24 November 2009 by gordonlp

Le Domaine De Figuiere

Dear all, I also am an owner of a unit in Domaine de la Figuiere and I have not been in the loop on the goings on since the beginning 2004, when I bought a unit.
I have several other friends which are also owners of individual units who would also appreciate to be kept in the loop.
I would like to sell my unit, has anyone any idea on how to go about this? It states that the company (Eurogroup) has the first right to acquire the property, but my French is not up to par to figure out exactly what my options are.

I appreciate any feedback provided. best

 

Comments

gordonlp

26 November 2009

Dear Chris, Thank you for your response to my inquiry, I also have my unit listed with a local agent in Sainte Maxime www.agencebird.com REF 1375A with absolutely no luck, minimal if any showings, etc.I also spoke with J. Ward regarding the 22% INSEE increase that Eurogroup was by contract require to increase our quarterly rental amounts. I was not aware of this and have since contacted another 2 unit owners (friends) in the states who also have not done anything as of yet.

Can you please tell me who we need to speak with in order to negotiate or demand the increase? Who did you both use on your behalf?

Who do you use for your French SARL for your unit? I am currently with SARL GEFI, but have spoken to another firm C´Est la Vie.

Thank you for your time. Best, Laura


chrisr

27 November 2009

Hi Laura,

You could try a lady at Eurogroup who dealt with our increase (see below). You should bear in mind that we only received a 6% increase despite it theoretically being 22%.For us, the costs of pursuing Eurogroup over this outweighed the benefits as they threatened to cancel the lease if we didn't agree.

We still use SARL Gefi, although I daresay there are other who could do more for less.

Regards,

Chris

"Marie-Emmanuelle HUARD" <mhuard@eurogroup-vacances.com

gordonlp

27 November 2009

Dear Chris,

I contacted Marie-Emmanuelle from Eurogroup and her offer in an email today was a INSEE increase of 3% retroactive back to January 2009. Did you have the same experience with a lower offer and then settled on the 6%? When did you accept the 6%? and was it retroactive back to January 2009?

This is all new to me. Thank you, Laura

gordonlp

27 November 2009

Dear Domaine de la Figuiere owners,

For those that are interested in the resale price for your unit. I was told by Bernard at C´Est la Vie that the valuation ia calculated by taking the annual rent
excluding VAT and divide this figure by 5.5%.

The 5.5% is the expected return an investor can get from
a medium risky investment now. If you are at the end of the lease (so 8 years
or more that could be different).

My unit which is a T4 plan 48 sqm (2 bedroom, 2 bath with WC) is estimated to have a current value of approx. 127,000 € based on this calculation and the fact that I still have another 6 years on the Eurogroup leaseback contract.

I hope that you find this of interest in the event that you want to try and resell your unit at this time. best, Laura

chrisr

27 November 2009

Hi Laura,

From memory they offered lower than 6% and went up although nothing like as much as the contractual level.

In terms of prices the valuation you give provide seems very low for a 3-bed apartment in the Cote D'Azur. I wonder what the price would be without the lease? I would imagine it would be at least double.

Chris

Join the French Leaseback Community today! It's FREE!

Inscrivez-vous à la Communauté LMNP aujourd'hui! C'est GRATUIT!