Now that you’ve seen what $15,000 a month rent can get you on Capitol Hill, how about a $30,000 parking spot? Urbnlivn reports that 12th Ave at Madison’s Trace Lofts development is in the process of auctioning off three leftover parking spots. Starting bid? $10,000:
Now that Trace Lofts is sold out they’re auctioning off three parking spots starting at $10k/each. I’d be curious to hear of other parking spot sales in or around Capitol Hill.
We asked for more information on the deal from the agent representing the property. The most important point raised: sale is only open to residents of Trace Lofts. Still, he said he expects prices to exceed $20,000 for each spot in the Trace garage.
We’ll watch this one closely. We’re assuming a few developers will, too. It’s not every day you get to see this part of the market quantified.
I’m a resident/owner and i very much doubt Ted’s going to get his asking price. Of course he could have just turned them over to the Association as guest spots or bike parking…. bleh. We’ll see I guess.
That’s low for market value. When we purchased our condo three years ago, the parking spot was separately deeded, and the assessed value of our one indoor parking spot was $30K. So at 10K-20K, this is a good deal. Parking is at a premium in Capitol Hill, and the price reflects that.
20 grand is the average appraised value of secure shared parking stalls on the Hill. Since these spots are usually restricted to condo owners in the building, the price received is generally less.
I live in a condo where not all owners have parking. Back at the height of the market, I figured that the parking spot added about $30-35K to the sale price. At today’s market, $20-25K seems about right.
I’d value this from a monthly cost-of-parking POV. Since you can’t rent it out to the general public, it’s worth less than a spot in a commercial property. Last I checked, commercial spots on the hill were around $75/mo.
$75/mo would mortgage out around $15k.
But these aren’t worth $75/mo, since you can’t rent them out to the general public as an investment or to save money. Therefore I’d value one of these at around $10k max, unless they changed the rules for the building.
This is exactly why this state needs an income tax.
Your comment makes no sense.
Not sure what sort of “new math” you were taught, but $75 per month is less than $1K a year (it’s actually $900 per year, to be exact).
I lived here. Before you shell out thousands try out the parking spot. They are really small and even with a compact car I hit the car on the cement posts so many times. Even for an excellent driver these spots suck.
Rich people have tens of thousands of dollars to spend on a parking space, and yet we can’t fund education.
You should probably learn to drive. Or move with your SUV to Redmond. These are standard size parking stalls in the City of Seattle, nothing about them is different then anything else. Get over it or move to the suburbs and get your big happy parking stall.
So your idea is that if you work hard and earn money and choose to spend on something you may not agree with is to tax that money away?
Everyone should live in the same size house, eat the same food, drive the same type of car or only ride the bus. What else?
SimonSSS,
Learn to read before you bitch.
I can read just fine, I was just guessing you actually drive a SUV, maybe your idea of a compact car is not the same as an urban compact car.
I’m sorry you hit the barriers/columns. But that is the Seattle Code, standard parking stall size, there is nothing unique about Trace, if you have a problem with them you have a problem with the City’s Land Use Code. Write a letter to City Council. Thousands of people park daily in such situations without problems.
Believe it or not, underground parking in Seattle typically costs between $20-30k/stall, depending on the soil type and depth. Its due to the enormous costs to excavate. Developers would love to build without parking, but its nearly impossible to get financing from a bank for such an endeavor as they need reasurance they will be able to sell/rent the units if the deal falls through during construction. Olive 8 spots went for a hefty sum ($45k if I recall), however they had horrendous soil, and went substantially deeper. If I recall Trace isn’t too deep.
^I meant it costs about that much to build underground parking.
SimonSSS, why would you choose to think that Brett had an SUV, when he clearly states he had a compact car? You are basically calling him a liar.
Smaller spaces are now standard in most parking lots, as compared to 20-30 years ago. But the problem is made much worse by all the huge, gas-guzzling SUVs people have bought in the past few decades. I frequently see these behemoths parked in spots labelled “compact car”….their owners don’t give a damn about those who park next to them.
In negotiating my condo (Garden Court on Belmont) in 1995, they gave me an extra parking space, which they then valued at $10K. I balked, but accepted.
Sure glad I did.
So this sounds like a deal in 2011.