Matrix Blog

On the last day of 2015 I was invited to guest host for the 6am hour on Bloomberg TV’s Surveillance with Mike McKee, Vonnie Quinn & Erik Schatzker. I was paired with Michael Holland, Chairman at Holland & Co. I’ve never met him before but really enjoyed his insights on the stock market.

The first segment was largely stock market talk which was out of my bailiwick but in the second segment I got to articulate my views on the New York City super luxury market. Today’s Max Frankel New York Times editorial was brought up – “Make Them Pay For Views” – which I thought was a ridiculous premise – despite the legendary author.

And a second segment talking about professional services used for acquiring assets.

After the hour was up, I ran over to Bloomberg Radio’s Surveillance with Mike McKee (at 33 minute mark) [Listen to clip]

Gotta go. The Spartans are playing in the Cotton Bowl now.

Tags: Bloomberg TV, Erik Schatzker, Bloomberg Radio, Vonnie Quinn, New Development Sales, Super Talls, Mike McKee, guest host, Michael Holland, Max Frankel

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KHS Real Estate has traded emails with me periodically and are avid readers of Matrix. They provide real estate market information and commentary through their web site and blog.

Paris, France real estate market
1st Quarter 2007

Strong market data for Paris real estate

Real estate prices in the elegant and trendy “Saint Germain- des- Prés” district ( 6th arrondissement) in the heart of Paris hit a new record high during the 1st quarter 2007. The official average price per square meter for old and unoccupied apartments rose by 11.3% p.a. and stood at €9,003. The area between the Seine and the “Luxembourg Gardens” has once again been the most expensive, followed by the 7th arrondissement ( “musée d’Orsay” – “Invalides” – “Eiffel tower”) where average apartments cost € 8.385 per square meter.

In Paris “Intramuros”, the average square meter price for old and unoccupied apartments increased by 8,7% p.a. and reached € 5,867. These are the official numbers for the first quarter 2007, released by the Paris Notary Chamber on its press conference on 3 July 2007.

The least expensive districts are located in the north- east of the French capital: the square meter for an average apartment cost € 4,591 in the area around the “La Villette” area, i.e. the 19tharrondissement and € 4,927 in the neighbouring 20th arrondissement.

The market is strong and solid. However, the annual price increase rates have been shrinking since 2005: Whereas the average price per square meter rose by 14.0% p.a. in Q4/ 2005, it came gradually down to 8.7% p.a. in Q1/ 2007.

During the 1st quarter, strongest growth (+ 13,1% p.a.) was observed in the 5th arrondissement (“latin quarter”) where the Sorbonne University is located and where many students live. Prices rose by 11,9% p.a. in the 8th arrondissement around the elegant “Champs- Elysée”.

1st Quarter Stats
KHS Paris Real Estate website
KHS Paris Real Estate blog

But I digress…

But for an excerpt of French related dialog, well not really but its one of my favorite rapid-fire dialogs in the movie Pulp Fiction:

Vincent: You know what the funniest thing about Europe is?
Jules: What?
Vincent: It’s the little differences. I mean they got the same shit over there that they got here, but it’s just – it’s just there it’s a little different.
Jules: Examples?
Vincent: Alright, well you can walk into a movie theater in Amsterdam and buy a beer. And I don’t mean just like in no paper cup, I’m talking about a glass of beer. And in Paris, you can buy a beer at McDonald’s. And you know what they call a, uh, a Quarter Pounder with Cheese in Paris?
Jules: They don’t call it a Quarter Pounder with Cheese?
Vincent: Nah, man, they got the metric system, they wouldn’t know what the fuck a Quarter Pounder is.
Jules: What do they call it?
Vincent: They call it a “Royale with Cheese.”[2]
Jules: “Royale with Cheese.”
Vincent: Thats right.
Jules: What do they call a Big Mac?
Vincent: A Big Mac’s a Big Mac, but they call it “Le Big Mac.”
Jules: “Le Big Mac.” [laughs] What do they call a Whopper?
Vincent: I dunno, I didn’t go into Burger King. But, you know what they put on french fries in Holland instead of ketchup?
Jules: What?
Vincent: Mayonnaise.

Tags: Europe

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Matrix goes in Seine (ok, sorry)

About my light postings over the past week – my kids are on school break, I had been working on the release of yesterday’s Long Island Queens Market Overview as well as prepping for expert witness testimony given yesterday and an exciting development for Miller Samuel to be announced soon. I’ll be back on track next week.

KHS Real Estate has traded emails with me periodically and are avid readers of Matrix. They provide real estate market information and commentary through their web site and blog.

Paris, France real estate market
4th Quarter 2006

Commentary provided by Charles Meunier of KHS:

In the city of Paris, the average squaremeter price for old and unoccupied apartments stood at € 5,772/ USD 7,842.99 during the 4th quarter 2006. Once again, the 6th arrondissement around “Saint Germain- des- Prés” has been the most expensive (€ 8,586/ USD 11,667.09 per squaremeter), followed by the 7th ( “Musée d’Orsay”- “Invalides” – “Eiffel tower”/ € 8,307/ USD 11,289 per m²) and the southern Marais ( 4th arrondissement, € 7,951/ USD 10,806.20). The districts in the north- east remain the most affordable: the 19th ( “la Villette”) cost € 4,571/ USD 6,212.45 and the 20th € 4,774/ USD 6,488.34 per squaremeter. These are the official numbers released by the Paris Notary Chamber on a new conference on 3 April 2007.

