Carlos, Other/Just Looking in 94122

how valuable is having a 2 car garage vs a 1 car garage in the 94122 zip code?

Asked by Carlos, 94122 Sun May 24, 2009

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Parking is one of the most desired features of any home in the City as well as one of the most saleable features when it comes time for resale. In dense neighborhoods parking can add as much as $100K to the sales price. There are parts of the 94122 that have lots of on street parking. I would weigh the construction cost of a two car vs a single car garage. Is there sufficient on street parking? Many options to be considered, but always wise to buy property with parking.
1 vote Thank Flag Link Mon May 25, 2009
All the answers have brought something to the table. But I would like you to note that 2 car parking not only is valuable but also creates options. For example, if you have a 2 car garage in the sunset which ( I am very familiar with) that 2 car garage which is usually tandem will create options for someone whom may be looking to expand. A lot of homes in the sunset have downstairs improvements usually using that second parking spot to add another room. I believe it is much more reasonable in cost to build an extra room down whether it be a family room/ bedroom than to put an upper addition on to the upstairs of your home. Therefore when people see a 2 car garage they are also looking at building potential.

Hope this helps.
0 votes Thank Flag Link Thu Oct 8, 2009
We like to assume parking adds value, but these kinds of comparisons are difficult because there are so many factors affecting price: location, views, updated finishes/appliances, hardwood floors, fireplace, garden, storage, etc.

I looked at 2007 sales in 94122 to see if there is any correlation between price and parking. I compared median prices and average price/sq. ft. and found 2-bedroom homes with 2 parking spaces sold for 13% ($95,000) more than with 1 parking space. For 3 bedroom homes, the difference was insignificant from 1-2 parking spaces, but prices were up 6% from 1 to 3 spaces (6% or $95,000). For 4-bedroom homes, the difference between 1 and 2 parking spaces was 5% ($50,000).

These comparisons are interesting, but I don’t think they are conclusive. Parking is definitely an asset, but as more and more people are choosing to reduce their carbon footprint by biking or taking public transportation, parking in itself may not always be worth as much as you might think.

Good luck!
0 votes Thank Flag Link Fri Sep 11, 2009
They rent for 150 to 400/mnth and sell for 35k to 100k.
(sometimes up to 250k in New York)

http://www.gregorygarver.com
0 votes Thank Flag Link Tue Sep 1, 2009
A two car "side by side" garage seems to be most desireable. That also suggests a wider driveway and a place where you, family or friends can park as well as going inside. Parking inside is also more secure (usually) and in the world we live in today that is a good thing. If you need two parking spots then it's great. If not you will likely find a need for it quickly.
0 votes Thank Flag Link Tue Sep 1, 2009
That is a great question! Parking is crucial in the city, and costs roughly $400 a month for a dedicated parking space in an office building in the financial disctrict. Value of the parking slot is in the eyes of the beholder. Values are relative, depending on the location and your need of the space.
0 votes Thank Flag Link Sun May 24, 2009
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