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?
tybur, my dad and friends got their tickets from 4-6th aves between 16th and 20th streets.
Again… DEFINE south slope.
I beg to differ with the statements that SS street parking is not difficult. When my father would drive here to visit, parking was ALWAYS a nightmare that ended in him having to donate a couple hundred dollars to the City’s coffers by way of numerous parking tickets. Friends who visit experience the same fate. Buy that space.
What part of the “South Slope” — are we talking 10th Street and 8th Avenue…. or 47th and 4th Avenue (I think realtors are still calling that South Slope, right? Or is that south Brooklyn Heights?)
There’s a big difference. If it’s south of 15th, street parking is not that tough.
Minard loves to shoot her mouth off about things she doesn’t know anything about. Parking in all of Park Slope is a nightmare.
The math is easy to figure out, as the purchase cost will be recoup upon selling. After taxes and CC you should be still ahead with your monthly rental.
HOWEVER, you should check the BYLAWS regarding WHO you can rent it to and sell it to.
Often condos/co-ops have rules that you cannot rent it out to non building occupants and cannot sell it to non-owners. For some this is a security reason (keys and cards must be made, etc).
Minard obviously does not live in S Slope. Parking in the Slope in general is worse than the W. Village. BUY THAT SPACE!
I don’t think parking on the street is a big deal in the south slope and if you don’t have a car you’re being ridiculous.
Suzy Orman would tell you to forget it.
A quick scan of craigslist will tell you that you can easily get well above $200 a month for a space in that area. Especially if it is indoor, 24hr access, with garage door.