Southern Dordogne Property Market Update

A little over 70 years ago on the 8th September 1940, young Marcel Ravidat was walking his dog accompanied by three friends. His dog Robot briefly disappeared into a 20-cm hole under an uprooted tree and came back out moments later. Intrigued, the four lads decided to come back armed with a shovel to explore the cavity ... and discovered the grotte de Lascaux! Without Robot the dog, the magnificent 17,000 year old paintings and carvings depicting animals displayed on the wall of this cave would be unknown to this day. What an amazing discovery! I would have loved to be the first one to see it.

I have an interest in archaeology and sometimes think that there are common elements with my work as property finder. Both require patience and a desire to literally leave no stone unturned until you discover what you are looking for. At times during my property searches, I have had that eureka moment. While looking for the impossible, you suddenly find “the one”; that little gem that you know your clients will love. One example of this happened quite recently.

My clients Will and Val had a small budget, but a big list of requirements. They needed a fairly large house with a pool and many other criteria. They wanted an easily maintained garden and to be situated near a village with a bakery and a restaurant and wanted to be fairly close to a large town and Bergerac airport and of course the property had to be pretty and with no work required. As you can imagine these kinds of requirements can considerably increase the cost of a property, especially in a sought after area like mine.

A search can take between four to six weeks, sometimes more if the criteria are particularly challenging. After nearly six weeks on this search, I had a good handful of possible candidates but one particularly that I felt would be a good match. About a week before Will and Val were due to arrive from Hong Kong to visit the properties I was notified by the estate agent that the property was under offer from another buyer! My heart sank. I knew that although the other properties were fairly good they probably would not appeal as much. It was time to start looking all over again to see whether I could turn up something that would wow my clients. I spent a couple of days straight on the internet and called out my contacts all over the area to see whether they had taken on new properties which may be of interest. One evening I was going through private listings when I saw "it" and I immediately knew that my clients would buy it. It was perfect in every way but one; the price was 25K over budget. I contacted the owner to visit the property to make sure that the details published on the internet were correct and that the property ticked all the boxes. After a long conversation with the French owners who were looking to move quickly, I knew that we could negotiate the price down to a figure my clients could afford. The rest is history, my clients fell in love with the little brook and bridge in front of the property as well as the gorgeous 17th century Perigourdine house and bought it. So, a bit like an archaeologist, I had unearthed a treasure.

The mood of the property market in the Dordogne

The property market in Dordogne which, was boosted in 2007 had started to slow down since 2010 but this turned into a drop of 3.6% in the period between 2011 and 2012 on older properties. According to the FNAIM’s latest report (14th January 2013) there is a significant drop in the price of properties in the West of France especially in respect of obsolete properties, a label given to those houses built in the 70s and 80s and those which have inadequate heating systems or those which are badly served by transport or shops. At the beginning of the year the median price for an apartment in Dordogne was 1537€/m2 and 1292€/m2 for houses. However, the good news is that even though the market is a little slow, the Dordogne style of property (stones and beams) is still highly sought after by foreign buyers.

Three main reasons why this a good time to buy in the Dordogne?

Lower pricesBecause the number of transaction has fallen by 18.6% in France between 2011 and 2012 (according to the FNAIM) property prices too have fallen.

Plenty of choice propertiesDue to the poor exchange rate, quite a few expats have had to put their properties on the market and there are plenty of great properties to choose from.

Low mortgage ratesPresent mortgage rates are at an historical low.

For more information have a look at www.southerndordognepropertyservices.com you can also contact me at jacqueline.hanks@frenchentree.com or call me on + 33 (0)553730645

From Texas to the Dordogne • Jeff and Liz find a home

The reasons why Jeff and Liz selected France for retirement would fill a book in itself (and indeed they will as Jeffrey is completing his manuscript). They love the lifestyle, the climate, the access to the rest of Western Europe, and the ability to live, rather than just be making a living.

Tell us about yourself.

