Home Buying in Brookline>Question Details

Juliecain1, Renter in Brookline, MA

How much does 2 bay garage parking under a home add to the houses value in Brookline village area? Thanks!

Asked by Juliecain1, Brookline, MA Fri Dec 7, 2012

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First of all you have to look at the comparables If most of your comparables show a 2 bay garage in your price range, that is what is expected so there is not any value added for such. If most of your comps don't have 2 bay there would be some extra value.

Just out of curiosity I ran some reports in Brookline. The median house price was $1,277,500.

So there have been 32 homes that have sold in the past month in the 1M to 1.5M range.

17 Had two car garages with an average price of $1,248,722
9 Had 1 garage stall for an average price of $1,152,143
6 Had no garages at all for and average price of $1,321,672

So what does this tell us... nothing!!

The best thing to do is contact several local REALTORS to provide you with a CMA or Comparative Market Analysis. A CMA will compare similar house.... meaning similar sq footage, similar location, similar age, similar style hopefully all with 2 car garages to determine the value.

Adding value for a 2 car garage does not seem to make sense in at least the median price range in Brookline. Remember determining value is not an exact science it is a little bit more of an art and requires an experienced agent to provide one.
1 vote Thank Flag Link Fri Dec 7, 2012
As a broker in the area and a certified appraiser Kevin deserves the best answer.
0 votes Thank Flag Link Fri Dec 7, 2012
Hi Julie,
If you'd like to talk to a local realtor, I'd be happy to help. The Brookline market is a unique one and are our parking requirements. The is an absolute value to garage parking in Brookline. I've spent my whole life in Brookline...don't hesitate to contact me.
Lea Cohen
Hammond Residential RE
Chairman, Brookline Chamber of Commerce
http://www.leacohenrealestate.com
0 votes Thank Flag Link Fri Dec 7, 2012
Hi Julie,

I would have to agree with Wayne, a CMA of the property your looking to sell would depend on several factor such as location in Brookline, number of rooms/ bedrooms/bathrooms, living square footage. I did a quick look in all of Brookline on the market and sold properties with 2 garage parking vs. 2 non garage parking space properties and there really isn't any real true comps to give even an idea of ballpark number. So doing a CMA on your property might give a better idea.

Please feel free to contact me if I could be of sevice at ScottMitchell@Remax.net
0 votes Thank Flag Link Fri Dec 7, 2012
Hello Julie,

it really depends. No one will be able to give you an exact number as value is dictated by the market. I think your best option is to contact a few Realtors and ask them to do a CMA (comparative market analysis). Once you have a couple of these you will have a better idea as to what the total market value of the property might be in this current market. This report will help whether you are buying or selling by giving you an idea of the value of a specific property. If we can help you can reach us at info@wenrealty.com
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Fri Dec 7, 2012
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