Home Buying in 19103>Question Details

Ronnie M., Home Buyer in 19103

Is a Rittenhouse Square parking spot worth purchasing?

Asked by Ronnie M., 19103 Mon Feb 2, 2009

Hello Real Estate Pros -

I am contemplating puchasing a condo in Rittenhouse Square. I have the option to purchase a parking license for 60K in the building (underground); there is also a $100 monthly assessment on the parking spot (valet). This can be sold to to another owner. Parking otherwise is close to $400 monthly. Is the parking a good buy?

Thanks,
Ron

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Answers

5
It depends on the "package deal" you negotiate. There will come a time that parking licenses will not be available: however, parking may still be available in the area. If you are going to live there five plus years and use your car regularly' then it's value is higher
You also want to be aware of the other homes people may considering buying. Do they have parking? There are a number of factors. If you are considering liberty 2z, the ritz or 10 you really want to think about how ften you will use your car. Maybe a local garage will be good enough.
0 votes Thank Flag Link Wed Jan 26, 2011
This isn't a simple question. I often say that if parking is available you should buy it. Do you want to be one of the people down the line who doesn't have parking? However I'm not sure its a great value if you do the math. Without knowing which building and the amount you are planning to spend on the unit, its tough to give an accurate answer.
0 votes Thank Flag Link Thu Jan 6, 2011
Hi Ron,

My name is Carl Kabat and I'm a Realtor with Coldwell Banker Preferred.

My first inclination is to say flat out "No, that's not a good deal". For $35 per year one can get a parking sticker from the Philadelphia Parking Authority and one would be able to park anywhere on any street within their home zone and not have to put money in the meter, or even move the car in a certain amount of time. One could leave the car there until one wants to use it.

On the other hand, if you have a car that is very valuable, and you don't want to leave it on the street, that's another matter. If you have any further questions, feel free to contact me:

ckabat@cbpref.com
0 votes Thank Flag Link Thu Feb 5, 2009
How long do you plan on living there? A simple present value analysis of 400 per month (notwithstanding any possible future increases) could be the simple answer to your question. If you let me know your expected length of living in the residence I can let you know the present value of 400 per month parking at current interest rates.
0 votes Thank Flag Link Tue Feb 3, 2009
Ronnie,

Good question. What does your buyers agent say about your question ? That would be where I would go first.

I would look at your purchase price versus what is sold recently. If you can get a great deal including the parking, I would say the parking would be a tremendous benefit. It could be very important for both resale or if you chose to rent the property out in the future. Parking will be more and more in demand in Center City and Old City.

If you like the opportunity of purchasing parking, you can also purchase at the Parkominium in Old City. Spots are listed for $25,000 which also has 24/7, 365 days a year valet. Very cool - more info is at:

http://www.thesomersteam.com/team-listing.php?zip=19106&page=2

Let us know how you make out with the condo ! Rittenhouse is a great spot !
0 votes Thank Flag Link Tue Feb 3, 2009
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