I'm Jeffrey Poster, a recovering litigator now involved in alternative dispute resolution, including mediation & arbitration, and teacher of both subjects at a law school in Texas. I have a BA, Master of Public Administration, and JD degrees and I'm a Fellow of the Chartered Institute of Arbitrators. I also write [see excerpt from his book below]. My wife Elizabeth is the daughter of Hungarian refugees born in a camp for displaced persons near Munich. She is the Dean of the College of Nursing at the University of Texas at Arlington with a Bachelor and Master degree from Boston University and a PhD from Boston College, and she somehow found the time to become an accomplished jewelry maker.




How did you come across your Property Finder Jacqueline Hanks?

After a first frustrating house hunting trip, we asked about a property we found on the FrenchEntrée.com website. The very helpful person who responded to my inquiry (FrenchEntrée seems to suffer from an epidemic of effective and helpful people) asked if we would be interested in speaking with a property finder and Jacqueline called us within a few minutes. Jacqueline then led us through our home search and guided us through the buying process.


Why did you choose this particular house?

We had little doubt that we would find something in the Dordogne. We loved the area and chose the house because we felt it had everything necessary to move in without renovation, was convenient to village services, and was in a location where there were a lot of services available for expatriates. What we did not know until the morning after we visited was that the house is located in the town that is the setting of the TV production of Little England.


Do you have plans to move here permanently?

In the coming years we hope to be living here full-time enjoying visitors and local friends, and traveling in France and Europe.

In hindsight would you have done anything differently?

Not really. Perhaps we could have given ourselves some more time in France to complete our search.

What would they recommend to someone who is just starting their search?

I would suggest that a good start is a large property show like Earls Court [The France Show is held in London every January]. But most importantly, unless one has been a resident of France and in the area in which one wishes to buy, it is essential to engage a property finder, and if one is looking in the southern Dordogne, it is best to engage Jacqueline.”

The following is a condensed excerpt from the first few chapters of Jeff's book.


The coffee always tasted better on Sunday morning. It was a ritual. We would always make a fresh pot of coffee, and a good breakfast. Then, we’d turn on CBS, open up our local paper and the New York Times, and settle in for the next few hours. The relaxation and talking about the articles we reading made the coffee taste better. One Sunday morning in early April Liz completely surprised me by asking if I wanted to retire in France. I had been saying I wanted to do that for years, so she knew the answer would be yes!

