Curb Appeal in Lakeview>Question Details

JA, Home Buyer in Chicago, IL

Should there be a difference in price between outdoor and indoor parking?

Asked by JA, Chicago, IL Fri Feb 22, 2008

When comparing pricing of condos in Lakeview/Lincoln Park - what is the difference between an assigned garage spot, a 'covered' outdoor spot, and outdoor 2 car tandem parking?

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M’s answer
Home Buyer.
There will always be a significant difference between assigned indoor garage spot (mainly because of demand, maintenance overhead, security and protection from the weather); a covered outdoor spot which is less to maintain, easier to keep secure and also does not keep your car free from weather exposure.
Hope this helps.
The Schaffer Realty Group
1 vote Thank Flag Link Fri Feb 22, 2008
Yes there is a price difference between these. There can be anywhere from $5000-10,000 difference between indoor and outdoor single spaces in Lakeview.

Make sure you know if it is assigned or deeded too. Deeded you pay a seperate tax bill to the city (usually not much but it is a pain). You should be able to get a PIN number if its deeded but not if its assigned. When we market new developments, I always recommend assigned because it alleviates a ton of paperwork both for the builder and removes the hassles (and taxes) for the buyer.
1 vote Thank Flag Link Fri Feb 22, 2008
Is there a differenc between a 3BR and 4BR home? Yes. Is a covered spot better than a ture outdoor spot? Same answer. Especially in a winter like the one we've been having. Lots of snow, less to brush off your car if it is covered. Parking pricing is going to depend on location. You said Lakeview/Lincoln Park. If it is close to the lake in either of those areas you will see a difference versus the west end of LP and Lakeview. The tougher the street parking the more expensive to purchase. Here are some very rough figures:
Outdoor spot: $12,000-17,000
Covered: $15,000-20,000
Tandem outdoor:$20,000-27,000
Tandem indoor:$25,000-40,000

Could be more epsecially in some high rises. More details and we could give you a more accurate assessment.
0 votes Thank Flag Link Fri Feb 22, 2008
What if it is an outdoor space, which you can really only market as one spot, but could probably fit 2 small (as in compact cars) in the space?
0 votes Thank Flag Link Fri Feb 22, 2008
tough call. Depends if you have 2 cars and how much you value the garage- which is secured. The covered spot I would value less than the other 2.
Web Reference:
0 votes Thank Flag Link Fri Feb 22, 2008
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