Example of a property listing analysis
Here, in full, is what Aubaine produces from a listing: the asking price against sales actually recorded by notaries, what the ad leaves out, and what is left to check before you sign.
Worked example. The listing below is fictional — it was built to show a complete dossier. The orders of magnitude (local median, service charges, negotiation range) match the Nantes market as recorded DVF sales document it.
The listing under analysis
The dossier starts from what the ad declares: price, floor area, floor level, energy label, service charges. Those are carried over as-is — they are the starting point of the verification, never its conclusion.
68 m² two-bedroom flat with balcony — Nantes (44000), Hauts-Pavés / Saint-Félix
- Property type
- Flat, 3 rooms
- Floor area (Carrez)
- 68 m²
- Rooms
- 3, including 2 bedrooms
- Floor
- 2nd of 4, no lift
- Year built
- 1968
- Outdoor space
- 4 m² balcony
- Asking price
- €289,000 (agency fees included)
- Price per m²
- €4,250/m²
- Advertised energy label
- E — 269 kWh/m²/yr · GHG D
- Heating
- Individual gas
- Co-ownership
- 24 lots — €1,320/yr in charges
- Declared property tax
- €1,180/yr
The verdict, in three sentences
A well-placed three-room flat in a liquid area, but advertised 10.4% above what the local market actually paid for comparable properties — with nothing in the floor level, the aspect or the condition to justify the gap. The main reservation is not the price, though: it is the energy label, advertised as an E when the certificate filed on the ADEME register for this address is an F.
The expert's view
At €289,000 this flat is priced like a renovated home in a building that isn't. The seller's asset is the liquidity of the area: they know a buyer will turn up. Their weakness is that an informed buyer will open on the energy-label discrepancy, which takes a minute to verify. An offer at €262,000, documented by the five comparable sales and by the filed certificate, is defensible and leaves room to sign around €270,000. Above €275,000 you are paying up front for works you will carry out yourself.
Is the price justified?
The gap to the market is not an opinion: it is a subtraction between the asking price per square metre and the median of sales actually recorded around the address, at comparable property type and floor area. Here is the calculation, and the sales it rests on.
Advertised price per m²
€4,250
€289,000 for 68 m² Carrez, agency fees included.
Local median
€3,850
Flats of 60 to 80 m² sold within a 500 m radius over 2023-2024 (DVF).
Gap to the market
+10.4%
That is €27,200 above what the area actually paid, at comparable floor area.
The sales used as reference
Five notarised sales in the area, filtered on the same property type and a close floor area. These are prices paid, not prices asked: no competing listing enters this calculation.
| Location | Sale date | Floor area | Price paid | Price per m² |
|---|---|---|---|---|
| Rue Paul Bellamy | March 2024 | 71 m² | €272,000 | €3,831 |
| Rue Jean Jaurès | June 2024 | 66 m² | €258,000 | €3,909 |
| Rue de Bel Air | February 2024 | 62 m² | €240,000 | €3,871 |
| Rue Lamoricière | September 2023 | 73 m² | €281,000 | €3,849 |
| Boulevard des Belges | November 2023 | 64 m² | €243,000 | €3,797 |
What argues for it, what argues against
Strengths
- A liquid area: five comparable sales in eighteen months. Reselling will not depend on finding one particular buyer.
- Carrez floor area consistent with the layout: 68 m² for three rooms, no room sacrificed to advertise a bedroom count.
- Individual gas heating: the bill stays under control and does not depend on the co-ownership's decisions.
- A 4 m² balcony: on this segment it is the feature that decides a resale — two of the five comparables had none.
- A 24-lot co-ownership: small enough for decisions to pass, large enough to share the charges.
Weaknesses
- Advertised 10.4% above the local median, with no feature that accounts for the gap.
- An E advertised, an F on the register: in law, the home is a thermal sieve.
- Charges of €19.4/m²/yr, above the usual band for comparable co-ownerships (€12 to €15/m²/yr).
- A 1968 building with no external insulation: a façade renovation with insulation is likely within ten years.
- Second floor without a lift: a deal-breaker for part of the buyer pool when you come to resell.