We had our periodical meeting with our financial advisor coming up soon so decided we would not do anything until we met with him. He had good news for us and because the Euro had weakened against the dollar, it was a good time to buy. In the 20th century we would have begun our research at the library, but instead of that, we logged on.
...
We love the Dordogne for its wonderful combination of food, scenery, and history. It was fortunate that our resources matched our inclinations. We found that the Haute-Savoie, another favorite area with its combination of rich summer activities and access to skiing, was entirely out of reach. There appeared to be an overwhelming selection of properties among the many websites. But these websites were produced by selling agents aimed to get buyers into their offices so appearances were positively misleading. By the time we were finished with our first few hours of looking at websites, we were convinced that French property agents would describe the Acropolis of Athens as a “home in need of renovation, great views, roof repair possible.” We started to learn the secret code, for example if the description said the property had many rooms, that meant that the rooms were tiny, and we found that attractive homes had unattractive neighbors. We quickly learned to eliminate the listings that failed to have any photographs of either the exterior or the interior, or those that showed three views of the kitchen, but somehow managed to avoid a photograph of the stove. But, this left us with many properties we might want to see, and we decided to make some calls to France.
....
We had a cruise planned from more than a year, that left from Dover so we left a few days early and spent some time in France. Our conversations with the estate agents all began to have certain sameness. They wanted us to meet them at their office, review their catalogs “to see what listings were current.” and then visit some properties. We later learned this was a frequent method of showing properties in France.
...
(After some looking) we had currency exchange established, a French bank account, and a mortgage broker, all we had to do was find a house. We were feeling as if we needed more direction, because we were wasting a lot of effort and making very little progress. I felt like a hapless husband trying to find something for his wife in a lingerie department. I was surrounded by pretty alternatives, but I knew nothing about fit or utility. Fortunately, we were about to be helped out of our confusion. After looking at an ad for a particularly attractive house, I asked for more information via the website, and expected an email response, but the following morning the phone rang and the caller was a representative of FrenchEntrée, which I thought was one of the better property and information web sites. She had good information about the property I had asked about, but in the course of the conversation, she asked if we would be interested in talking to a property finder.
....
(Property finder) Jacqueline immediately tuned in to our American sensibilities. We spent a great deal of time talking about our preferences and the service that she would provide. She would review the ads we selected from the internet; and would suggest some that she could find from sources not available to us. When we selected a manageable list, we would consult via email and telephone, and put the homes in priority order. She would then visit the leading homes on the list about two weeks before our arrival. After those visits, she would send us her assessments and recommendations – also known as “reality check.” She also explained her fee, which was a small percentage of the purchase price, and that she would need a deposit to start her work. After a brief discussion with Liz, I phoned in the deposit first thing the following morning and then we sent our list. Oliver Cromwell famously sent a message to the Scottish Parliament, asking “to consider the possibility that thee might be mistaken." Jacqueline was somewhat more direct. She pointed out some of the problems in our list, and we narrowed it down to the chosen few for a visit in June. Because we hoped to purchase a home, we were burdened with more than our usual luggage, cameras, measuring devices, and a pad of graph paper. We were guardedly optimistic. Jacqueline claimed she was certain we would find a house we loved. She would turn out to be correct.
...
Before anyone can visit a property, the visitor must sign a “bon de visite.” This binds the visitor to that showing realtor, and if the property is bought from another realtor, or the owner directly, the realtor has the right to demand a commission from the errant buyer. Our home was only the third one we had seen in our search, but we decided it was perfect almost as soon as we had done the first walk through. Not only was it very different from the other houses on the list, it was not in the small hamlet we had first envisioned, it was not stone construction, and it was in a very formal Napoleon III style. It was also substantially above our budget. It was, in short, just about the opposite of everything we wanted and was perfect for us. It was on a quiet one-way street, near the Mairie and the Post Office, was around the corner from a boulangerie, and a short walk from a supermarché. We went off to our other appointments, but the rest of the day was now ruined, because we wanted the house but knew we did not dare make an offer on it, because it was priced well above our price point. The following morning we returned to the house, then known as the Napoleonic house for its style, attempting to appear guileless and carrying a substantial level of anxiety. We were going to negotiate a price and in this matter, we were dealing with two professionals, each trying to do the best for their respective clients.
...
In a few minutes, the notaire arrived. The four of us went into his office and went through the introductions. He was, surprisingly to us, very much concerned that Liz and I would be comfortable with the purchase process. He spent a good deal of time explaining all the buyers’ safeguards required by French law. He made it clear that he was charged with protecting the purchasers’ interests. Then he told us that he was very familiar with the house in which we were interested because it had been the Bureau des Notaires before they moved into their current offices. It’s a small world and it got even smaller when we heard that the sellers and buyers can sometimes be represented by one notaire. In the United States an attorney would not be able to be involved with both parties to a sale because of a conflict of interest. In France it is common for one notaire to deal with all the parties to a sale.

We made an offer, below the asking price, and waited. One evening, as we got out of the car, Jacqueline’s phone rang. By this time, our anxiety had increased to something akin to panic, and we had infected Jacqueline as well. She practically tore her phone out of its pocket. Then, Jacqueline’s thumb went up! Liz went crazy! And, now we had to deal with the reality of purchasing a home in France. While that reality sank in, Jacqueline passed on the details of the purchase process and we took mental notes on all the details we would have to complete in the next few days. None of that seemed to matter to us, because now we had a home in France.

-#-



•S.Davis, Property & Living Editor
Photos courtesy of ©Jeff Poster
For further information about any of the above properties or for help with your property search, please call our consultant at +44 (0)1225 463 752 or email propertysales@frenchentree.com or contact one of our local property finders with expert knowledge of the area.

