Saint-Paul, an address of genuine charm
The reputation of this commune with 3,340 inhabitants has travelled well beyond the frontiers of the Alpes-Maritimes, and even France itself. Prized as a site for second residences, this hill-top village also appeals to local buyers. Its housing possibilities range from Provençal villas to luxury properties in Les Hauts-de-Saint-Paul…
Saint-Paul owes its ramparts to Francis I, who transformed the village into a fortified stronghold from 1538 to 1547. With the Alps and Mediterranean as a backcloth, the village is now a must on any tour of the Côte d’Azur. Art-lovers are welcomed by the many art-galleries as well as the Maeght Foundation, a well-known home for contemporary art, from Miró to Giacometti, Chagall to Léger. The Colombe d’Or on the village square is a legendary haunt, popular among artists but also captains of international finance and industry.
“60 % of the sales orchestrated by the John Taylor agency are in the 1.5 to 2.5 million euro bracket,” says Jean-Claude Hilaire. “The clientele is shared out equally between buyers of main and second residences, French and foreign. They are looking for villas of 180-250 m2 in grounds of 1,500-2,500 m2 on the residential hillsides.” 30 % then fall into the bracket between 3 and 5 million euros. Residents of Monaco and North Europeans focusing on this price range are in search of holiday homes, without any nationality especially prominent. With such hefty budgets, they are aiming for living space of 300-400 m2 in grounds of 3,000-6,000 m2, often enjoying a sea view. While there is indeed a Saint-Paul label, many clients think in terms of areas, accepting the neighbouring hills of La Colle in exchange for a property’s intrinsic qualities. Finally, the remaining 10 % set their sights on an address as select as Les Hauts-de-Saint-Paul, a private estate renowned for its spectacular panoramic views. They are prepared to pay 10 million euros or more, bringing a home of at least 500 m2, with accommodation for guests and guardians in addition to the main residence, in landscaped grounds of 5,000 to 10,000 m2. This type of property draws the interest of residents of Monaco, East Europeans and clients from the Middle East, though the last two manifestly prefer the capes. Saint-Paul’s geographic location, 20 minutes from the Nice Côte d’Azur International Airport, at the gateway to the main urban areas in the Alpes-Maritimes and not far from the beaches, is a weighty argument. As are its natural setting, the typical village and its luxuriant surroundings.
“In the category over and above 1 million euros, the gap between supply and demand is chronic,” says Jacqueline Burns-Sorridente of the Agence Burns. Increasingly, potential buyers are making audacious offers, intent on getting a bargain thanks to the financial crisis. Sellers on the other hand, admittedly willing to make an effort as long as it remains reasonable, are far from ready to sacrifice their homes. “With a few exceptions...”, warns our estate-agent. The idea of personal enjoyment has clearly been relegated to second place. The only things that really count are location and bargaining prospects. Some clients are clearly concerned about the tax situation inherent in real-estate investments, but also about “running costs”. The rise in taxation on house staff has not gone unnoticed. Under the bar of 800,000 €, buyers also expect to obtain reductions, though in more acceptable proportions. They usually obtain them, on condition that the sellers are at least recovering their initial layout. This was the case for a semi-detached house of 100 m2 in good condition with a garden of 380 m2, which sold for 320,000 €.
”No-one is any doubt regarding the adjustment in prices,” comments Gilles Pieri of Capital Immobilier. “We have just sold a house at 1.8 million euros, undoubtedly its real market value, which provisionally sold a few months ago for 2.6 million : living space of 700 m2 in need of modernization, in grounds of 7,000 m2 in a quiet neighbourhood facing the Mediterranean.” The agency’s latest sales in fact range from 800,000 to 2.2 million euros, while the bracket around 5 million is seeing a slowdown. More and more complicated, clients’ files demand precise and experienced handling. This is where the role of the estate-agent proves to be vital. The slightest failing on his or her part can have dramatic consequences. In addition to in-depth knowledge of the area, he or she must be competent with the investment side of the transaction. For in addition to pleasure, real estate is above all a sound long-term asset. In 15 years of experience, Gilles Pieri only remembers one single property sold at a loss. The second quarter is looking more promising than the first, paradoxically borne along by interest from French clients. One encouraging factor is the prospect of the inauguration of “Polygone Riviera” in 2015, an open-air centre comprised of shops, office space and leisure venues (200 units, 1,500 jobs, 3,000 underground parking places and prestigious names in the running).
By Laetitia Rossi
