Home Buying in 60611>Question Details

Pat, Home Buyer in

I have a condo for sale in a fairly new building in streeterville. I'd like to sell the unit with the parking. I'm getting offers for the condo only

Asked by Pat, Tue Jun 11, 2013

no parking. is it smart to sell the condo separate? From your experience, how hard is it to sell the parking space later? what would the realtors in streeterville recommend?

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Parking in 505 cannot be sold to someone outside the buildin. You may not be able to own he space post the closing of your condo sale, another issue to consider.. What does matter to you is will you get the total amount you want when you do two separate transactions?
If you can locat a buyer for the space and can clear any hurdles about the loan you have and ownership, you can sell two times. Ask any of us and I am sure the majority will say keep it to one sale and one total price.
1 vote Thank Flag Link Tue Jun 11, 2013
Pat. Be cautious of the quick answers. Find out some important facts first. You have parking but how is your ownership held? Is it an "assigned" common element (in which case it may not be able to be sold separately) or is it a distinct deeded parcel (with its own tax bill and deed) in which case it may be sold? Parking is always a negotiable item and you need to learn if in fact you can sell it apart from the unit and what happens if you choose to do so. What would you do if a buyer comes along that is simply against cars and in no need of a spot? How are other properties in your building marketed? Would you be willing to actually sell without parking and be left with a space in a building that you no longer own? Would your association even allow rentals to non-owners? As you can see, there are many issues to consider. Work with a rRealtor that takes the time to evaluate your personal situation rather than one who is quick to throw out the one or two line quip. Check their backgrounds too! Good luck and I hope your sale goes well!

Rusty Payton
Broker and Attorney
iMove Chicago
1225 W Morse
Chicago, Illinois 60626

773-856-6200 [Office]
773-856-6201 [Fax]
773-800-1051 [This number reaches me anywhere!]

e. payton@iMoveChicago.com


http://www.iMoveChicago.com

blog: iMoveBlog.com
0 votes Thank Flag Link Wed Jun 12, 2013
Pat,

I would put the parking space for sale on the market or even for lease. Or, you can use it as a negotiating tool so you maximize price.



Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Wed Jun 12, 2013
Parking has value so I would tend to wait for an offer that includes parking, but check with the HOA to see if they even allow you to keep the parking IF you are no longer an owner in the building. Some do not allow it. You might be required to sell it. Perhaps try to sell it to another owner in the building, but make both transactions connected!!!!
0 votes Thank Flag Link Wed Jun 12, 2013
Have you tried to market your parking spot to other unit owners in the building?
0 votes Thank Flag Link Wed Jun 12, 2013
Make your contract contingent on the sale of the parking space prior to closing (but after all contingencies are explired). Since you can't sell to anyone outside the building, you are very limited but someone in the building must need another space.
0 votes Thank Flag Link Tue Jun 11, 2013
In my opinion you should call the association and ask them if you could sell the parking to a person outside the complex .
Would be very easy to selll the parking to a buyer from you complex too ...
0 votes Thank Flag Link Tue Jun 11, 2013
here's the building address 505 n mc clurg
0 votes Thank Flag Link Tue Jun 11, 2013
I have a strong feeling I know which unit this is.

Here is the thing. If you have the spot and unit in one loan, its very very difficult to back out the spot. Which means you HAVE to sell the spot with the unit.

A lot of people dont need parking in Streeterville, but it matters what offers your getting. Are you getting full price, without the spot? If so, explore the option of if its possible to sell without the parking. But otherwise, the right buyer will come along, especially in this market, for the unit and spot.


As to the difficulty to sell the spot, it depends on the building. Each one is different. Would need to know more to give the best advice.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Tue Jun 11, 2013
Hello Pat,

Yes parking usually sells with the unit, however in Streeterville many people do not need or want a parking space. The ability to sell the space will depend on the actual building you are referring to. I or any other agent that responds will be able to tell you whether it's a good idea or not by searching past sales in MLS. Though you may already know that answer. I currently have a buyer who does not need or want parking and we are finding many owners willing to sell without the parking.

Call or email if you would like to discuss in more detail. Many thanks.

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479
ihalpin@jamesonsir.com | http://www.jamesonsir.com
0 votes Thank Flag Link Tue Jun 11, 2013
Hi Pat,

It's hard to say without more information. How much is your parking listed for? It's very possible your parking is overpriced thus no offers.

Streeterville is one of those neighborhoods where parking is practically a must if you own a car.

Selling the parking space separately is not necessarily a bad thing, again it must be priced competitively.

I welcome the opportunity to discuss this further with you.
0 votes Thank Flag Link Tue Jun 11, 2013
I would consult with your Realtor. Everything will sell at the right price. You have to determine what that price is and who the audience might be for such a parking space.

If you offer the parking space to the condo-interested parties for say $5,000 additional, I am sure they will change their tune.
0 votes Thank Flag Link Tue Jun 11, 2013
email me at jmichaels@remax.net with the address and I can give you my assessment
0 votes Thank Flag Link Tue Jun 11, 2013
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