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Live Your Dream With Paris Residence Club

May 12, 2009 by Fractional & Shared Ownership Property News & Reviews · Leave a Comment

Ask almost any woman where her dream vacation is, and you will be amazed at the number who answer just one single word as a romantic expression sweeps across her face: ‘Paris.’

It seems as though the rest of the world agrees. According to the World Tourism Organization, in 2007 alone, France saw over 81 million visitors, with Paris recording in excess of 35 million hotel and apartment rental stays, retaining its reign as the top destination in the world.

What is it about this city that perseveres as a siren to so many travelers the world over? Furthermore, what is this relentless attraction that beckons those to return year after year? While we may never have a finite answer, one boutique company is certainly making it easier for couples and families alike to return.

Meet Paris Residence Club, the ‘City of Lights’ most unique and luxurious fractional ownership offering. Located in some of the best neighborhoods in the prestigious 6th and 7th arrondissements, shares are presented at 1/13 fractions, netting each owner four unforgettable weeks each year.

The program itself is designed to give owners the best of both worlds: guaranteed time without compromising flexibility. Owners choose 2 concurrent weeks upon ownership, from April to October, which is secured forever. The 2 remaining weeks are available any other time throughout the year–including Christmas, New Years and Spring Break–achieved through means of a simple reservation.

The benefits don’t end there. Members of Paris Residence Club are further entitled to a fifth week each year, available at either the Club’s three-bedroom farmhouse in Provence or the newly acquired and stunning Elan Impression 514 yacht, moored in the South of France. This truly is a club where membership has its privileges.

In addition to the advantages of ownership, every owner’s paradisiacal experience is top priority. Having been in the luxury apartment rental business since 1998, Walid Halabi, a Lebanese born Parisian and founder of Paris Residence Club has made it his business to know what his clients and owners expect while on vacation.

I have arranged to meet with Walid at the entrance to his residence in the chic 7th arrondissement and talk over coffee in a nearby café. “Bon Jour!” As the door to his building opens I am greeted by a beautiful young girl, whom I quickly find out is Walid’s daughter, Cassia, 12, who will accompany us a block or two before heading for school. Walid is as presentable as his voice is over the telephone: late 40’s, confident yet warm
smile, tall, and quite handsome, dressed with a casual yet impeccable flair. I soon realize that we associate as if we are old friends who, although haven’t seen each other in years, reconnect and speak as though we’ve never lost touch.

After a formal introduction we make our way to the end of Boulevard La Tour Maubourg and stop at Café Du Marché. Walid gives a quick kiss and hug to Cassia, says something in French, to which she replies “Ok Daddy,” and she is off to school. We enter the café and find a small table next to the window. Walid takes the liberty of ordering coffee and baguette for us both and we settle in.

“Isn’t this perfect,” Halabi says in his flawless English, a result of his college years in the States. He grins as he glances out the window, watching the Boulevard begin to awake with the morning’s activities. “People dream of mornings like this, and our owners get to experience this year after year, forever.” Halabi is certainly aware of all things, both great and small in his business. “How often do we take for granted the small things, such as morning coffee without realizing that this moment we are experiencing is one person’s
dream vacation come true?”

Halabi has gathered from his rental experience and woven together a tapestry of services and amenities that are available to the members of Paris Residence Club.

The Club provides a level of service normally lavished on guests of luxury hotels: pre-arrival grocery shopping service, airport pickup, delivery with luggage handling, a full-time, English-speaking Concierge to reserve theater tickets, complimentary English newspaper and magazine delivery, priority taxi service, and free gym access, to mention a few. In addition, owners are given a cell phone for use during their stay. All of this is handled in residences dotted throughout the 6th and 7th arrondissements of Paris.

“Our owners, like our renters, come to Paris to truly experience life as a Parisian while they are on holiday,” Walid comments as the waiter delivers our espresso and baguette. “How can that be accomplished living among other tourists in a hotel? We are an urban residence club, and though our residences are scattered around the city’s best arrondissements, that’s what makes each of them unique, especially to the eyes of the owners. But we still offer everything that one would expect in a luxury hotel, only without the lobby.”

Paris Residence Club residences have been carefully and painstakingly handpicked not only for convenience, but for each owner’s personal experience. “They arrive at their residence, which is immaculate and stocked with their personal needs. They spend time enjoying Paris, living among Parisians, but without the hassles that Parisians have living in a large city,” Halabi comments as he dips his baguette, lightly buttered, in his
espresso. “And when they leave, they shut the door, go home, and dream of next year’s adventure,” Halabi says with a smile. “That is my experience.”

Halabi’s experience has paid off.

People gobbled up the initial shares almost immediately. “Fractional Ownership in Paris, let alone Europe is still in its infancy, but is catching on fast. There is a tremendous demand for second home ownership in Paris, but unfortunately that demand far outweighs the supply, and most foreigners are too intimidated by the French legal process and red tape obstacles, in addition to the price, to entertain the thought of ownership,” Halabi states.

