Sunday, July 15, 2007

Condos Without Parking? How about the option to purchase?

Correct me if I'm misconstruing my perception of the market (which has been rather accurate so far), but with real estate as prime as what is available here, in DC, how can one consider purchasing a condo without parking???? Obviously depending on the buyers needs one may not need parking but take a look around. Seriously! This city is only becoming more dense, real estate is only going up, both literally and figuratively, and parking is going to be a strong selling point within 3-5 years if it already hasn't affected buyers.

According to my research, deeded parking can go for as high as $75,000 as I experienced with a buyer looking in the Beekman Place community off of 16th St. Talk about prime real estate. According to DC law a legally deedable parking spot must be 9ft x 18ft. At a total of 162 sq ft, thats nearly $463 /sq ft. Condos in the same community are currently selling for $528 /sqft. Could it be a good investment? You tell me! (On Adams Mill there is a 124 sq ft spot selling for $75,000....$605 /sqft. PPPHHHHHEEEEEEW, thats as much as a luxury condo by BrookRose Development!)

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