Home Buying in SoMa>Question Details

Robert, Home Buyer in Bel-Aire, Largo, FL

Could someone tell me about parking costs in condo purchases in the SOMA/south beach region of San Francisco?

Asked by Robert, Bel-Aire, Largo, FL Sun Jul 5, 2009

Roughly, how much does the presence of a parking space add to the cost of the condo in SOMA/south beach? Which condos have their own deeded parking space that is already figured into the HOA, without my needing to fork out additional costs to rent a parking space? Thanks for your help!

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9
Jed Lane; Fog City Guide’s answer
Parking costs in SF are figured to add between $50,000 to $75,000 dollars to the purchase price according to the Planning Department and other independent sources. We have only just begun to see parking unbundeled and sold separately so the market hasn't really had a chance to respond to find out what soomeone would pay on the open market.
Listing all the different buildings and the parking situation would be a pointless excercise for any one. First find a place you like or include your criteria in a search by a local Realtor to find the right situation for you. The local MLS has the data and it's searchable so find a Realtor to work with.
2 votes Thank Flag Link Sun Jul 5, 2009
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
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Always buy property with deeded parking! Even if you don't need it....rent it out to someone!! Especially in the dense areas such as SOMA. Parking is one of the highest saleable features for many properties when it comes time for re-sale.
1 vote Thank Flag Link Thu Aug 27, 2009
Hi Robert,

Parking is huge consideration for most buyers, especially those who are purchasing a second home. Depending on your price point, all high rise buildings in SOMA are not created equal. Here is a list of some of the popular buildings (and there are some exceptions.)

The Millennium - Valet Parking
The Infinity - each condo comes with one parking space - regular garage under complex
Blu - most homes come with parking - German engineered electric stacked car grid
The Montgomery - no deeded or assigned parking - pre-paid rented parking included in purchase package
199 New Montgomery - some condos come with parking, not all homes

Please feel free to contact me for more specific information. A great deal of my practice is focused in SOMA high rises.

Warm regards,

James Testa
Paragon Real Estate Group
jtesta@paragon-re.com
415.515.6097
1 vote Thank Flag Link Mon Aug 10, 2009
Thanks a lot, guys. I have indeed bought a property with deeded parking, as advised.
0 votes Thank Flag Link Fri Aug 28, 2009
Start by pricing the spots to rent and go from there.
0 votes Thank Flag Link Thu Aug 13, 2009
It depends where in SoMa South Beach and which building. $35k to $100k. It may be better to rent one, $150-$450 / month.
0 votes Thank Flag Link Sun Jul 19, 2009
Hi Robert,

I know it can be frustrating and complicated trying to figure out leased and deeded parking in SOMA/South Beach. S.F. city planners have restricted the number of parking spaces a developer may offer in a new development. Not every building that offers parking has enough parking spaces for each unit and it will only get worse. Typically, the cost of parking starts at about 40K and that cost is usually already added into the sales price of the home. If the parking is leased, it is an additional fee, but not typically included in the HOA.

There is not enough room to respond with info on every building so I'll assume you are looking at new developments? The buildings that have deeded parking: One Rincon (valet service), The Infinity, The Millennium (no parking for one bedrooms) The Arterra, Blu, 829 Folsom, 77 Van Ness (on the border of SOMA, Hayes Valley), One South Park ( there was one still available last week).

A deeded parking space is always added value for the resale.

I cannot emphasize this enough, choose a buyer agent to represent you. You need an area expert to guide you through the different developments, help you make a purchase, negotiate the best price with the builder/developer (or selling agent), help you navigate the paperwork and of course close close on time. I specialize in condos, lofts and new developments and would be happy to assist is you do not already have an agent. Either way, good luck in finding the perfect new home!

Lorraine Meier
Zephyr Real Estate-SOMA
415.596.9362
0 votes Thank Flag Link Thu Jul 9, 2009
Thanks for your answers, guys. I'm looking for a second home and am only thinking of a condo with deeded parking.
0 votes Thank Flag Link Mon Jul 6, 2009
I believe the Millenium and Infinity both offer deeded parking.

Shaban Shakoori
TRI Coldwell Banker, SF's #1 Office
0 votes Thank Flag Link Sun Jul 5, 2009
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