Premium for parking spot

Asked by Galangal, Paris, NY Sat Jan 23, 2010

What is the premium of purchasing a home with attached parking, detached parking, vs. no parking at all? Location is around Rittenhouse Sq, Delancey, St., Logan Sq. and Fitler Sq. Let's say it's for one car.

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Bruce Lang, Agent, Philadelphia, PA
Mon Feb 7, 2011
Although this question is a year old, its interesting. First of all, the difference for parking between Logan and rittenhouse sq are very diffenrent. Parking around Logan circle goes for 20-30k while in rittenhouse the value can be 50-75k. In some cases like large omes it is hundreds of thousands but hard to prove. Its a simple issue...some people won't even consider a home without it. I just sold my home on quince st. It had one garage so ace and one "front yard" space. My home had other things that made it different like being 21 ft wide. All things being equal, it sells for head and shoulders more than other similar sized properties. In a condo it's a little easier to give it a price like 30k where in a house, its a game changer
1 vote
James Yoakum,…, , Philadelphia, PA
Sat Jan 23, 2010
In Center City parking can add a lot of value to a home, but there is a distinction among the various types of parking, as you seem to understand from your question. The best option would be a large garage with direct entrance into the home, a next step down would be an off-street parking space on the same lot as the home - usually accessed via an alley behind the house. Any parking space that requires walking to get to the home, even just half a block, is a step down. It's also important to distinguish between parking that is part of the property (like a garage on the ground floor of a townhome) and parking that involves a monthly fee or is owned separately (like a rented or deeded parking spot in a nearby or shared garage or lot). Finally, given the row-house architecture of Center City, it's important to remember that a property with a ground floor garage has the inherent compromise of having less living space on the ground floor. These properties often have second-floor kitchens and living rooms to accomadate the garage which many homeowners don't like. Finally, it's also really difficult to maintain the classic "Philadelphia" look for properties with a garage in front, so I'd say the ideal property has an attached garage, accessed from the rear, and still has ample living space on the ground floor - properties with all these characteristics are few and far between and command premium pricing, even in a slow market.

Hope that's helpful and let me know if you have other questions.

James Yoakum - Realtor
Brown McKinney Real Estate
1631 W. Cabot St., Ste. 100
Philadelphia, PA 19121
office: 215-825-2250 x.1002
cell: 267-496-7739
fax: 610-910-3046
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sat Jan 23, 2010
If you don't have an agent, now is the time to consider the services--you need to know about recently sold similar properties in the immediate area that do have parking. Parking in that area is worth it's weight in gold.
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