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Old 11-29-2008, 03:56 PM
 
3,459 posts, read 5,792,832 times
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This deal looks too good to pass up! Only $500K and a block from the lift.....

Last edited by sterlinggirl; 11-29-2008 at 04:14 PM..
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Old 11-29-2008, 04:54 PM
 
Location: Colorado Springs, CO
2,221 posts, read 5,289,496 times
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Quote:
Originally Posted by sterlinggirl View Post
This deal looks too good to pass up! Only $500K and a block from the lift.....
I guess you could park a van there and call it a Condo...
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Old 11-29-2008, 05:50 PM
 
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Is that even legal to sell? It looks like its an underground assigned spot in a condo building.
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Old 11-29-2008, 07:13 PM
 
Location: CO
2,886 posts, read 7,134,165 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Is that even legal to sell? It looks like its an underground assigned spot in a condo building.
It's a spot in the Founder's Garage, and is a legal spot to sell. Here's an article from the Vail Daily about it:

Vail parking space on sale for $500,000
Price sets highest going rate for prime spot in Vail Village’s Founders Garage


Quote:
. . .The latest parking spot sales in the garage went for nearly $350,000, said real estate agent Craig Denton of Ron Byrne Associates.
. . .

The Founders Garage opened in 2005 and has 114 spaces in an indoor, heated building.

Eric Strauch, of Edwards, said he sees the spots in the village as prime real estate investment. Strauch is currently selling a spot on the top floor of the Founder’s Garage for $385,000. . .

He said he thinks the parking space market in Vail is comparable to New York City. Actually — a prime Vail spot can cost even more.

According to articles by the International Herald Tribune and CNN Money, the going rate for a New York City parking space can go up to $275,000 or $300,000, and waiting lists for spots starting at $225,000 can be up to seven or eight people long.
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Old 11-29-2008, 08:20 PM
 
11,715 posts, read 40,446,365 times
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Oh, so its a spot in a garage built just for the purpose of owning a parking spot? At first I thought he owned a condo with an assigned parking spot and he was trying to sell just the parking spot.
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Old 11-29-2008, 08:45 PM
 
Location: Denver Colorado
2,561 posts, read 5,812,468 times
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With the price of real estate in Vail being some of the highest prices anywhere(twenty
million dollar condos) some as high as $3000 psf. and hoa's as high as 10k monthly,I doubt to many people looking for prime parking there really mind paying 500k.. The average parking spaces in the new properties average around 300k. You can't find a condo even 400 square foot units, close in for under 700k...Vail pricing makes Malibu look reasonable....
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Old 11-29-2008, 08:59 PM
 
Location: CO
2,886 posts, read 7,134,165 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Oh, so its a spot in a garage built just for the purpose of owning a parking spot? At first I thought he owned a condo with an assigned parking spot and he was trying to sell just the parking spot.
Yes. It's in the news because of the price (it would be the highest price paid so far in that parking garage), not because he's trying to sell a parking spot.
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Old 11-29-2008, 11:03 PM
 
9,846 posts, read 22,673,901 times
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I remember when they built that garage and thought it the dumbest thing in the world.

I have a relative in real estate in Vail that is convinced it shall continue upwards for all time. I disagree. We have a world flooded with real estate catering to multi millionaires, but there are no longer enough out there to service the market and all that has been built. From all my friends out there working in Vail, they tell me business is looking bad this year. Bookings are dead quiet. The crash is coming, people just haven't accepted it yet.
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Old 11-30-2008, 12:54 AM
 
Location: Colorado Springs, CO
2,221 posts, read 5,289,496 times
Reputation: 1703
Quote:
Originally Posted by wanneroo View Post
I remember when they built that garage and thought it the dumbest thing in the world.

I have a relative in real estate in Vail that is convinced it shall continue upwards for all time. I disagree. We have a world flooded with real estate catering to multi millionaires, but there are no longer enough out there to service the market and all that has been built. From all my friends out there working in Vail, they tell me business is looking bad this year. Bookings are dead quiet. The crash is coming, people just haven't accepted it yet.
Oh, no, "it's different here."
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Old 11-30-2008, 11:17 AM
 
Location: Denver Colorado
2,561 posts, read 5,812,468 times
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Not wanting to be out done by the town of Vail; Aspen residents will soon be charging 750k for their prime parking spots...probably included with a picture frame
from Tiffany's to hold your parking spot deed in...so you can show everyone your very
solid investment and what kind of jack a$$ you are....

Last edited by Scott5280; 11-30-2008 at 11:37 AM..
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