By offering 1/13 shares, owners are presented with an alternative to second-home ownership. “The average second homeowner in Paris spends on average 3-4 weeks each year in their residence,” Halabi adds. Couple that with the stress and hassle of trying to contact a French electrician or plumber from across the Atlantic or wherever your primary residence is can be stressful in and of itself.

In addition to the maintenance issue is the economics of use. “Our owners can afford to purchase a residence in its entirety, but why in the world would you want to do that?” Walid asks as he finishes his espresso. “I know an American couple who insisted on doing that. After five years, they finally gave up and rang me last week to say that it was not worth the fight anymore and that they were selling out.Paris Residence Club offers the one thing you cannot purchase with a second home–convenience.”

“Where else in Paris can you get all the comforts of home, with all the services of a fine hotel?” Halabi is referring to his position as a Private Residence Club among other fractionals. “There are fractionals, and then there are fractionals,” He adds. “Paris Pieda- Terre [Halabi’s vacation rental company (www.parispiedaterre.com)] has empowered Paris Residence Club with an outstanding maintenance and administrative staff, and we’re able to provide a level of services and amenities that no other program can offer in Paris. They’re all Club employees. We don’t outsource our services, which unfortunately is
the standard here in this city. ”

In addition to its service level, Paris Residence Club spared no expense on each residence extensive renovation. As a base, all residences are equipped with Wi-Fi, high-speed internet and computer, TV and Bose 5.1 surround entertainment center, custom cabinets and imported French and Belgian furnishings, to compliment their contemporary decor.

Halabi went further, with additions that help to elevate every owner’s experience. Enhancements such as water softeners comes standard as does the Novy industrial grade kitchen fan, with its motor recessed in the ceiling, to virtually eliminate noise if owners attempt to re-create their favorite Parisian dish.

It doesn’t stop there. In the off chance that an owner experiences a hiccup in their travel plans one year, Halabi’s sister company, Paris Pied-a-Terre Vacation Rentals, will rent them out. And if the residence is out of commission for one reason or another, there are plenty of comparable rentals to replace in case of emergency.

When I ask Halabi if there are concerns about the size of Paris Residence Club, he says, “We are a boutique operation, but we love it and our owners love it too. I started the whole thing as a way to maintain a lifestyle standard that I could not have afforded otherwise, and PRC owners get to share the same lifestyle as me. I’m enjoying every bit of it and we’re in it for the long term. I think that there are plenty of people like me out there who far prefer boutique operations, with their unique characters. Having said this, our program
allows for anyone to bail out if they are not happy. “

“If owners feel like we are letting them down or we are failing to innovate, they can fire us anytime they like, as they are in full control of their property. But I’m not about to let this happen, since I need my owners as much as they need me in order to maintain the level of lifestyle that I aim for. You can’t do that with a Marriott or a Ritz-Carlton. Independence and experience are our most valuable assets.”

All these benefits are offered to the owners through a California nonprofit mutual benefit corporation that in turn possesses the French Société Immobilière Civile, which owns the apartment.

This allows the owners of Paris Residence Club to bypass the world-renowned French red tape and strict inheritance laws and taxes, which can amount to a staggering 60 percent. Furthermore, legal conflicts, should they arise, would be resolved within the US judicial system. “In an increasingly complicated world, it’s good to make things easy,” says Halabi.

All this for ownership ranging from €99,000 – €199,000 for 1 – 3 bedroom residences.

When I ask if the current global economic situation has affected him, Halabi shrugs as though it is a non-issue. “Of course it has slowed down slightly. Parisian real estate has traditionally been a great value. We offer a long-term, recession-proof product,” he adds to confirm his body language. “When times are fruitful, we thrive, and when things turn for the worse, we still have a stronger market than most other places. This is Paris, and good or bad, it is a finite market.”

“Aside from the appreciable benefits of owning Parisian real estate, there’s an even greater rationalization that we have found from our owners.” Halabi explains further, “During turbulent times like today, families and loved ones tend to focus on what is most important to them: quality time. I can’t think of a better gift to give or receive than one that guarantees that, no matter how great or challenging the obstacles life throws at you, for at least five weeks out of 52, I get to celebrate an unforgettable experience with what matters
most to me,” he adds as he points down the rue where Cassia left for school.

As I thank Walid for his generous time this morning and we part ways, I can’t help but think of his final words. Ernest Hemingway once referred to the magnificence of Paris as a “moveable feast,” but I think Walid Halabi of Paris Residence Club captured this moment in time perfectly.

I can’t wait to bring my wife and children back to this breath-taking place.

I think Gertrude Stein put it best when she said, “America is my country and Paris is my hometown.”

For more information on Paris Residence Club visit www.parisresidenceclub.com

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