Home Buying in Dupont Circle>Question Details

C, Both Buyer and Seller in Washington, DC

What is the value of a parking spot in the Dupont Circle neighborhood of Washington DC?

Asked by C, Washington, DC Tue Feb 26, 2008

How much more do comparable homes cost with a parking spot vs without?

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Answers

7
Who are these idiots? $20k to $35k for a parking space in Dupont? HAHA. I'll take all you have for $35k, please. They are worth closer to $40-50k outside and $50-60k inside, sometimes a little less because of restrictive covenants that go with them (i.e., condos).
0 votes Thank Flag Link Wed Aug 5, 2009
Hi, C - I just sold a home in Dupont Circle in February 2008. Historic Victorian but no parking. The answers below give "average" values for parking in previous markets. As a buyer, in this god-awful market, you can use the lack of parking as a heavy hammer to really knock the price down. That is what buyers did to me!

Fortunately, my property was in mint condition and had plenty of interest. I even had two competing bids - which was like a miracle. But, because of no parking, BOTH offers both started about 20% below my asking price - which goes to show you that TODAY'S BUYER uses the lack of parking as a sledgehammer, since they know sellers have few candidates.

This was a 4BR+ home, and I'd say parking cut out about 30% of my potential market (since that 30% would not consider a home without parking). Therefore, any remaining buyers used lack of parking as a big negotiating factor. After all, I can't do anything about it except lower the price!
Web Reference: http://www.dcbrownstone.com
0 votes Thank Flag Link Thu May 29, 2008
Thanks all, that is very helpful. I appreciate you taking the time to answer.
0 votes Thank Flag Link Tue Mar 4, 2008
I sold a indoor garage space ( with controlled access) in Dupont for 59,900. granted, this spot was ina luxury building , however, the average price for a space in Dupont, especially west of Conn. Ave., is 50k
0 votes Thank Flag Link Sun Mar 2, 2008
Today, The parking spot ,depending upon where the parking is, if its inside or out, could run between $20,000 to $35,000.
The price of the home does not always reflect the parking spot, as so many other factors go into a sales price. Our team, the Eng Garcia Group, would be happy to assist you in finding properties in the dupont circle area or other great neighborhoods of DC. Check out our website at http://www.enggarcia.com or call us at 301-518-2922. I look forward to hearing from you soon. Holly Utt
Web Reference: http://www.enggarcia.com
0 votes Thank Flag Link Wed Feb 27, 2008
Not a bad investment at all. Back in 1980, I bought a unit at Logan Circle (in the Iowa), and the parking space, was, I believe, $6,000.
0 votes Thank Flag Link Tue Feb 26, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
C:

On average a garage parking space adds about $35K to the sale price of the house in the Dupont circle neighborhood. This is figured into the sale price if it conveys or is offered seperately if not.
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Tue Feb 26, 2008
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