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How much does your parking spot cost?

hawc

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Not sure if this goes here or somewhere better, but if you live in a condo downtown and you've bought a parking spot how much did it cost? I'm curious what the average rate is in the downtown area.

When I was living at Roncesvalles and Dundas I paid $14K for my spot. When I moved into CityPlace I think I paid $20K but I'm not totally sure. Anyway, I just saw a spot in my building selling for $35K!!!

I've heard that spots up at Yonge & Eglinton in the Minto towers were going for $40K.

What seems to be an average amount?
 
Not sure if this goes here or somewhere better, but if you live in a condo downtown and you've bought a parking spot how much did it cost? I'm curious what the average rate is in the downtown area.

When I was living at Roncesvalles and Dundas I paid $14K for my spot. When I moved into CityPlace I think I paid $20K but I'm not totally sure. Anyway, I just saw a spot in my building selling for $35K!!!

I've heard that spots up at Yonge & Eglinton in the Minto towers were going for $40K.

What seems to be an average amount?

Right now, a parking spot in RoCP is for sale at $ 36,000. I had read somewhere that parking spot in 1 Bloor East was going for $ 50,000.
 
What isn't well known is that even at $30k a spot developers lose money on every space they build. On tough sites near the water the spaces can cost $100k to build. The only reason they are built is they have to do something with the basement (needed for structural reasons), the City makes them build the parking, and/or they're used as a loss-leader for high end units.
 
From Metropolitan Area Planning Council, at this link, an article on

Financing Public Parking


Finding the funds when you really do need more parking

Effectively managing the existing parking supply and providing other travel options besides the single occupant auto should be the first options for providing access to any commercial area. However, sometimes additional off-street parking is necessary to support an existing business district or planned future growth. There are local options, state programs, and private responsibilities that can be used to pay for construction and operation of a public parking surface lot or garage.

Providing off-street parking can be expensive. Construction costs per space can range from roughly $1,500-2,000 per space for surface parking in suburban areas to over $20,000 for underground parking in urban areas, not counting land costs, which can be substantial, especially in urban areas. Annual operation and maintenance costs can run from $100-500 per space. All told, the annual costs per parking space can run from roughly $400 a year for suburban surface parking, over $1,200 a year for a 2-level suburban structure, to over $2,000 for an urban parking structure. In addition to the direct costs of building and maintaining the spaces, parking takes up space that could otherwise be used for additional commercial space or housing; incurs environmental costs including increased stormwater runoff and pollution and heat island impacts; and costs to the transportation system from its impact on the relative appeal of driving versus alternative modes. These costs should be recognized and balanced against the benefits parking provides in driver convenience and access.

Where to build a surface parking lot or a parking garage depends both on the number of spaces needed and on the value of land where you are building. One study suggests that land must be valued at $1,000,000 per acre or more for a garage to be cost-effective. A parking study can help you determine how many new spaces you need. Several hundred new spaces at a minimum should be needed before you consider a parking garage. While a garage may cost 10 times what a surface lot will cost, the extra land made available by a smaller garage footprint can bring in considerable sales and tax revenues to the community. In some communities the first floor of a garage contains retail uses which can also produce rental revenue for the community. Garages also typically have the additional environmental benefit of a smaller paved area and reduced rainwater runoff.
 
A parking spot free unit at Cinema is part of the prize package in the next Princess Margaret lottery....in the FAQ they note that the winner can purchase a parking spot (subject to availability) for $45k.
 
At the new developments in East Bay Front, I recall parking spots were listed at $55k MSRP last year. Things get blurred when you negotiate the parking spot as part of a unit purchase. Sometimes it can be "thrown in" to sweeten the deal. I do think that there is a bit of room to negotiate if you're buying a parking spot along with a unit. For just parking spaces, I've seen them go for 40-50k in the core.

This topic makes me curious with an additional question - does the floor and proximity to elevators factor significantly into the price of a parking spot?
 
At Encore/The Met at Yonge/Carlton I believe our spaces were $40k (I didn't get one).
 
ours came with the condo (college and yonge). i see ads on the bulletin board selling them for $35k or renting them for $80/month, but you must be a resident of the condo to rent one, no exceptions.
 

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