Waterfront properties
It’s hard to resist the charm of coastlines on the Riviera or in the Var, those stretches of sand, sheltered coves, sublime capes, lapped by the Mediterranean. Blessed are those who own a house facing the Deep Blue Sea, especially if it benefits from direct access to a beach or private landing stage…
“The sea is lovelier than cathedrals ; a devoted nurse, soothing for pain (...), it offers all kinds of gifts, both terrible and sweet,” wrote Paul Verlaine. “(...) I know no more delicate pleasure than my feet tramping along the shore in the more tormented nooks and crannies of this wild coast,” added Joseph Bironneau. Since 1988, the azure Med has also been a source of inspiration for Michel Chassagne and Sonia Kovac of Waterfront Property. Between Monaco and Saint-Tropez, they have put together an inventory of 1,956 properties at the water’s edge. From fishermen's shacks to huge estates, they comprise a special market in which rarity justifies high prices. The clientele is, in fact, looking for an exceptional location. Prices depend on several criteria. Pure geography tops the list : Cap Martin, Cap Ferrat, Cap d’Antibes or Cap Bénat, the Saint-Tropez peninsula and the shore close to Cannes and Monaco win all the votes. Similarly, the Alpes Mar-itimes outweigh the Var, whose eastern part is more popular than the west. Unique character is also important : the address of a private guarded estate, a cliff-hanger location or an island such as Le Levant, Porquerolles, Le Ribaud. Then there are sandy or pebbly beaches, a lively panorama or the open sea, a fresh or sea water pool, the existence of a boat hangar and use of a landing-stage with the authorization of the public domain in a deed granting temporary occupancy. It wouldn’t be true, however, to say that houses standing at the water’s edge have no defects. To begin with, roads and railways run along a large part of the territory. In recent years, old customs officers’ paths have been transformed into pedestrian paths : it’s not unusual to see hikers strolling past one’s villa. Only a commercial beach on the official land register or under concession may be regarded as private, and even then… Otherwise, everyone has the right to walk along the coast and stay there. For some people, the chanting of the cicadas is a repetitive litany. In summer, the bays are polluted by heavy boat traffic. And Coastal Regulations imply certain constraints on construction. Prices start at around 1.6 million € for a house of 200 m2 awaiting renovation in grounds of 1,000 m2 between Saint-Raphaël and Sainte-Maxime. Prices often soar to 25 million €. At this level, one would obtain 250 m2 in the Var with the possibility of extension of 700 m2 in the midst of 18,000 m2 of pinewoods. Between Théoule and Sainte-Maxime, the average transaction fluctuates between 2.5 and 10 million €. A budget of 100 million € is sometimes required on the capes or in Saint-Tropez. Offering a good value-for-money ratio, the protected stretch of the Red Rocks in the Estérel, somewhat recalling the Wild West, attracts fans of privacy, authenticity and serenity. In general, the Alpes-Maritimes boast properties of far more impressive size. The crisis has not really affected this category of properties, too restricted to accept the dictates of would-be purchasers. Jean-Christophe Hym of the Europa agency mentions land blessed by the gods such as Cap Ferrat and Cap d’Antibes. Millionaires’ Bay is home to magnificent specimens such as the “Villa Hier”, 1,200 m2 with grounds of 12,000 m2, the Château de la Croë, acquired by the famous Roman Abramovich, the Château de la Garoupe and its next-door neighbour, now in the lap of Boris Berezovski. The BMW family also owns a property here. Cap d’Antibes is also home to “Occident” and the “Villa d’Aujourd’hui”, designed by architect Mallet-Stevens for John Warner. Provided that the grounds dip their toes in the Deep Blue Sea, the most modest dwelling here costs 3 million €. The stretch of coast between Port Camille-Rayon and Cannes has a dozen homes at the edge of the Med, including the sprawling property owned by King Fahd. With the exception of the latter, residences in a less qualitative environment between road and sea range from 3 to 10 million €. Cannes has only four properties at the water’s edge. One of them was spotlighted recently in the press : a Monaco resident acquired a basic villa down on the rocks before buying “Orion” just above, on the far side of the railway line. The new owner bored a tunnel under the tracks to connect the two properties and was considering total renovation of the second villa. Another transaction that drew wide attention : the acquisition in 2008 of the only privately owned property on the Lérins Islands by a Hindu, the boss of a Formula 1 racing team, an airline and a brand of beer. “Everyone appreciates these properties, but their most committed fans come from cold countries,” says Jonathan Gray of Beauchamp Estates, a Côte d’Azur branch of the prestigious London company. Nationals of Eastern Europe, Russians, Ukrainians, Kazakhs and Poles are all deeply attached to the seafront concept and will spend at least 5 to 6 million €, quite often 100 million €, just for the pleasure of strolling across a park laid out with Mediterranean trees before plunging into the azure-blue water. When the capes and Beaulieu have nothing on offer, they set their sights on Saint-Tropez. When the crisis reared its head, they were hard hit, to the point that some of them are not hesitating to sell up. After the financial storm, the oligarchs may well focus their attention on the Var coast. The British have a strong preference for rocky promontories, recalling the landscapes of their youth. Ready to pay 30 million €, they do not consider easy access to be essential. Scandinavians are more concerned about the quality of a property’s appointments. They are not particularly fond of views of the open sea, preferring by far the coastline with its indentations and sparkling lights. Ready to disburse 15 to 20 million €, they love to look across at Villefranche and Beaulieu from Cap Ferrat, or the Lérins Islands, the bay of Cannes or Antibes from the cape which is an extension of this, the second biggest town in the Alpes-Maritimes. The King of Sweden treated himself to a fine example in Sainte-Maxime. The French opt for the Var : even if some have the funds necessary to acquire a beautiful villa on the Côte d’Azur, they prefer to disseminate their investments. Finally, the history and evolution of changing tastes in real estate do justice to women who inherited rickety seafront houses and swampy land that men gladly abandoned in favour of properties further inland.
By Laetitia Rossi
