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What price can I ask for one garage bay? The garage is detatched. There are 3 condos for sale also

I was asked to give someone a price for just one of the bays of the detatched two car garage within the condo trust.The two bays were originally divided between two of the condos not included with the condo from the person  who has requested the price. I am not sure how to calculate out a price with out going to a realtor ,which i prefer to not do at the moment.
  • July 17 2009 - Rockport
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Answers (3)

Keep in mind that if you divide the condo garage bays this may constitute the development of a new unit in the association and thus mean that all the mortgage holders in the association need to be informed and give approval.  Seek the advise of an attorney who is familiar with the condo docs. 
  • November 07 2010
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Profile picture for kmaccarthy
Appraisers call it a paired extraction: you'd have to find a unit that sold with a garage and a unit that sold without a garage and then you subtract to get the difference. (All other features being the same, btw.) The difference is theoretically what the garage is worth. 

Also very important to find out if the condo association will allow such a sale.
  • October 27 2010
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Profile picture for wetdawgs
Before you work on calculating a price, talk to your condo association about whether or not you can sell bays separately.    The association probably has a good estimate of price per bay if it is allowed.
  • July 18 2009
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