How about this for an investment; ever consider a parking spot?
July 16, 2007 by jessebkaye
As a follow-up to my post yesterday about purchasing a condo without parking I thought I would follow up with a bit of research regarding the price of parking in New York City. Based on a recent article from CNN parking in New York City can cost upward of $225,000. Keep the price in mind when DC considers a legally deedable parking spot to be no smaller than 9′x18′ (thats 162 sq ft). At nearly $1400/sq ft, a parking spot in New York City costs more than any condo in Washington DC. Given the relative size of Washington DC to New York City, 39 sq miles vs 33.6 sq miles respectively, I might consider investing in a parking spot. What do you think?
Condos Without Parking? How about the option to purchase?
July 15, 2007 by jessebkaye
Correct me if I’m misconstruing my perception of the market (which has been rather accurate so far), but with real estate as prime as what is available here, in DC, how can one consider purchasing a condo without parking???? Obviously depending on the buyers needs one may not need parking but take a look around. Seriously! This city is only becoming more dense, real estate is only going up, both literally and figuratively, and parking is going to be a strong selling point within 3-5 years if it already hasn’t affected buyers.
According to my research, deeded parking can go for as high as $75,000 as I experienced with a buyer looking in the Beekman Place community off of 16th St. Talk about prime real estate. According to DC law a legally deedable parking spot must be 9ft x 18ft. At a total of 162 sq ft, thats nearly $463 /sq ft. Condos in the same community are currently selling for $528 /sqft. Could it be a good investment? You tell me! (On Adams Mill there is a 124 sq ft spot selling for $75,000….$605 /sqft. PPPHHHHHEEEEEEW, thats as much as a luxury condo by BrookRose Development!)