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When selling in a city, how much does a parking spot add to the selling price of a condo?

  • September 03 2013 - Peabody
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Answers (9)

Profile picture for shapiroamg
Someone paid $560 for a tandem spot in Boston. Aim high.

http://www.newsmax.com/TheWire/560000-parking-spot-boston/2013/06/14/id/510029
  • September 09 2013
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It is a loaded question and can be answered when other specifics are known or other questions answered. For example: in what city is the property? in what neighborhood? does it have a parking already and this is an additional or the only one? how big is the property ( how many beds/baths)? etc.
  • September 03 2013
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so many variables involved such as location, complex, is the spot deeded etc... to find out what the market value of the condo is you could get a few free market analysis from brokers.  Then compare them (do not just take the one that gives you the highest price as tempting as it may be, base your decision on the data facts given by all brokers).  They should not be too far apart and this will give you a better idea.
  • September 03 2013
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It really depends on the particular city. It can be very substantial in NYC.
  • September 03 2013
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Depends on the city.
  • September 03 2013
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It is important to find out if the parking spot is deeded or just written in to the Purchase and Sale contract. In South Florida it can add value to the Condo or Town Home for sure especially if it is a covered space. Parking spaces are a huge commodity in South Florida due to the limited space. The value would depend on many things. Supply and area are two important factors 
  • September 03 2013
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The real value comes in when you're providing something above and beyond what someone else can. In and around downtown Peabody, there are plenty of condos with a parking space. What will add to the price, and should be noted in your listing, is if you have a second spot, or even a parking space that is covered or in a garage versus outside. Best of luck and please don't hesitate to reach out if you have any questions. Please also provide a "thumbs up" to the best answer, thanks!
  • September 03 2013
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I have noticed on TV through different programs provided by HGTV that
offering a parking area is sometimes a sub offer that is given as a separate
offer to the sell of the house or condo.
Once on the hook with the intention to buy the sellers agent tells the interested buyer that a parking spot is also offered with this condo for this much more money.
I think it is a big plus that you have one and will certainly be an advantage point for you.
-Joseph-
  • September 03 2013
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It depends on your area and the other comparable properties. It is definitely important to most buyers, even in the city. If you'd like a valuation on your condo feel free to contact me through my profile page.
  • September 03 2013
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