Home Buying in 20005>Question Details

REINVEST, Home Buyer in Washington

Am thinking about buying a parking spot from a neighbor. What is the going price in Logan Circle? Anything special I need to consider?

Asked by REINVEST, Washington Thu May 26, 2011

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Just like most things in real estate, parking spaces even in the high demand Logan Circle area are not absolute zero sum game. Each situation has to be considered uniquely, there are many factors that go into determining fair market value and there are things that will significantly impact that positively or negatively. Having a knowledgeable and experienced Realtor conducting the right evaluation is essential and you should never allow yourself to base your decision by a blanket statement of value for any neighborhood. Contact a Realtor you trust for the honest and truthful reality in your situation. Sorry I couldn't be more definitive but it would be irresponsible for me to do otherwise.
0 votes Thank Flag Link Thu Nov 15, 2012
All of the above and be sure to run the contract by a lawyer and make sure that no stone is left unturned in the event something does go wrong with your friends ability to maintain his mortgage, timeframe for you to quit the agreement or does it convey with the sale of the unit, etc.
0 votes Thank Flag Link Thu May 26, 2011
Great question! I'll add what I can to the other good answers. I'd be happy to do a little market history research for you and especially your building. That will indicate the exact price. Factors to consider, availability and pricing of other spaces in the building (check the online or physical bulletin board in the building), the fact that most buildings only allow buying and selling by current owners, and see if the space is deeded separately or not. Often there are such great, long-term rental options in a building that you may not want to buy. Finally, as mentioned, it is very difficult to get financing for parking spaces--But fear not! This wonderful invention called "seller financing" could make it a real good deal for you--and even the seller.(Especially when there is already trust between the parties--like you guys) Let me know if I can help. Oh yes, finally, my experience is that parking goes for between 35k and 40k in Logan Circle area. (I just sold a Dupont garage spot for $37k--and often Dupont prices are higher) Good luck!
0 votes Thank Flag Link Thu May 26, 2011
One thing to consider is that financing a parking space can be difficult and you may need to pay cash or refi your residence and add the parking space.
0 votes Thank Flag Link Thu May 26, 2011
The going rate for an indoor spot is about $40k.

I assume this is a part of a condo, so make sure you own a unit in the building because most will not let you own a parking space if you don't own a unit.

Also, you will need to know if the parking space is secured as park of your friends mortgage. If it is, he will need to contact the mortgage company and make sure they will release their lien on that spot without your friend paying of the mortgage. He may have to pay part or all of the proceeds to his mortgage company to get them to release a lien.

Otherwise, it is a relatively straight forward transaction and you should be able to complete this with the assistance of a title company, but don't necessarily need the assistance of a Realtor.
0 votes Thank Flag Link Thu May 26, 2011
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