Bigal

There is an interesting article in the ESCAPE section of today's NYTimes relating to American expats in Paris and the details of buying and/or renting an apartment. It also seems that the 17th arrondisement is the place people are going. It's a good cut-out and save article with lots of places to go and see.

http://travel2.nytimes.com/2006/06/2...e/23paris.html

ekscrunchy

What is this neighborhood like?

rex

I clicked on this link, skeptically... since there are entire books on how to (and how not to) buy real estate in France.

And in generally, for 1000 words or therabouts, I thought it was a surprisingly interesting read. As much as anyhing, it captures well, why a reader (and for the most part, a New Yorker?) might suddenly consider such a choice when it would have otherwise not been on their radar screen.

But it also lays out, glaringly, the very real socioeconomic class divide that exists... in the US? among the readership of the NYTimes (since it is surely not directed at all segments of the population in the US)... even, no doubt, among the "community" of veterans and newbies who come here to this forum.

Debating over whether $700 per sq ft (versus $900+) is a &quot;bargain&quot; for a <i>second</i> &quot;home&quot; (635 sq ft, 1 br apartment in a central example in the article)... how much disconnect is that to how many readers? For the average would-be buyer, that's a difference of $3500 vs $4500... <i><b>per month</b></i> mortgage costs for such a purchase. I enjoy a good income, but I struggle to figure out where I could squeeze an additional $3500 (per <i><b>year</b></i... for any discretionary purpose (and the one that needs it the most is my retirement savings!)

If this article is a big eye-roll for me, what does it mean to the reader who wonders how s/he will ever be able to afford that first home?

Interesting food for thought.

Best wishes,

Rex

rex

Did you read it, ekscrunchy? It actually gives a concise, but useful description.

ira

Hey Rex,

The article is about a lawyer married to a pathologist.

Their combined income is well above my wage grade.

1.1 million Euro for a 2 bed-2 bath apt is a bargain?

jody

&quot;1.1 million Euro for a 2 bed-2 bath apt is a bargain?&quot;

I guess it might be if you live in NYC, where a 2/2 might go for 3.5 million on the upper east side.

rex

Exactly my point. A big disconnect (perhaps it was ever so)... between the poor, the middle class, the &quot;ordinary&quot; wealthy (me?) and the &quot;extraordinarily&quot; wealthy.

I'm not sure what is the distribution of any of these four divisions, here on this forum.

StCirq

You can still buy a nice little cottage in the Dordogne or other parts of rural France that's three times the size for under 150,000 euro....and visit Paris all you like and save a bundle...

SuzieC

I am probably wrong, but I think in Mayle's book, &quot;Acquired Tastes&quot; or one of his others...he wrote about not understanding some of his &quot;neighbors&quot; in Provence. People with the wherewithall to buy beautiful homes only to rent them out and sometimes, have things broken or &quot;missing&quot; and then, the owners only spend a few weeks a year in them. So Mayle's point was, if you have say, 500,000E's to invest in a property as side income, why not invest the money but pick a lavish hotel in the area you so love...and stay your 3 or 4 weeks or whatnot...get all the services, and once hotelier's get to know you, there are even more perks (like being able to store some clothing and your clubs during the off time).
So when I have that extra half-mill, I may just save it, let it earn me interest to keep going to some posh place! ..ore even dart around renting villas and gites...and apartments...
Oh my, just set myself off in a hot-flash!

Christina

That article was written for a specific audience and interest, and they are the ones who will read it. It wasn't targeted nor aimed at the typical middle class reader. SO what's the point of complaining about how articles written for a different audience are a big eyeroll for you? People who aren't interested in buy expensive second homes aren't reading articles in the NYT entitled &quot;havens&quot; about where to buy them.

snavaro

We just bought a 1BR in the west end of the 17th, and are looking for additional owners to share it with us. Since no one really needs an apt. in Paris for a whole year at a time unless you are living there, it makes practical sense. Why pay for more than you can use? We will have 12 owners, each owning 1 month a year. The unit will be totally remodeled with high end furnishings. The price? How about 52,000 euros, less than the price of a nice car! Check out my site on this at: http://villamonceau.spaces.msn.com

ekscrunchy

Yes, Rex, I read the article and was hoping to hear more about the 17th from people who are familiar with the area, such as Snavero.

snavaro

I have quite a few photos of the 17th, including the architecture, Parc Monceau, and the various shops and markets in the area. Also some good links for more info. I have been to Paris 7 times, and this arrondisement was a very pleasant surprise.

SAnParis

The whole buying v. renting thing can be debated, however, for 1.1M of any currency, I can rent a pretty nice place for a long time. I have explored beach/coastal ownership for some time in the US. Until I retire, I'll let someone else pay the insurance, take care of upkeep, &amp; take the risk. I'll happily pay them rent for the several weeks I'll spend there. Particularly since we like to stay, on the beach proper. From a dollars &amp; sense standpoint, it is almost silly to buy unless you are in that upper income bracket (which I am not).