Sublime penthouses
The penthouse is revered as the “nec plus ultra” on the property market.
The penthouse is revered as the “nec plus ultra” on the property market. A closer look at the particularities of a very special micro-market…
An island of greenery up in the air, rather like a modern-day resurgence of the Gardens of Babylon, the penthouse is in high demand on the Côte d’Azur. With 300 days of sunshine a year and towns at the edge of the Mediterranean, the region seems the perfect spot in which to develop this ideal compromise between an apartment and a private house. Offering lower maintenance and the security of the first, it benefits from the privacy and prestige of the second. But what about a pool, one might ask. Recent developments have taken that into account.
A quick flight over of the Principality of Monaco reveals the extent of the phenomenon. Most of the buildings are coiffed by flowerbeds, terraces, even pools of crystalline water. While some reserve for co-owned residences what was, for many years, the privilege of palaces, others enable a single resident to enjoy this exclusive bonus. The most luxurious penthouses have elevators that arrive right inside the apartment. The new generation forgets the rooftop aspect and treats itself to a terrace on the same level as the flat. Lucien Mostacci of the Park Agence in Monaco notes a radical turn-around in his clients’ approach. Investment in small units intended for renting out has been replaced by the arrival of large families requiring large apartments. And what may have seemed a useless waste of space some time ago (for penthouse designers don’t skimp on spaciousness) is now considered as a property’s most enviable feature. In Monaco, price per sq. metre ranges from 17,000 to 30,000 € depending on the view, the appointments and the storey in neighbourhoods like Le Carré d’Or, Port Hercule and Fontvieille. The media constantly focus on the exponiential rise in prices, in the region of 100 %, in just three years. And no-one’s surprised any more to see certain costs simply soaring. Lucien Mostacci does, however, point out that 33,000 € per sq. metre is top-end-of-the-market, for an exclusive and irreproachable property in the most prestigious apartment buildings. And that this kind of price necessarily implies a penthouse with a terrace on the same level, breathtaking view and private pool. In the past, some residences were built hastily with little attention paid to the roofs. Due to today’s craze for the penthouse, promoters now pay it particular attention. “The penthouse falls into the category of properties which obey no market logic. It surfs along on the wave of rarity, plays on emotions and addresses the heart. And naturally, it chalks up records. You can’t expect the same pace of business as for standard transactions : after all, a sale of 1,000 m2 is not concluded as quickly as that of a 2-roomed flat. Furthermore, some penthouses fall under the yoke of absolute confidentiality. Amongst well-known examples in the Principality, one can quote an apartment of 700 m2 at the Seaside Plaza, 2,000 m2 at the Métropole, which sold for around 200 million francs in 1996, and three apartments in the Park Palace, transformed into one once the sale went through. And even though penthouses are looked upon as a Monaco speciality, they’re pretty thin on the ground. Some never appear on the market, like those in the Mirabeau or Europa buildings.”
In Nice, a few penthouses can be found at Mont-Boron and Cimiez. The firsts draws wealthy foreigners prepared to pay between 5,000 and 7,000 € per sq. metre, the second local residents who can afford 4,000 to 5,000 €. The town centre has very few penthouses, which are more prevalent in smart blocks of flats to the west : Les Belles Terres, L’Abbaye de Roseland or Les Almadies. “The penthouse factor triggers a 20 % rise in price,” says Jacques Agid of the Agerim Orpi agency. He cites an example of 175 m2 with a terrace of 185 m2 and sea view, priced at 1,055,000 € in the Cimiez neighbourhood, and another at Gairault, with living space of 200 m2 plus a terrace of 220 m2, offered at 1,280,000 €.
Renaud Espitallier and Paul Bernard of the Marly Privilège agency in Cannes don’t look upon the penthouse as a distinct market but as the de-luxe extension of the apartment sector. And penthouses are in fact availalble in the highly-prized neighbourhoods of the Festival City. The Croisette, which posts prices ranging from 10,000 to 15,000 € per sq. metre with peaks at 20,000 €, has some fine specimens in Le Relais de la Reine and Le Marly. La Californie and the Avenue du Roi Albert, which posts an average price of 10,000 € per sq. metre, shouldn’t be overlooked. Same goes for La Croix-des-Gardes (Avenue Jean Noailles and Boulevard Leader) and the residential part of Le Cannet (Avenues Victoria and Jean Mermoz), with prices from 6,000 to 8,000 €. In fact, in Le Cannet, we hear of a penthouse with an incredible terrace of 1,000 m2 with trees and shrubs. According to the experts, a top-floor apartment in Cannes will cost 25 % more than the one beneath it, even if they offer identical appointments. A price difference observed in all new developments. In fact, the promoter uses the penthouse as a seductive showcase when commercialising the entire property.
It’s not easy to define the typical client profile : the buyer of a penthouse has the means to acquire a villa, and wants the same advantages, with security as a bonus, without necessarily taking on high maintenance costs. But it’s worth noting that up-keep of a penthouse is more expensive than that of a so-called normal apartment and that, in the case of older buildings, it sometimes suffers from waterproofing problems. Clients are now younger, as is true for the Riviera market in general, but because of price levels, often come from northern Europe. Finally, while the Carrez Law serves as an indicator for determining prices (except in the case of the Principality), the appreciation of a penthouse, based more or less on a weighting principle, is much more affected by purely subjective factors.
By Laetitia Rossi - Photos Edith Andreotta
