Tuesday, April 17, 2012

Fractional ownership of apartments in Paris

From today%26#39;s New York Times:





nytimes.com/2007/…08iht-gh.html




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This is a well written article on a topic that few know about. Few people are aware that this alternative exists for ownership of Paris property. There are pitfalls however, and one should know the legal ramifications of how these projects should be properly structured. There can be major French tax issues if they are not done correctly.




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And fewer yet can actually afford it! :-)




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I read the article.





My questions are: how do I get in on this wonderful deal? Is there an agency I can contact or a website for more info?




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Sound like something to think about. If one notices, most of the people who thought (or already purchased) about buying these fractional ownerships are not %26quot;average%26quot; people. They are retired physicians, chairman of a med school, general cousel of Merril Lynch.





Definitely not for average folk like myself. Rather, I will work hard, save lots, not buy BWMs, eat ramen noodles whenever I can, max out on 401K and IRA. Retire and move to Paris when I am 55. Only 25 years to go. I can do it! I know I can. Or maybe just my wishful thinking!




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Pixfield, you can Google %26quot;fractional ownership Paris%26quot; to see what is out there, or check this out: www.parishomeshares.net There are several people out there offering these types of arrangements.





My experience, having completed one of these and having answered many inquiries, is that the largest segment of interested people, are not retired doctors, Fortune 500 executives, etc. but normal people who enjoy traveling, successful at their careers, and have built up some equity or savings. Maybe %26quot;upper middle income%26quot; would be the bracket. It is a different story, however, for the %26quot;Residence Clubs%26quot; offered by many of the Hotel chains. For those, you definitely have to be a millionaire.




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snavaro,





I hear you. But considering the little vacation that we Americans have each year, it does not make too much sense. Maybe I am just a bit skeptical about the practicality of owning one. Interestingly, did anyone read about how little vacation Americans have compared to other industrialized countries (esp Europe)? It was one long article in the NewYork Times this past sunday. Very sad state of affairs.





What even more interesting was their saying that Americans do not even know what to do when they have vacation time off. Maybe the article overgeneralized a bit.





I recently joined the work force. I get one week of vacation and one week of sick pay. Effectively, I will get two weeks of vacation. I don%26#39;t even get this until my second year in the company. It is absolutely demeaning and rediculous.




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SD,





Parisians are on the other side of the extreme.





The French work week is about 35 hours. (See http://www.triplet.com/50-10_employment/50-20_workingtime.asp)





They also get about a month of vacation, (See http://www.jobweb.com/resources/library/International/Need_More_Vacation_188_01.htm)





Now I%26#39;ve heard, and I am not sure if this is true, that French workers are paid while they are on strike? Can anyone corroborate this?





No wonder so many French are po%26#39;d at Sarko for trying to change this.

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