Cap Ferrat
“On the very tranquil shore of this adorable cape, more, I think, than anywhere else, day-dreaming is sheer enchantment.” Since this observation made by the poet Magaglyo in 1912, this prestigious address has continued to win the favours of the world’s Happy Few.
Previously attached to Villefranche-sur-Mer, the cape acquired its independence in 1904 to become Saint-Jean-sur-Mer, then Saint-Jean-Cap-Ferrat three years later. As prestigious as Cannes, this beautiful peninsula already played host to crowned heads and intellectuals from all over the world. The first foreigners to appreciate the charm of the French Riviera were the Russians. From 1858 to 1860, the fleet of the Czars elected domicile in the Bay of Villefranche. A weekly bilingual newspaper, “Le Messager Russe”, was launched in 1893. On the cape, Russia’s ruling family and its close entourage came across the direct descendants of Queen Victoria, Princess Helen of Serbia, the Queen of Roumania, Empress Eugenie and Elisabeth (Sissi) of Austria. Ironically, Sissi’s delightful interpretor, Romy Schneider, was to get married on this cape blessed by the gods to the German director, Harry Haubenstock. Cap Ferrat also played host to Nietzsche, Apollinaire and James Gordon Bennett, eccentric owner of the “New York Herald”. In 1904, King Leopold II of Belgium acquired the property of Désiré Pollonnais, mayor of Villefranche, redesigned by the talented landscape architect Sébastien Marcel Biasini. The king went on to treat himself to more land on the western side of the Cape. Situated in the extension of the Plage du Passable, “La Radiana” was a gift for his mistress. “One of his former hunting lodges became a delightful home for Estée Lauder,” says Jean-Claude Caputo of Riviera Estates Savills, “ before falling into the lap of a Russian four years ago”. On the Pointe Saint-Hospice, “La Fiorentina” with its sublime alleys lined with cypresses has made a lasting impression on people’s minds. Its illustrious occupants have included the Kennedys, Elizabeth Taylor, Greta Garbo and Somerset Maugham. Finally, it’s also hard to resist the charisma of “La Vigie”, “La Primavera”, the “Petit Trianon” and “Fleur du Cap”, a house right at the water’s edge, inhabited in turn by Vincent Auriol, Charlie Chaplin and David Niven, or “Maryland”, the home of Paul Allen.
“While demand remains strong and supply insufficient, owners keen to sell would be well-advised to lower their sights slightly in order to clinch the deal without delay,” says Sylvain Boichut of the John Taylor agency. “There’s always been a waiting list for Cap Ferrat, but the stream of new customers is tending to slow. Real-estate experts announce a 10 to 15 % reduction in price estimations, which is supposed to limit bankers’ risks. A measure which should result in lower lending capabilities than in previous years, even for wealthy buyers. The good news is that the market will soon become healthier and the plethora of intermediaries with very few scruples, co-responsible for the speculative bubble and artificial inflation of prices, will disappear.” After the Americans, absent for a good five years, it’s the Russians’ turn to suffer from the stock market crisis. Important players on the cape, some may give up their holiday homes. With more houses available, values would then probably stabilize at a lower level. After an excellent summer, the autumn is rather quiet. Both buyers and sellers are playing the waiting game. Nevertheless, existing buyers are still serious, solvent and realistic.
The lowest price is around 5 million €. A shortage of products characterizes the 5-10 million € bracket, whereas the majority of those interested are looking at the segment, also with availabilities, ranging from 10 to 25 million €, bringing a villa of 400-600 m2 in grounds of 3,000-5,000 m2 opening out to the Deep Blue Sea. One seller is hoping to obtain 19 million € for a contemporary house of 350 m2, completely renovated, with grounds of 2,000 m2 enjoying a fabulous sea view. Price estimations come up against the heterogeneous character of the various properties. The eastern side of the cape, facing Beaulieu, seems less expensive than the west, because of its orientation, the more densely built-up area and scenery far removed from the plunging views of the bay of Villefranche. “Fans of properties at the edge of the Med pay at least 30 million € to the east, 40 million to the west, while 4.7 million € suffice to obtain a new residence of 200 m2, close to village,” says Jean-Claude Caputo. The southern tip of Cap Ferrat, the immediate surroundings of the Grand Hôtel and Pointe Saint-Hospice, win everyone’s preference, hands down. In late 2007, a Ukrainian is said to have paid about 90 million € for “La Chabane”. Another rumour, difficult to verify as confidentiality is the golden rule here : at the same time, over 75 million € were required in exchange for the living space of 1,000 m2, the 2.5-acre park and above all the direct access to the Mediterranean offered by “Nelcott”. More recently, the “Villa Flora” changed hands at a price exceeding 100 million €.
Real-estate agents predict a strong re-start next spring. This niche market, considered as one of the safest, attracts many investors cooled off by the London market and its recent 25 % drop in bricks and mortar in all price brackets. In Saint-Jean, Russians retain first place in the rankings. British, Swiss, Germans and Scandin-avians follow in their wake. Internationalization seems to intensify from one week to the next. Dominique André of Aylesford Immobilière Bellevue agrees with his colleagues’ opinion. “Price reductions are underway, but a strong market is guaranteed over the medium term. Meanwhile, the Happy Few deal with nervousness on the part of the banks. Lending institutions, once willing to put up 60-70 % of the purchase, are playing safe, providing only 30 % of the total. This tense economic situation will run its course. Perhaps, in fact, benefitting this, the most expensive site in France, with its 450 villas and their generous gardens. In the coming months, 70,000 executives from the City will choose, for example, between Geneva, Dubai and Monaco, only 15 minutes away, just like the Nice Côte d’Azur International Airport. Far ahead of the other peninsulas in the Alpes-Maritimes, Cap d’Antibes, Cap Martin and Cap d’Ail, the luxuriant, quiet and safe Cap Ferrat is still one of the world’s most exclusive addresses. A level of quality that no international crisis could endanger, an asset worth its weight in gold.
By Laetitia Rossi.
