PRICING
All offers will be considered
How did we determine the price?
There is a website called Efficity that has a range of sophisticated methods to estimate the value of property. We asked them to say how much they thought Le Pierrotin was worth and they provided three sets of estimations.
The first uses information available on line.
The second approach uses an analysis of the prices of competing offers matched as well as possible to our property
The third uses data on the market prices in the sector where Le Pierrotin is located
Typical prices in Toulouse
The Efficity site also provides details of recent sales based on official government records
In Toulouse, typical prices are currently around €3400 per m2, but specifically for the Quai St Pierre, the average price is €5100/m2, rising to €5610/m2.
It is this figure that generates the price of €482 460.
Higher prices on the banks of the Garonne
That said, it is clear that having a location directly on the banks of the Garonne results in a substantially higher value. For example, the next images shows a selection of sales in 2021-2023 s involving apartments like ours with substantially higher valuations - €6026, €6714, €7005 and €7058 per m2. There is even an 3 room apartment in the very same building as ours (the same co-propriety) that was sold in 2021 for €5882 per m2.
If we assume that the Pierrotin has a surface areas of 86 m2, this implies that, if the recent transaction values for apartments on the Garonne are relevant, the value could be between €517,800 (assuming €6000 per m2) and €604,100 (assuming €7000 per m2).
Note, however, that according to the legal definition (Loi Carrez) the basement rooms don't count because they do not have windows that open. We believe that the current price of €440,000 is very reasonable
Furnished vs Unfurnished
Finally, note that all the valuations provided by sites such as Efficity are for unfurnished properties, so it would be necessary to add that value of all the furnishings that we are providing to the future owners. The details are provided on a separate page.
When we purchased Le Pierrotin in early 2017, we decided to equip the apartment with very high quality materials. The tables, chairs and sideboard were all made by hand by craftsmen at Meubles Lattes in Revel (the cité du meuble). For example, the sideboard has drawers that are decorated with beautiful images of butterflies made with marquetry.
We installed a state of the art Bose Lifestyle 650 home cinema system that cost several thousand euros when it was purchased in 2018. Remarkably, if you were to purchase the same system today, it would still cost over €7600.