Condo developer is selling parking space in our builidng for $87,500 in park slope? Is it worth buying?

Asked by kahanem, Brooklyn, NY Sat Aug 10, 2013

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Mitchell Fel…, Agent, Brooklyn, NY
Sat Aug 10, 2013
Dear kahanem:

Private parking is a commodity and always adds value to a property. How much the space is worth will be based on who you ask. This is an opinionated question and the answers depends on how much the future buyer will want/need parking. In my opinion it is worth as because most properties in the area do not have parking and down the road the spaces value is almost guaranteed to appreciate in value. I beleive that in the long term you cannot go wrong.

If I can be of further assistance, please contact me direct. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
0 votes
Kathryn Lilly, Agent, New York, NY
Sat Aug 10, 2013
It depends on the location of the building, the common charges and tax bill for the parking space and how much you use your car.
Then for re-sale; is the parking space saleable to a buyer that does not own in the building or are there restrictions on who can buy? Can an owner rent out the space?
There are many of the opinion that fewer people own cars in the City, what with zip-cars etc. as well as just not wanting or needing the hassle or expense of owning, so will the parking space have much value in the future?
Of course if you are planning on living there for many years and you use and want a car, then it is probably worth it for your convenience.
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes
Pat & Steve…, Agent, Westlake, OH
Sat Aug 10, 2013
If you are considering selling your condo at some time in the future, will get your money out of sale of that parking space?
0 votes
Luke Constan…, Agent, Brooklyn, NY
Sat Aug 10, 2013
I know Park Slope very well ...

Luke Constantino
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Aug 10, 2013
Is it worth it to you......
0 votes
Charles Olson, Agent, Brooklyn, NY
Sat Aug 10, 2013
Think about how much time you spend looking for parking and the consider the hassle if doing so in the winter. Also, if you do your research you will see that a similar spot sold nearby for $80,000 with MUCH HIGHER monthly maintenance than I bet yours is selling. Please contact me directly if you want some area comps on the parking for sale in the area.
0 votes
Thanks Charles. I did know about that $80,000 sale and it is very helpful that you mention the maintenance. Do you know what it was? Ours is only $15/month (so hard to believe). so your point is well-taken.
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