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Old 02-16-2010, 10:28 PM
 
316 posts, read 942,870 times
Reputation: 62

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the offer was for 36K. I am debating.....
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Old 02-16-2010, 10:44 PM
 
445 posts, read 1,343,853 times
Reputation: 431
Quote:
Originally Posted by coldwine View Post
Well of course it becomes deflated. If all I want is a parking space, I'm only going to pay significantly more than if I also have to buy a condo.

Sell to maximize profit
Lets make a few realistic assumptions say his River North condo is a worth 1/2mm and he owns it clear. Now, lets say that the absence of parking prolongs the eventual sale of his condo by three to four months (because apparently, acquiring parking in his building is rough and really, that's just an enormous dealbreaker for a sht-ton of people).

That additional three to four months soak he would have to endure waiting for an 'avid cyclist' who's ready to buy a condo would translate to about $5K or 6K worth of lost interest if the entire balance were just parked in a regular, ho-hum savings account.

He's already said the split between selling the parking independently or wrapping it into the sale of the condo is $6-$10K +/- in favor of the independent sale...

Considering the interest bearing potential that would be lost by prolonging the sale of the condo- subtract that from 10K- we're talking, what.... 1/5th of a used Honda Civic worth of immediate reward at the risk of severely impacting the liquidity of an asset worth a half million dollars? (in an already crap market that may get crappier?)

I just see absolutely no meaningful advantage to doing this, unless you never drive a car and plan on living there forever.

Last edited by PokerPlayer1; 02-16-2010 at 10:56 PM..
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Old 02-17-2010, 04:04 PM
 
316 posts, read 942,870 times
Reputation: 62
the condo is worth about 250K by itself
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Old 02-17-2010, 04:05 PM
 
316 posts, read 942,870 times
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I don't live there either right now. rented out.
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Old 02-19-2010, 12:50 PM
 
365 posts, read 1,252,812 times
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Take it from someone who recently sold a condo without dedicated parking: You will lose so much money on the condo that I doubt the money you get from selling the parking spot will make up for it. And it will take you at least twice as long to sell.

We even rented a parking space for potential buyers and offered to pay for it for a year, and buyers still weren't interested because it wasn't dedicated.

Sell the condo with the parking space.
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Old 02-19-2010, 04:53 PM
 
316 posts, read 942,870 times
Reputation: 62
thanks all. I guess I'll hold onto the parking!

question to CarolL though - what do mean that I will "lose so much money on the condo"? regardless of if parking is available for sale or not, the selling price of the condos do not seem to be be impacted greatly either way. (from the comp sales I am seeing).

I agree that it might take longer to selll though.

thanks
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