In 2006, the annual price increase was 9.9 % for the whole of the City. However, the market lost steam and weakened toward the end of the year. According to the Notary Chamber, the prices in the 6th arrondissement “Saint Germain- des- Prés” rose by 13.7% and in the 8th arrondissement “Champs-Elysée” by 6,5% ( increase per annum/ 4th quarter 2006).

During the year 2006, exactly 36,824 old and unoccupied apartments were sold in Paris, compared to 38,229 in 2005.

Nonetheless, I want to emphasise that apartments in fairly good quality are sold within a margin of around € 7,000 / USD 9,514.75 to € 11.000/ USD 14,951.75 per square meter in the attractive central districts “Saint Germain- des- Prés” or in the Marais. Premium real estate on prestigious addresses reach price levels between € 15,000/ USD 20,386.50 and € 20,000 / USD 27.182 per squaremeter and more.

4th Quarter Stats
KHS Paris Real Estate website
KHS Paris Real Estate blog

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[Karl- Heinz Schabmüller M.B.A., a real estate broker in Paris, France regularly writes articles and market reports about the city’s housing market based on market figures released by the Paris Notary Chamber. I have not met Mr. Schabmüller, but have traded emails since he is a fan of Matrix]

The recap of the current results and Mr. Schabmüller’s interpretation are found below:

Paris, France real estate market – 3rd quarter 2006

In its press conference of 17 January 2007, the Notary Chamber has released official data about the Paris real estate market during the 3rd quarter 2006.

• The average square meter price in Paris now stands at 5 675 €/ USD 7,380.62

• According to the report, the sale’s volume shrank by 3.3% in comparison to the 3rd quarter 2005. Altogether 9,888 old and unoccupied apartments were sold in the city, the average square meter price increased by 9.9% and stands at 5 675 €/ USD 7,380.62.

• Once again, the 6th arrondissement (Saint Germain- des- Prés) in the very heart of the city remains the most expensive (8 527€/m² – USD/ m² 11,089.8). It is now followed by the 4th (southern Marais and the “Saint Louis island” – 7 708 €/m² – USD/m² 10,024.6) and the 7th (“Eiffel tower”, “Invalides”,”musée d’Orsay” – 7 633 €/m² – USD/ m² 9,927.10). The least expensive are the 19th arrondissement (4 498 €/m² – USD/m² 5849.87) and the 20th (4 720€/m² – USD/m² 6,138.60), which are both located in the north- east of the city.

• Apart from the notary’s official data, however, I want to point out that square meter prices for a property in fairly good quality in the centre range between 7,000€/ USD 9,103.85 and 10,000€/ USD 13,005.5, prestigious real estate is higher.
  (exchange rate amounts are not guaranteed)

I assume that his 2006 recap on [Paris real estate market](http://www.khs.fr/index2.cfm) will be available in April 2007.

Paris Market 2005 recap
KHS Paris Real Estate website
KHS Paris Real Estate blog

Tags: Europe

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[Karl- Heinz Schabmüller M.B.A., a real estate broker in Paris, France regularly writes articles and market reports about the city’s housing market based on market figures released by the Paris Notary Chamber. I have not met Mr. Schabmüller, but have traded emails since he is a fan of Matrix]

[click for the Paris Market 2005 recap](http://www.khs.fr/ParisArchives.cfm?IDTexteNewsArchives=150)

[click for the Paris Market 2Q 2006 stats](http://www.khs.fr/index2.cfm?langue=EN). The recap of the current report is found below:

Paris, France real estate market – 2nd quarter 2006

Notary figures show mixed picture

The city’s real estate market is slowing down but remains solid and in good condition. During the second quarter of 2006 the average price per squaremeter increased by 12,5% compared to the same period in 2005, however sale’s volume shrank by 6.6%. The average squaremeter price in the city of Paris now stands at € 5.515. These numbers were released by the Paris Notary Chamber in its press conference on 3 October 2006.

Interestingly, the 7th arrondissement which stretches along the southern bank of the Seine and includes the ‘Musée d’Orsay’, the ‘Invalides’ and the ‘Eiffel tower’, has become the most expensive district ( 8,162 €/m²) whereas the 6th arrondissement around ‘Saint Germain- des Prés’ and the ‘Luxembourg Gardens’ now ranks second (8.099 €/m²).

A handsome two- room apartment (app.40/45m²) in fairly good quality, which can easily be rented out, now costs about US$ 400,000 to 450,000 in these attractive central areas. First- class properties in prestigious addresses like ‘avenue Foch’ or ‘place Furstemberg’ sell at €/ US$15,000 and higher.

You will find much more information about the [Paris real estate market in the KHS report](http://www.khs.fr/index2.cfm) , which was presented at the American Chamber in France in April 2006. It describes the market situation on the romantic left bank ‘rive gauche’ and in the elegant western districts around ‘avenue Montaigne’, ‘avenue des Champs- Elysées’ and the 16th arrondissement along the ‘bois de Boulogne” forest.

[KHS, Paris / France](http://www.khs.fr/)

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