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Palace of Versailles Look a like Mansion Fleur de Lys sells for 102 million dollars cash

Not a French Property Sale, the Fleur de Lys Mansion modelled after King Louis xiv’s Palace of Versailles, and located in Hornby Hills, Los Angeles, California has just been sold for 102 million dollars according to ABC news.

The sale took place after a bidding war between three billionaires and was concluded when a French buyer offered to pay 102 million cash.

According to details on Wikipedia, this French Property look a like Palace is approximately 45,000 square feet in size and has 12 bedrooms, has 15 bathrooms, a 50 seat theatre, a ballroom, a gym, a pool house, 1200 metre running track, a tennis court and a guest house all located on a five acre parcel of land. There is even a 200 yard driveway from the gate to the main house.

Visit the ABC news page to see photos of this mansion.

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2014 French Mortgage Rates Gone Down

French real estate has become cheaper for buyers since the French mortgage rates just went down.

According to the latest Empruntis survey, average fixed interest rates have declined compared to the previous survey with the exception of the 25 year mortgage that stayed the same.

Average fixed rate over 10 years : 2, 90%
(2.95 % in the previous survey)

Average fixed rate over 15 years : 3 05 %
( 3.10% in the previous survey)

Average fixed rate over 20 years: 3 30%
( 3.45% in the previous survey)

Average fixed rate over 25 years : 3 80%
(stable, same in the previous survey)

This reduction in French mortgage interest rates helps offset the cost of the increase in French property transfer tax.

With no clear indication that property prices are going to really drop, the reduced interest rates reduce the long term cost of buying property in France.

Perhaps now is the right time for you to buy?

Would you like to speak with an English speaking French mortgage broker to find you the best rate? Contact us, we can put you in contact with an expert.

Source article in French here

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How to Buy a French Property in Five Steps

If you are planning on buying a French property we can outline the steps very quickly.

One
Contact Your French Bank or French Mortgage Broker to pre approve you for your French Mortgage
If you are an international buyer we have experts who can help you with international finance.
Remember to do this Before you start looking for your French Property

Two
Find your French property.
We know we are making it sound simple since the process can be complicated. Just make sure you get yourself in contact with local English speaking French real estate professional in your area of choice. We can help you find the right one for you.

Three
Sign the purchase contract
Again we are making it sound simple but once you have found the right property with the help of an English speaking French notary and your English speaking French real estate agent you will have the compromise de vente created.

Four
Apply for the French mortgage
Once you have your compromis de vente signed by all parties to the sale your French bank or French mortage broker can work on helping you get the financing request completed.

Five
Complete the Sale
Once you have your financing in place and all other conditions of your purchase are fulfilled you can complete the sale with the aid of your French notary.

That’s the five step overview.
Check out our 110 Tips French real estate buyer’s guide here

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Bad French Landlords 1000 Euros Per Day Fine

As part of the new Loi Alur French real estate property landlords who rent substandard housing and are requested to make repairs and given a dead line to do so by French authorities. If the French property landlord does not make the repair within the designated time limit   he / she may receive a fine of potentially 1000 euros per day until the work is completed.

For clarification on this law if you think it may impact you will need to seek legal advice.

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Note: Details on our 110 Tip electronic French real estate buyer’s guide plus checklists is here.

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