Investing in a Parking Space?
Hi, We are buying an apartment in the South Slope and have the opportunity to buy a parking space (for $30k). We don’t own a car, but think it makes sense for resale value (2 bdrm) and we can cover some costs by renting it. Does anyone know what value a parking space adds to…
Hi,
We are buying an apartment in the South Slope and have the opportunity to buy a parking space (for $30k). We don’t own a car, but think it makes sense for resale value (2 bdrm) and we can cover some costs by renting it. Does anyone know what value a parking space adds to a sale price in this neighborhood?
if you can rent it out…definitely, parkign is only going to get more expensive.
Even if the bylaws don’t prohibit renting your space to a non-resident, the condo board will likely pass a rule prohibiting the rental to non-residents, and they have right of first refusal on rentals in any event. Our condo absolutely forbids renting spaces to non-residents. In fact, as I recall, one potential parking spot purchaser mentioned they might rent to a non-resident and the sponsor declined their offer to purchase. There are many and varied ways a condo board can prevent you renting to a non-resident, or preventing a non-resident renter from accessing the parking lot. One thing is absolutely certain, if you rent it to a non-resident, you will seriously piss off a sizeable chunk of your neighbors. Do you really want to live like that?
As the user name indicates i live around 12th and 7th and park without much trouble at all. It helps that there’s Tues/Fri street cleaning (once a week, spaced out) and if that fails, you just go down to 6th and the street cleaning days are completely different. I’d say a good portion of neighbors have cars so it’s not too bad. That said, somebody will gladly pay $200/mo who doesn’t want their car dinged up, etc in the area.
To the guy looking at night, just park it on 7th avenue, move it by 8:30 the next morning for the street cleaning.
thanks for all the helpful suggestions, I think its clear we should buy it (but will check into the bylaws first). It’s not covered parking, but a spot in a lot behind the building, so I believe we will be able to rent it to non-residents (but I’ll check).
As to the definition of South Slope, the apt is on 15th St between 5th and 6th, which I believe to be South Slope proper =).
ROFL! No, the metermaids didn’t kill him 🙂
I hope it wasn’t at the hands of a well-armed metermaid…
No lie, tybur. Got to the point where my father gave me $1,000 to keep in my bank account to pay the tickets online for him (using my bank card as a credit card if I recall correctly) so he could stop writing checks. It was ridiculous and unbelievable, but it happened. Between meters, having the tail end of his caddy hanging too far into the bus stop and alternate side, Papa Snappy donated literally hundreds and hundreds of dollars to NYC. He never left here without at least two tickets. Never. In the SS/Greenwood area, the meter maids are no joke. I’ve watched them stand by meters with just a couple minutes left on it, waiting to pounce and write the ticket the moment the time ran out. Plenty of people have complained – I’ve witnessed several fights with meter maids for doing the latter – but it continues. Papa Snappy won’t be getting any more tickets, but that’s only because he’s dead!
It’s one thing to find parking frustrating as a resident… and it’s the 8th night in a row and your tired and fed up so you just give up…. but to VISIT and then get tickets??! That’s just ridiculous.
I have driven to Park Slope — all parts and at all different times and parking overnight at various times — and at no point have I gotten a parking ticket.
Seriously, what did they do with their car to get “a couple hundred dollars” worth of tickets?!!
I find this very suspect.
oh, and I should add that that is the same area in which they had a helluva time finding parking.