Castle Rock, CO, (October 06, 2010)– Paris Home Shares LLC, the leading American-based developer of fractional ownership apartments in Paris, France announced today the sellout of their most recent project, Le Petit Trésor. This represents the 4th successful fractional development in Paris by the Castle Rock, CO company. Le Petit Tresor is a 55 square meter one-bedroom apartment located in the highly coveted Marais district of Paris.
While the fractional real estate industry has experienced a corresponding slowdown to the overall domestic real estate market and general economic conditions, Parisian real estate has defied that trend, with real estate prices setting a new record high, according to the Paris Notaires.
According to Steve Navaro, owner of Paris Home Shares, several factors contribute to this. “First, there is a fixed supply of housing in the core area of Paris, with no new building permitted. Second, Paris is an international destination second to none, and this draws buyer interest worldwide. Add to that, the new influx of wealth from India and China, and demand has actually increased for prime property within the city. Finally, with interest rates at historic lows, it is making even expensive real estate more accessible.”
As a result of these factors, owners who have purchased fractional shares in Paris have seen the value of their investments increase over the last several years. Mr. Navaro further explains that a successful fractional ownership development requires an absolutely outstanding location, with design amenities to match. These factors tend to help fractional developments hold their value over time.
With its supply of fractional ownership shares virtually exhausted, Paris Home Shares (www.parishomeshares.net) is actively seeking additional high quality apartments in Paris for fractional development.
Paris Home Shares LLC, located in Castle Rock, Colorado, specializes in the development and marketing of affordable fractional ownership interests in exquisitely furnished apartments in Paris, France. The company’s motto is “Live the dream, Share the cost.” Paris Home Shares has been featured in the New York Times, Fractional Life and French Property Insider, among others. Serving the fractional real estate market for five years, owner and President, Steve Navaro, can be reached at (303) 793-0900.
SOURCE: Paris Home Shares