Wish you the luck what ever choice you make.
Have your agent do a CMA and see what the neighbors are doing!
If you want to chat about this, feel free to reach out to me. :-) 312-480-0330
I can see how having it listed separately might make the unit list price more appealing but finding out you have to dish another 30k on a spot can leave a bad taste in buyers mouths. Plus, I find it to be misleading.
If you decide to list separately do not sell the parking before selling the condo. A majority of buyers need a parking spot; especially in high rises or areas with limited street parking.
Save yourself the headache and sell them together. I've met people that have tried selling their parking spots for months and at times for years to get the price they want.
676 N. Michigan Ave.
It is best to list them together, you will get a better return. When spaces are sold seperately, they sell for much less. If you haven't sold yet, the market is heating up and inventories are down. Contact me to get started.
All the best,
I always recommend my clients attempt to sell the unit with the parking so if someone needs if they have it available. Keep in mind, lenders no longer allow you to lump someone else's parking space in with another seller's condo so your buyer would have to pay cash for another space if he needs to buy one from someone else.
In the end, if you find a buyer who doesn't want a space then it still works out because when you sell them together you usually get less for the spot then you could selling it individually on the open market. This means you can still sell your place and then make up a few extra bucks by selling the spot to someone else.
Gold Coast parking is a pain and people always wants spots so you shouldn't have a problem.
I personally never saw the point of listing them separately if you HAVE to sell it with the unit. The pros as everyone said is its a lower price for a buyer. But what are you going to do if you donâ€™t sell the spot. Is parking a high demand in your building? Are you going to be just sitting with this spot for years to come trying to sell it? If you donâ€™t mind paying the taxes and assessments then list it separately. But if do mind, make it a package deal. Price it right, and say parking included. I personally feel the whole thing is misleading. Every time I have a buyer they go "oh look at this price" (pause) "oh wait, 35k EXTRA for parking." Itâ€™s pointless and to me very tacky. I am sure a lot of agents wont agree with me, but this is my stance.Good luck!
Americorp Real Estate
Brokers Associate, e-PRO
I don't have much to add that has not already been said but will try to simplify the answer.
1. In some buildings condos are listed with the parking shown as an extra cost in the remarks. If that is the norm in your building in order for your condo to appear competitive with other listings it is important that you list it the same way. Often the parking is listed separate but the seller will not (or cannot) sell the condo without the parking and it just becomes part of the negotiated price. When looking at sales prices you will often/occasionally see the sales price higher than the asking price and that generally is because the parking is included in the sales price. If your building does not have a habit of listing the parking separate you should not do so.
2. Should the parking have a separate listing number? In my opinion No. In many buildings there is not a market to sell the parking separate. Even if there is a market you would not want to sell the parking before the condo. You want to always have parking available for your condo sale. It is harder to sell a condo without parking especially if you are in a location where there is little or no street parking.
3. Should you sell the condo without the parking? That depends. Is there a market in your building/neighborhood for parking? Does your building allow you to sell it to an "outsider"? Even if the answer to these questions are yes, I think the best answer is to sell the parking with the condo.
So generally the reason parking is listed separately is to draw more potential buyers to see the property and to be competitive with other listings in the building/neighborhood. Of course, a buyer's agent is going to see/know that the parking is extra and it could omit the property from their search anyway.
I believe this procedure of listing parking separate started some years ago when new construction was listed that way. Once it started in new construction/conversions it stuck. Personally I don't like this way of doing things but for reasons noted above sometimes you have no choice...but remember even if parking is listed separately it should generally be sold with the unit.
If you have any other questions, please do not hesitate to contact me.
Certified Residential Specialist
Accredited Distressed Property Representative
Baird & Warner Gold Coast Office
Another downside is - what if you sell the condo without the parking? Then you're "stuck" with a parking space you may not want. I personally don't see that as much of a problem because I like to invest in parking spaces. You want to be sure and check your assoc bylaws. Many assoc will not allow you to sell or rent the parking to someone outside of the buidling.
Gage supply of parking against demand and make a judgment as to how likely it is you will eventually be able to move the space should your condo buyer not want it. If it looks like it would be tough to move, then don't separate it from your condo sale.
Cons-Once they read the fine print and see that it's extra, they may ignore it becasue the total price is higher than they want to pay. The deception does not work.
In this market parking spaces are often given away when you actually see the closing price. When you break down the price.....300K unit, 30K parking for example and the closing price ends up at 290K, then what did the parking portion really cost???? It's silly.
I have never liked spliting the price. It's just deceiving and does not get more showings, BUT if most agents of similar units in the same nieghborhood/building are doing it, then I also do it. Otherwise, I use one price and mention in the Remarks that parking is included. The only exception would be IF the owner actually has the option of selling the space separate from the unit.....to a different person at a different time or just keeping the parking space and renting it out. Most condo buildings do not allow that and/or it would be dumb to do it, but I have seen situations where it could be valid.
And then, when you put them on the market, your parking may get an offer before the condo does( I'm sure there is someone in the same building who is looking for an extra spot) And that will limited you market ability for your condo. I will definitely not recommend you to put them on the market separately.