A Castle to Call Home

Clouds do have silver linings. Thanks to the worsening economic crisis engulfing the world, even mere mortals can afford an authentic French château, as falling prices hit the historic real estate markets.

Although the French property market appears to be one of the most stable around these days, a slight slowing down does seem to be happening in almost all sectors of the market. And while there are still a large number of properties on offer, most of them are now being sold at more realistic prices, as over-ambitious vendors are forced to lower their sights and settle for a more “correct” asking price.

There is no exception to that rule at the moment, not even for sales of châteaux, which account for a very small but extremely lucrative and much cherished part of the market. In general châteaux have always been the domain of a very select, specialized buyer seeking a property steeped in history, with a blue-blooded pedigree and preferably some awe-inspiring architecture. But as prices fall a bit the market has suddenly opened up, and genuine châteaux can be snapped up at prices that are not totally out of the question for anyone lesser than prince, oligarch, professional athlete or rock star.

“It’s becoming increasingly common to find bargains in this sector,” says Denise Masters of Dordogne Property Consultants. Guillaume Chassaigne, of Agence Mercure in the Loire Valley, agrees: “Even though French châteaux are a niche market, this is still a good time to invest, as they are being sold for good prices. There are fewer buyers so ultimately there is more choice and considerable offers to be made.”

For example, a stunning 13th-century stone château set in rolling countryside within an hour’s drive from the Toulouse airport is currently on the market for €2 million. Although that price is still beyond the realm of many, it certainly offers excellent value for the money. The château, being sold by the specialist agency Sifex for an American expatriate looking to get rid of his overseas assets, boasts eight bedrooms over three floors. Modified in the 15th and 18th centuries, the magical property, with towers and turrets, has retained many of its original features, and is located just 30 minutes from Auch, in the Gers region.

Another impressive historic property on the books at Sifex is an authentic and picturesque 15th-century “petit château“. Encircled by moats, it offers exceptional accommodation in a delightful and calm environment just 50 miles from central Paris, with a price tag of €1,950,000. This four-bedroom château is set in six hectares (15 acres) of land, where there also lies a guest or caretaker’s annex and a chapel, in need of some interior restoration. The exceptionally attractive property still has many beautiful original features including exposed stone walls, beamed ceilings and stone fireplaces.

France is scattered with a wealth of such beautiful châteaux in every department throughout the country. Traditionally buyers have been drawn to them because “they like places that have a soul, that keep alive the history of great families and famous people,” according to Bruno de Saint-Exupéry, of the prestigious real estate agency Emile Garcin.

Others are attracted by the grandiose architecture-the fairy-tale châteaux with turrets and towers from the Renaissance of the 16th century, the neo-Renaissance of the 19th or, more commonly, the period features and harmonious design of the 17th and 18th centuries.

Prices in recent years have escalated beyond all reason, due to the advent of the internet and worldwide interest in the French château market. “We have been seeing la crise here for the last 40 years, because people have been unrealistic about the worth of their properties,” says Saint-Exupéry. “Now vendors are more likely to listen to us, and people will be in a position to negotiate on prices. This will create room for opportunities.”

Sifex’s managing director Sarah Francis says the greatest price hikes driven by international interest over the last decade or so have been in the southwest. “And in order to continue to satisfy the demands of those still seeking a relatively inexpensive piece of history or a ‘family seat’, it has been necessary to expand into the lesser known departments in the Massif Central where prices are still comparatively reasonable. The Limousin in particular has attracted considerable interest, as has the Auvergne.”

Across the country, Francis predicts a reduction of between five and ten percent in prices for châteaux in 2009, but no more. “There is far more confidence in the château market in France so you are unlikely to find prices being dramatically slashed. French vendors value their châteaux highly, and in truth they still represent excellent value, and are not expensive when you consider the price of a comparable castle in the UK, for example.”

But like Saint-Exupéry, she recognizes a new type of buyer ready to “cash in on the worldwide economic crisis”.

Of course, much depends on the definition of château-the appellation is far from contrôlée, and is often applied to all sorts of grand and not-so-grand demeures from the 14th to the 19th centuries, including manor houses or elegant farmhouse-style mas in Provence, as well as to traditional fairy-tale castles with turrets and moats. So often properties that don’t necessarily conform to our romantic idea of historic castles are nonetheless classified as châteaux.

For example, Denise Masters refers to a splendid property her agency is handling in Tombeboeuf, in the département of Lot-et-Garonne in southwest France, as an “Edwardian château” dating back to the early 1900s.

“It’s on the market for €895,000 but I know that the vendors would be happy to negotiate down that figure considerably, to around €650,000. That is a considerable saving, and when you compare that price to the price of a large house in England, for example, then it really isn’t very much for a château.

“Obviously you can’t guarantee that kind of reduction across the board,” she adds, “but in the current market there are great deals available, especially for cash buyers.”

The château near Tombeboeuf-which could be yours for about the same price as a modest one-bedroom apartment in New York’s East Village, or in the 6th arrondissement in Paris-has nine bedrooms, three bathrooms and three large outbuildings. It has wonderful neo-Gothic architecture and is set in two hectares (5 acres) of mature parkland and orchards, with panoramic views to the south.

“The Edwardian château is quite remarkable because to find a building of this architectural style, with Gothic influences and at this price is very rare in the Dordogne. It was built for a wealthy family at the turn of the century and it’s both externally and internally elegant. It still has its original marble fireplaces imported from Italy.

“With its unique outbuildings and renovation potential, this property could easily one day be worth more than a million euros,” Masters adds.

Another property classified as a château is currently on the market in Gascony, in the Midi-Pyrénées region of southwestern France. The 11th-century property belonged to the family of a nobleman, le Seigneur Bertrand de Marreaux, for more than 700 years. It is now being marketed with a €310,000 price tag, after being reduced by some 30 percent.

Close to the market town of Vic Fezensac in the middle of the Gers département, the small, stocky “stronghold” fell into ruin in the 19th century and although it was partly rebuilt in the 20th, it nonetheless requires a considerable amount of tender loving care to return it to its former medieval stature. The property, which boasts an attractive square tower and three-foot thick walls, has three bedrooms, two bathrooms and three reception rooms.

Even with real bargains to be found, though, Masters doesn’t predict a huge onslaught of buyers just because of the economic crisis. “On the whole people who buy châteaux have to be amoureux and passionate about historic properties, and that kind of passion endures above and beyond any kind of market uncertainties.”