced at 19 million euros. Foreign buyers with very comfortable budgets are impressed by these majestic residences, especially when they date back to the 18th or 19th centuries, and have retained some of their original features. These properties are associated with the refined art of living “à la française”, they make people feel as if they are holding a piece of a picture-postcard in their hands”.