A day in the life of Jacqueline Hanks - Property Finder

Having read my colleague Graham’s blog at http://cognacproperty.blogspot.co.uk I remembered this article which was published in the May/June issue of French Entrée magazine this year and thought I would share it with you!

 

"When my husband and I returned to return to live in France eight years ago and bought our dream home near Bergerac, I had no idea that a few years later I would be extolling the virtues of the Dordogne and spending my time looking for the best properties for sale in my area, yet it is exactly what I do most days.

Being a property finder means ensuring that my international clientele gets to purchase the best properties on the market at realistic prices. Many of them are too far away or too busy to find their dream property. Most have very specific requirements and this is where my knowledge of the area and the market comes into play, enabling me to weed out unsuitable properties and in doing so, save them a lot of wasted effort and money.

Dealing with clients and seeing their reaction when you have found them the perfect place is rewarding - no other job has given me such a sense of achievement. It is a bit like being a matchmaker! Dealing with estate agents and negotiating directly with owners selling privately can be challenging, but is always interesting.

Most mornings I take mon petit déjeuner on the terrace amid beautiful countryside. Then I check and respond to emails and return a few calls before jumping in my cabriolet to view a few promising properties. I love driving around with the roof down!

When I am not viewing properties, I carry out a far less glamorous activity that is going through private sales and property listings on the internet. This is where you need a lot of patience... I must browse thousands for each search.

 I am just finishing a search for Australian clients who will be arriving in a couple of weeks. Since I have just learned that one of the houses I had selected for them has been sold, I am visiting another couple this morning. I would like to show them at least six. So, I am meeting Pierre in his office in Eymet at 9am where we can review the details of the first property we are to visit and grab a quick coffee before heading to Miramont de Guyenne where it is situated.

On paper, this property fits the brief well and is within the €450,000 budget my clients have to spend. As soon as we arrive though, I know the house will not make my final six. It is too close to the road and although my clients want to be in or near a village, they also want privacy and quiet and this will not do.

Disappointed, we move on to the next house I have arranged to visit. The property is on the edge of a small village and as soon as I walk in, I realize that this could be the one! The location is perfect, the pool at the back has wonderful views and the house itself is charming and definitely worth recommending.

Delighted to have found another possible, I hurry back to Bergerac. I have enough time to check my emails again and have something to eat before a meeting this afternoon with one of my estate agent contacts. Hubert wants to show me a great house (two in fact) that some of his friends - a wife and husband team - are in the process of renovating. She is an interior decorator and he has a building company. The houses could be sold separately or together to create a gîte complex. The properties are not on the market yet and since the owner is a friend, Hubert will charge a lower agency fee. He wants to show them to me because he knows they would appeal to the type of clientele I work with.

When I get there, I am bowled over, even though it is raining. Hubert didn’t exaggerate! The properties are in a great location, hidden behind a small wood, on a huge plot, beautiful and amazingly furnished. At around €1,000,000 they are not cheap but Hubert assures me that the owner wants to sell quickly and will be prepared to come down a fair bit.

I return home tired but elated, having achieved what I was hoping to. I have found that replacement house and a couple of gems that I can keep under my hat with all the other special properties I know of who are awaiting the ‘perfect’ owner!"

 

 

Buying a house in France, the easy way.

This is it! After many years of doubts and hesitation and visiting every summer, you’ve taken the plunge and made the decision. You will finally be buying a house in France. Most of you probably think that this is the hardest part of the process, having decided to leave family and friends behind and go through such an upheaval. Well think again! You now need to find the dream home and deal with real estate agencies in France.  
  

A typical experience at a French “Agent Immobilier” can leave you feeling exhausted!  Having seen a house within your budget that you believe meets your criteria in the window of the agency, you will have to go in and ask where the house is located because somehow that crucial information is missing from the details on show. Simple enough request, you may think, but not in France.

