Is it smart to buy a 2 bed 2 bath without a parking spot in west loop?

Asked by Tony, Chicago, IL Fri Jun 20, 2014

I'm considering buying a 2 bed 2 bath in west loop. The layout and location is great. However, it does not come with a parking spot. Is it ok to buy the condo first and try to buy a spot from another unit down the road? I'm just worried how hard it will be to buy a spot individually. I know without a spot, it will be much harder to sell down the road. But the unit apparently has some rental spaces available. Appreciate any advice you guys can give!

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14
Noah Seidenb…, Agent, Evanston, IL
Fri Jun 5, 2015
Chicago is different than New York in that people can get away with never driving Tony. I would suggest getting a parking place if at all possible. I am using NY because it is another big city.
0 votes
Steven Johns…, Agent, Long Grove, IL
Fri Jun 5, 2015
Hi Tony,

There are many factors that can effect this answer. How long will you likely be holding on to the unit? If a long time, then it is likely a parking space will jump on the market befor then. What's the size of the building? If the building has an abundance of units then it is more likely that you can find a parking spot. If your answers to these questions are favorable, then buying the unit would likely be a wise investment. Yes, resale value can be increased with a parking space, however there most likely will be a chance for you to purchase parking before you sell it.

I hope this helps, feel free to reach back with any questions you still have.

Steven D Johnson
0 votes
Terri Buseman, Agent, Chicago, IL
Fri Jun 5, 2015
There are a lot of great suggestions and things to consider in your responses already. I would just add, along the lines of what Jeff Nebloza suggested, if you buy one later consider how you would finance it. Will you be able to buy it in cash? If not you might have to refinance your home to wrap the new loan for the garage space in with your mortgage. If you can't buy a space for a few years and rates have gone up by then will that be ok with you?
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Todd Shissler, Agent, Chicago, IL
Thu Jul 17, 2014
It is almost always better to have a parking spot with a unit. It will help with resale value and will make your property much more desirable. Do you really want to go through the property purchase process twice to get a parking spot?
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Sherine Azzam, Agent, Chicago, IL
Thu Jul 17, 2014
Hi Tony,

It's definitely better to have the parking space; however, if there's an abundance if rental spaces, it may not be that difficult to buy a spot down the road. There are many variables to consider when making the decision: how much do you want this unit, how good if an opportunity are you faced with, the building features, what's your purpose in owning the unit...etc. I highly recommend you get yourself a qualified professional who can dig up as much information as possible and help guide you towards making an informed decision.
0 votes
The Porter G…, Agent, Chicago, IL
Thu Jul 17, 2014
It depends..... Having a parking spot in the city is a great way to maximize your resale possibilities and value. But, every building is a little different with respect to readily available spots and how often spots become available . Check with the doormen staff , maintenance staff, building management and the seller's about what they have noticed as the trend.
0 votes
Cbessergm, Home Buyer, New York, NY
Thu Jul 17, 2014
Like most areas of Chicago surrounding downtown, and city center, West Loop has experienced explosive growth as the city's financial, transportation and technology sectors are booming, and manufacturing and tourism are rebounding strongly. Google is currenty constructing their second largest world wide corporate campus in River West, probably less than 6 or 8 blocks from your apt. Prices in these areas are skyrocketing.. If you've already paid up fpr your apt., contiinimg appreciation may bail you out if there even if theren no parking spot. But Chicago is becong so Manhattenized that a parking space may insulate your resale value from price drops in the future. And i wouldn't count on obtaining a space sometime in the future b/c there will be a shortage and significantly higher cost. In your neighborhood parking in the building is around 30K\ space. Not far away and a year or two ahead of you in gentrification a space in River North ranges from 40K to 60 K if you can find one. And dont even think about a space not connected to your building - its Chicago, no one will consider this as added value b/c its useless in the long cold sloppy winter. Bite the bullet and get an indoor space in your building now. Enjoy using it or rent it out until you sell. Good luck.
0 votes
Scott Newman, Agent, Chicago, IL
Wed Jul 16, 2014
Find out how often parking spots become available for sale in the building. The door men or management company would be good people to ask. Parking adds a lot of value in the city, especially when dealing with a 2BR unit. Not having a parking spot can definitely make renting/selling a little more difficult in the future.
0 votes
Bill Eckler, Agent, Venice, FL
Tue Jul 15, 2014
We often advise our buyers that they should never buy without first considering the home's resale potential. This includes, value, location, condition, etc. Obviously, purchasing an home without parking should be considered a poor risk as it creates a serious problem for its residents and also has a very negative effect on the property's resale potential.

Good luck,

Bill
0 votes
James Shin, Agent, Arlington Heights, IL
Tue Jul 15, 2014
A parking spot is always a plus. You might be able to snag one up down the road when one goes for sale. When that will be, who knows.
0 votes
Scott Newman, Agent, Chicago, IL
Tue Jun 24, 2014
Having a parking spot definitely helps you out on resale down the road! Does the building have a doorman? If so, ask them how often parking spots become available in the building. Most doormen/women have a great pulse of the building and can let you know if parking spots become available.
0 votes
John Meyers, Agent, Park Ridge, IL
Sun Jun 22, 2014
Depends on what kind of car you have and if street parking will be easy in the meantime. -- Also, there may be a neighboring building that has parking spots that you can buy or lease.
0 votes
Jeff Nobleza, Agent, Chicago, IL
Fri Jun 20, 2014
If you are to purchase a parking space "down the road" I ask you how you will purchase it. Will you be paying cash? It is difficult if not impossible to get a small loan to purchase such a space. Seller financing may be an option.
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Jun 20, 2014
If you will get a spot down the line, then I would say go for it. If you never plan on buying a spot, I would be cautious. A two bed with no parking is a little bit of a tougher sale. A spot will at some time come on the market. When it does, but it.
0 votes
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