Buy a Condo with/without parking (Chicago, Irving: lease, condos, mortgages)

[sinnvy]

Hi,

We are planning to buy a condo in Streetersville.We liked a building and the parking space in the building costs 50k$ additionally.Is it a good idea to buy the condo with or without the parking in general?
We are treating the Condo as an investment.
Please advise.

p.s:I am sorry if this was already discussed.I couldn't find the thread to it.

Thanks so much,

[sharkylittleton]

Most people I know roll it into their mortgages. The people who did not take that option usually regret it, especially if they own a nicer vehicle. Street parking is rough on Chicago cars. There is a chance it will get hit, vandalized, or stolen even. My Honda Accord was stolen in Wicker Park after getting hit about 10 times and it was just a beater.

[chet everett]

I think there are formulae to determine the value of a parking space. Basically you need to find a close by garage or space available for lease / rent and compare that to the expected expenditure.

Streeterville has a very high walkability score, but the more upscale purchasers have a higher than average probability of having a need to drive out to a summer home or what have you.

Personally I think it is worth trying to negotiate IF you have data that suggests the price is too high. I doubt there will ever be a "glut" of spaces anywhere near the lake front and as long as you have some flexibility you could rent it out if you do not have a car.

[long101]

you know over time you would probaly benefit from a parking spot just from the fact that you cant get parking tickets . I bought a new car a little over a year ago and it is so beat up I cant believe it. I even try to get good parking spaces and will park a block or two away for a better one. I could definetly see a good ROI with a parking space.

[Chicago60614]

Originally Posted by sharkylittleton

Most people I know roll it into their mortgages. The people who did not take that option usually regret it, especially if they own a nicer vehicle. Street parking is rough on Chicago cars. There is a chance it will get hit, vandalized, or stolen even. My Honda Accord was stolen in Wicker Park after getting hit about 10 times and it was just a beater.

Damn, really? I had a decent car and parked it on the streets every day in Logan Square for 3 years and it was never touched! My roommates had better cars than I did, and of the 6 years we lived together no one ever had the slightest problem. We must be damn lucky.

[snoylekim]

Well, there's really no free on-street parking in Streeterville , so indoor deeded parking is very nice, and you should be able to rent the space out if you ever decide to go car-less( check the bylaws of the association ) . 50K seems high.. There's wiggle room there .Last summer , most parking for west loop condos was quoted as 25 to 30K, but most went for less than half that when factoring in the final offer. Check out what the additional assessment and property taxes will be on the space ( they're listed separately w/ Cook County) .. and, look over the rules for what the space can be used for ( some units allow lifts for multiple cars..kinda cool looking, storage sheds, some allow nothing but motorized vehicles ) ..

[Lookout Kid]

The West Loop is not Streeterville. I would think that $50K would be about right for an indoor space in a high-rise there. There was recently a building at Lake Shore and Irving Park that was selling indoor spots for $40K, so $50K in Streeterville really doesn't seem too bad to me.

[Avengerfire]

If you have 50k a year to blow on a parking space then go right ahead.

I wish I had an extra 50k a year to throw away on anything I wished to.

[snoylekim]

Originally Posted by Lookout Kid

The West Loop is not Streeterville. I would think that $50K would be about right for an indoor space in a high-rise there. There was recently a building at Lake Shore and Irving Park that was selling indoor spots for $40K, so $50K in Streeterville really doesn't seem too bad to me.

Right, but the point is the actual final price for most I saw was 50 -60% lower..Maybe not that much wiggle room in Streeterville, but in this market, who knows

[JohnCU]

Originally Posted by Avengerfire

If you have 50k a year to blow on a parking space then go right ahead.

I wish I had an extra 50k a year to throw away on anything I wished to.

The space costs 50K. Not 50K per year.