How much should an outdoor parking spot be worth in Logan Square?

Asked by highdecibel08, 60647 Mon Oct 14, 2013

What is fair and reasonable?

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13
Evelyn S. Fr…, Agent, Chicago, IL
Mon Oct 14, 2013
BEST ANSWER
Fair & reasonable is $10k - $15k or whatever someone is willing to pay. Obviously, if you are on the blvd the prices may be more because parking is at a premium vs an area where street parking is more readily available.

Good luck!
2 votes
Manuel Brown, Agent, Chicago, IL
Mon Oct 14, 2013
Parking in today's market should fetch 10K to 15K. Evelyn put it very well or whatever you are willing to pay for the convenience.
1 vote
Matt Hoyt, Agent, Highland Park, IL
Mon Oct 14, 2013
I'd say 15k for outdoor to purchase gated secure spot.
Rental 100-150 per month. Other factors apply but that's it w details you gave. Thx.
1 vote
Joe Schiller, Agent, Chicago, IL
Mon Oct 14, 2013
about 10K and as much as 25 K in gated lot
1 vote
Ilene Deak, Agent, Des Plaines, IL
Mon Oct 14, 2013
Sadly, "fair & reasonable" are whatever the market will bear so there is no definitive answer. If you're talking about rental and it's a private space near building, rents range widely between $50-150 month or whatever the owner is willing to negotiate (sometimes lower)....generally parking in the square is lower than near to the loop or Lincoln park where spots are $100-200 monthly as an average. Check with other renters and landlords in area to find out what the average is near your location. Sometimes parking is included in the rental so that affects what you pay as well.
If you're talking purchase, again, check with others in your area for a ball-park figure as a starting point. You might also check old property listings to see if they included parking (or had it available) and at what fee....generally if parking is available with a listing-whether rent or sell-price is included.
1 vote
Lindsey Rich…, Agent, Chicago, IL
Mon Oct 28, 2013
Evelyn said it best! Location will be key but $10-15k seems about right for Logan Square. Good luck!
0 votes
JIM Michaels, Agent, Chicago, IL
Tue Oct 15, 2013
email me at jmichaels@remax.net and I will send you my list of spots
0 votes
Edith Karoli…, Agent, Winnetka, IL
Tue Oct 15, 2013
It depends a little on the type of outside parking, and what someone is willing to pay.... I am assuming you want to sell that spot and not lease it....And if you want to sell check out first the situation if you
actually can sell it, as we here do not know what your exact situation is, hard to tell.
but yes for selling I would say around 10,000 if you are able to do so.
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0 votes
highdecibel08, Home Buyer, 60647
Mon Oct 14, 2013
to add on backstory - several years ago the developer built the spot, but then no one bought it, and the developer went bankrupt. It's just been sitting there and a company decided to start buying the certificates.
0 votes
highdecibel08, Home Buyer, 60647
Mon Oct 14, 2013
I apologize for not being specific! It would actually to buy a deeded spot. The spot has never been purchased over the past 7 years. A company is buying the tax sales (and on the last one) to get the tax certificate. i want to buy the tax certificate to be able to get ownershop of the property on a deed.

It would be outside parking, no garage. I'm looking to buy.
0 votes
Ivan Sagel, Agent, Chicago, IL
Mon Oct 14, 2013
Hello,

Location is key here. Are you looking to rent, buy or sell a space? Or are you comparing values of condos with and without parking?

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
0 votes
Santiago Ken…, Agent, Chicago, IL
Mon Oct 14, 2013
Are you thinking in renting or buying ?
0 votes
, ,
Mon Oct 14, 2013
Do you mean to rent or buy?
0 votes
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