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Old 01-26-2012, 10:34 AM
 
2 posts, read 7,702 times
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We have a one bedroom condo with two parking spots in a desired area in arlington, va. The parking spots sell for 20-30000 on their own, but a one bedroom with two parking spots is only valued at about 5-10000 more than a 1 bedroom with one parking spot. Should we sell the condo with one spot? maybe with the option of purchasing the other spot? As well as list the second spot separately. If the condo and both spots are lited on one title and under one mortgage how does this work? We currently rent one spot out for 100 a month, so if we sell the condo and one spot for what we paid or more, is our mortgage paid off and we can just keep the second spot as a rental? How does this all work??
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Old 01-26-2012, 10:43 AM
 
Location: Simmering in DFW
6,952 posts, read 21,179,158 times
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call any title company. or ask your realtor
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Old 01-26-2012, 10:59 AM
 
Location: Needham, MA
7,435 posts, read 11,577,370 times
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Quote:
Originally Posted by Squirl View Post
. . . ask your realtor
Great advice! The one question I have not being a Realtor in your area is where are you coming up with the $20K value for your parking space if bought seperately? Is that what the developer of your building is selling them for or are parking spaces commonly sold seperately?
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Old 01-26-2012, 12:16 PM
 
Location: Just south of Denver since 1989
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What are other 1 beds currently on the market for? any with 2 spots?
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Old 01-26-2012, 12:48 PM
 
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It all sounds good...on paper...like renting your house out when it doesn't sell.

BUT, do you really want the aggravation of One Parking Spot when otherwsie you have severed all ties with the resdience?

In this difficult real estate environment, you might use the second spot as a bargaining chip if a ('the only') buyer is sitting on the fence.
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Old 01-26-2012, 01:40 PM
 
2,149 posts, read 3,856,423 times
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Quote:
Originally Posted by MikePRU View Post
Great advice! The one question I have not being a Realtor in your area is where are you coming up with the $20K value for your parking space if bought seperately? Is that what the developer of your building is selling them for or are parking spaces commonly sold seperately?
I live in SW DC which is like right across from Arlington and the condo building I'm at right now is also selling parking spots for 20K and they expect payment in full. I guess thats the going rate right now. It's coming from the developer. Parking is a premium here in the area.
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Old 01-26-2012, 07:23 PM
 
Location: Needham, MA
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Quote:
Originally Posted by DomRep View Post
I live in SW DC which is like right across from Arlington and the condo building I'm at right now is also selling parking spots for 20K and they expect payment in full. I guess thats the going rate right now. It's coming from the developer. Parking is a premium here in the area.
Often the price from a developer can be different from resale price. I would definitely try to find some resale prices before making a decision. Parking is very much at a premium in Boston as well. I think a friend paid $75K for a tandem space a few years ago.
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Old 01-27-2012, 10:28 AM
 
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We are selling by owner, or going to attempt to initially. Two 1 bedrooms in my building have been listed in the past year and both sold in under 2 weeks. Our building was built in '96 all spots excpt three are personally owned, and I know of one resale parking spot off the top of my head, they bought part of a tandem (weird) for 20000. One bedroom/ One baths in our area are selling from 365000-430000 depending on updates and building amenities. As for caring for the parking spot, the property management company takes care of the garages so we could continue to rent it out for $100 a month and not have any obligations or care (i.e. easiest rental property ever!). I am mostly unsure if the spot would be ours outright and how it would be separated from the title of the condo and other spot.
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Old 01-27-2012, 05:13 PM
 
3,763 posts, read 8,085,654 times
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Boy, it seems like having 2 parking spots would make your condo more marketable to a couple, but then I don't know the demographics of your area.

Good luck in the sale!
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