Monday, July 16, 2007

How about this for an investment; ever consider a parking spot?

As a follow-up to my post yesterday about purchasing a condo without parking I thought I would follow up with a bit of research regarding the price of parking in New York City. Based on a recent article from CNN parking in New York City can cost upward of $225,000. Keep the price in mind when DC considers a legally deedable parking spot to be no smaller than 9'x18' (thats 162 sq ft). At nearly $1400/sq ft, a parking spot in New York City costs more than any condo in Washington DC. Given the relative size of Washington DC to New York City, 39 sq miles vs 33.6 sq miles respectively, I might consider investing in a parking spot. What do you think?

3 comments:

Stu said...

I like the idea a lot. Can you buy a parking spot? Can a lot be purchased and the parking spots sold to nearby residents and workers?

Jesse Kaye said...

It depends on the developer, or whomever subdivided the lot. In some developments parking conveys with the unit however more and more developers are separately deeding the parking spots to allow purchasers to have the option. This would usually occur when there are more units than spots. I would look into new developments that are mostly sold out for any excess spaces that may be available. This is usually the best time to pick up a spot a discounted price.

Jesse Kaye said...

It depends on the developer, or whomever subdivided the lot. In some developments parking conveys with the unit however more and more developers are separately deeding the parking spots to allow purchasers to have the option. This would usually occur when there are more units than spots. I would look into new developments that are mostly sold out for any excess spaces that may be available. This is usually the best time to pick up a spot a discounted price.