French estate agents will not reveal the location of a property to you unless you have signed a “bon de visite” which is a declaration that you have been given details of the property by a specific agency and that should you decide to buy it at a later stage, you will buy it through that same agency. The reason behind this is that private sales are so common in France that estate agents are worried that once you know the location of a property you will go knocking on the vendors’ door and agree a private sale with them, bypassing the estate agent completely and avoiding paying their fees.

Therefore, every time you see a house which looks like it could be the one you will have to go into the agency and register with them. Each agency will take your details and ask you for a description of the type of property you’re after. They will then show you their listing book and you will have to arrange an appointment to go view properties. The whole process is quite lengthy and boring and most of the time you will end up looking at houses that do not meet your requirements or at the same house more than once, because in France properties for sale tend to be listed with many agencies. If you can’t find the house of your dreams, you’ll have to start the process all over again. What a waste of time! There must be an easier way, I hear you say.

 

Well, yes there is. If you are looking for a property in Southern Dordogne around Bergerac and South of the Dordogne River, you could employ a dedicated buyer’s agent like me or in other areas in France one of my colleagues at French Entrée. Click here to see a list of the areas covered.

As independent search consultants who work exclusively for you, we have access to private sales and notaires’ listings. We are very familiar with many of the estate agents and their listings and know of properties that have not yet been listed anywhere. We will find the best houses in the area you are interested in, preview them for you to ensure that there are no surprises and then arrange a suitable viewing itinerary and accompany you on all visits. We then help negotiate the best possible price for your purchase. So why not check out our website here or contact us directly to see if we can assist you in the process of finding your dream property in France.

Are estate agents really your friends?

I am a property finder, otherwise known as a buyer’s agent. My professional purpose and only aim is to represent clients from around the world in finding and buying French properties - especially gîtes, châteaux, vineyards, restored farmhouses, villas with pools in the beautiful Southern Dordogne and Northern Lot et Garonne areas of France - at the best possible price. I live in that region and wish to share it with all of you out there, who enjoy and want to live an uncomplicated and healthier life style in the sun.

I strongly believe that it is now time for homebuyers to attain the same level of representation that property sellers have benefited from for years. American, Australian and Canadian buyers are already converted. It is part of the process in those countries to use a buyer’s agent. After all, you are likely to use professionals to sell your property and deal with your conveyancing, so why not get the experts on your side in searching for and buying property as well.

In the last few years, purchasers have been led to believe that the many estate agents who now offer a property finding service are on their side. Now, there is no doubt that they will be very nice and helpful to them to some extent, but at the end of the day, buyers should not forget that estate agents work for the seller, not them, and are ethically and contractually obliged to represent their seller’s best interests and to get the maximum price for their property! 

I think all would be purchasers using this free service should ask themselves - who pays the selling agents fees? If it is not them, then they represent the best interests of someone else, not theirs. They can also be sure that not only will they not get objective advice about the property that they are buying nor will they see a truly representative selection of the properties for sale in the area. After all, estate agents certainly won’t show you any of the houses being sold privately in the area!

People who want an expert and professional adviser on their side employ buyer’s agents. We only work for the buyer and our only aim is to ensure our clients get to see only the properties meeting their needs and requirements, at the best possible price. A personalised property finding service covers all aspect of a home buying process – from finding the right property (searching the whole market, including private sales and notaires’ listings) using local knowledge and language skills, to negotiating the best possible price.

I do sometimes get enquiries from purchasers who once they realise that my service is not free just walk away, and yet for less than half of an estate agent’s commission they could get a personalised and unbiased dedicated property professional on their side, that would help them enjoy the whole experience of purchasing their dream home. I wish I could convince them that this service, will save them time and money and the stressful experience of spending the next year or so of their lives flying back and forth using their precious holidays to visit properties seen on the internet that will turn out to be completely wrong for them.

I wish I could convince them!  But then again perhaps I just have .........

See the service I offer at: www.southerndordognepropertyfinders.com