Private mansions in Paris
Constituting a niche market, private mansions account for a tiny percentage of sales on the Parisian property market. Historic walls, vast surface areas, enchanting gardens, these confidential addresses post prices as spectacular as their esthetic appeal. Focus on a highly selective market…
A freestone building on several floors providing hundreds of square metres of living space, set back from the street in a garden with a courtyard of honour : that’s the definition of a private mansion. An oh ! so very rare commodity ! The market for private mansions has thus swept up townhouses in its wake, as explained by Jean-Louis Sadone, General Director of the agency of the same name : “In Neuilly, there are 600 to 700 private mansions, but on this niche market, 80% of the properties are in fact townhouses with gardens or terraces. Homes that meet the requirements of privileged families in search of space, privacy and generous exteriors. Neuilly and the 16th arrondissement are addresses of predilection for private mansions, which can also be found in the 17th, 8th and the centre of Paris, the 1st and Le Marais. When people talk about mansions, they already imply desirability ; the name itself conveys something glamorous, a notion of space, house staff, a leafy setting, a garden or even a park. For me, Madame Bettencourt’s private mansion is the most iconic example of this type of property, though buildings proposing such appointments in Paris are extremely rare. They constitute a market apart, in which one talks about marginality and scarcity”.
A market consisting of very few properties, and rare but spectacular sales which often hit the headlines, the private mansion market thus accounts for a very low percentage of real-estate sales in Paris, though it has not been spared by the crunch : “It’s a market that has been in the doldrums for three years now,” says Richart Tzipine, General Director of the prestige real-estate agency, Barnes. “You are up against the same problem as with very large apartments : owners want to sell, but the economic and tax situations in France have blocked transactions. There are less than ten sales a year for this type of property. I currently have 25 private mansions on my files, up for sale at prices over 8 million euros. But properties that are currently selling in Paris are those pegged from 1 to 2.5 million euros. From 3 to 4 million, there are still a few potential buyers, but for residences priced from 4 to 8 million euros, they have disappeared. Over and above 10 million euros, we’re in a different sphere altogether : owners do not need the money, so they hang on to their properties to make prices rise. Transactions take a very long time to complete, from 2 to 5 years, with the price finally plummeting by at least 30 or even 50 %. The most practical solution for these prestigious properties ? Private mansions should be split into 3 or 4 apartments, depending on their surface area. Here at Barnes, we in fact have two departments specializing in this type of operation : “Barnes Immeuble”, which handles administrative procedures, and “Barnes Programme Neuf”, which takes charge of such projects from A to Z.”
For exceptional properties, an exceptional clientele. In 2014, who were the buyers of these little palaces ? In the midst of a deeply-rooted crisis, both French and international clients seem to be opting for prudence, remaining extremely hesitant in the face of large-scale investments. A market certainly on the downside, but not overly worrying, as explained by Alexis Caquet, Director of the Agences Vaneau : “This market has definitely shrunk over the past few years. French clients do not participate in transactions over 5 million euros. As for foreign clients, they are more interested in high-end apartments. When they do appear on the market for private mansions, it is for those priced over 10 million euros ; I’m thinking in particular of African and Middle Eastern clients, keen on this type of property and drawn by the luxury of owning an historic stone residence in Paris. Whatever the case, it is indeed a “micro-market” which only serves as a kind of barometer to assess the real-estate situation overall. Today’s talk is alarmist and pessimistic. France and especially Paris still exercise enormous appeal. Paris is a city that continues to make people dream internationally. There is an art of living which is truly French, something which is no longer mentioned, or only rarely, and I think it’s important to re-emphasize the fact”.