What the listing does not say
Each point below comes from a public register set against what the ad claims, or from a feature of the property whose consequences the ad does not draw. They are ranked by severity.
The filed energy certificate does not match the one in the ad
CriticalThe ad shows an E at 269 kWh/m²/yr. The certificate registered with ADEME for this address is an F at 312 kWh/m²/yr. The gap changes what the property is: an F-rated home has been barred from the rental market since 2025, and its rent was already frozen before that. Ask for the certificate number, check its date — and make it the first item of your negotiation.
A façade renovation with insulation is likely in the medium term
CautionA 1968 building, original façade, no external insulation visible in the photos. On a 24-lot co-ownership, that kind of programme commonly runs between €8,000 and €15,000 per lot. Ask for the last three sets of general-meeting minutes: a vote already passed binds you, a mere feasibility study announces what is coming.
Service charges above comparable buildings
Caution€1,320 a year for 68 m², or €19.4/m²/yr, where a comparable co-ownership with no lift and no caretaker sits closer to €12-15/m²/yr. Ask for the breakdown by line over the last three financial years: the gap comes either from the managing agent's contract or from arrears absorbed by the other owners.
Moderate clay shrink-swell hazard on the plot
Worth notingRecorded by Géorisques. On a collective building of this era it is something to check rather than a defect: look for cracks on the façade and in the stairwell, and ask whether a natural-disaster order has already covered the municipality.
Second floor, no lift
Worth notingThe ad does not present it as a constraint, but it filters buyers on resale. Of the five comparables, the two without a lift sold at the bottom of the range.
Questions to ask at the viewing
Each of these questions follows from a point in the dossier. They are phrased to obtain a document or a figure, not an impression.
- 1Can you send me the minutes of the last three general meetings?
- 2Has a façade renovation or external insulation been voted, studied, or even raised at a meeting?
- 3What were the running charges, excluding works, over the last three financial years?
- 4What is the reference number of the energy certificate filed for this home, and what is its date?
- 5Is there a statutory works fund, and what is this lot's balance in it?
- 6How long has the property been on the market, and has the price already been reduced?
- 7What is this lot's share of the general charges, in thousandths?
- 8Is any proceeding under way in the co-ownership: arrears, litigation, a dispute with the managing agent?
What to negotiate on
An offer is defended with documents, not with a percentage. Here are the four levers this dossier puts in your hands, from the most solid to the most circumstantial.
The gap to the market: €27,200
Five comparable notarised sales, same area, same size bracket, all between €3,797 and €3,909/m². The asking price sits outside that band with nothing about the property to explain it. It is the hardest argument to contest: it rests on prices paid, published by the tax administration.
The real energy label
An F on the register instead of the advertised E. Beyond the negotiating lever, it is something the seller will have to put right before the sale anyway. Price up what moving from F to D costs, and put that figure on the table.
The renovation to come
Until the general-meeting minutes prove otherwise, the provision falls to you after the sale. A programme voted before the preliminary contract remains the seller's: the date of the vote decides, not the date of the works.
How long the listing has been up
A property listed for more than three months in an area that sells in six weeks has already been turned down by the market. Ask for the date it first went on sale and the history of reductions: a seller who has cut once will cut twice.
Where these figures come from
No figure in this dossier is produced by the AI. Each one comes from a public register, dated and citable — or is presented explicitly as an assumption.
- DVF — recorded property transfers
- Sales actually recorded by notaries, published by the French tax administration on data.gouv.fr. It is the only database that says what was paid rather than what was asked. The dossier's median, range and comparables all come from it.
- ADEME — the energy-certificate register
- The energy certificate actually filed for the address. It lets you verify the advertised label rather than take it on trust.
- Géorisques
- Flooding, clay shrink-swell, radon, seismicity, soil pollution and natural-disaster orders recorded for the plot.
- The listing itself
- Price, floor area, floor level, charges and property tax as declared by the seller. Carried into the dossier as-is, never used as a market reference.
Frequently asked questions
Your listing, the same dossier
Paste the URL or the text of the listing you are looking at. The dossier is computed on its real address and floor area, not on a national average.