Buying parking spots

[EXgeMMy]

Does anyone else think the price of parking spots downtown is getting a bit ridiculous?

Any new condo in King W. a parking spot is $35K-40K. I understand that is the going price right now and traditionally it's easier to sell a unit when it comes with parking.

But really in the King W. area to rent a spot hovers around $200. When it comes down to reselling people are looking for a return on parking and asking for $50K.

What I'm getting at is this

Condo #1 $330K when reselling, no parking

Condo #2 $380K with parking.

I really wonder how many people in the future would really pay $50K extra for a parking spot. So is the real value of a parking spot really worth the $30-40K builders are asking for.

Would you buy a parking spot for $35K with pre construction?

 

[W. K. Lis]

Not really. There is a plan for a 42 story condo without any parking. See this link. There could be 315 spaces for bicycles though.

 

[iSlutsky]

Does anyone else think the price of parking spots downtown is getting a bit ridiculous?

Any new condo in King W. a parking spot is $35K-40K. I understand that is the going price right now and traditionally it's easier to sell a unit when it comes with parking.

Wow. I did not know that parking spaces have gotten that high. Last I looked, I thought they were around the $25,000 to $35,000 mark. What are other people seeing parking spaces sell for??

In any event, the fact remains that parking lots are disappearing and there is a demand for permanent parking spaces in condos. $50,000 sounds a bit expensive for a parking space, but I would purchase one in the $30,000 range if I was buying a new condo. But, I would try to ensure that it is a combo spot with a private locker attached.

 

[simuls]

Renting a parking spot on King West completely depends on the building and varies between $100-200 and quite frankly, that doesn't cover their cost (usually about $60 in condo fees, plus the mortgage and property tax on $30 000 = carrying costs of $240). It is easier to sell a condo with parking, but I've never seen a $50 000 premium - usually around 30-40 again, depending on the building, proximity to downtown, etc. In Liberty Village, they can be had for $25 000, but it's a very different area and much cheaper to build there than at Bathurst/King West.

 

[EXgeMMy]

550 Wellington parking is going for $37.5K (not available to people who buy under 800 sq. ft)

400 Wellington is selling for $35,000.

Again I understand that parking is getting tight in Toronto but asking for a $50K premium with a parking spot in the future sounds a bit insane to me.

As mentioned in previous posts you'd have to rent at a minimum of $200 just to break even.

 

[Exodus]

how does the builder determine parking spot for new construction condos

for purchasers of new development condos with parking spaces, it seems like most builders include in the contract a clause that says it's up to the builder's discretion where the actual parking level/location is.

does anyone have any experience with how they actually determine your parking space? is it randomized? or is it based on first-come-first-served model? does the purchaser have any say in choosing a parking level?

 

[iSlutsky]

for purchasers of new development condos with parking spaces, it seems like most builders include in the contract a clause that says it's up to the builder's discretion where the actual parking level/location is.

does anyone have any experience with how they actually determine your parking space? is it randomized? or is it based on first-come-first-served model? does the purchaser have any say in choosing a parking level?

Often the purchaser can make a "request" for a certain parking space, however it builder may not grant that request.

Determining the parking locations is a tough task, and a good builder will pay attention to as many facts as possible. In determining your parking location, a builder may look at any of the following:
- Random placement (I have not seen this done);
- Location of your suite to the most relevant elevator;
- Where is your locker (if purchased) being located;
- Price of suite (total)
- Price of suite (p/SF)
- Upgrades purchased?
- Loyalty to the builder (is this your first purchase with them?)
- Have you made a specific request?

In my experience, a lot of time and effort goes into determining the location of parking spaces. A builder/developer wants all of their clients to be satisfied and happy, and try to make the best possible decisions.

 

[Kenny]

$35K for a parking spot when renting one is $200 does not seem unreasonable.

It seems these days that condos are often replacing parking spaces. It is inevitable that the price of parking will go up. Our parking is relatively cheap compared to other large metropolitan cities.

 

[iSlutsky]

$35K for a parking spot when renting one is $200 does not seem unreasonable.

It seems these days that condos are often replacing parking spaces. It is inevitable that the price of parking will go up. Our parking is relatively cheap compared to other large metropolitan cities.

Seems to me that the best deals are lockers... You can purchase one for $2,500+, and they are always in demand for rental at $50-$100 per month.

It pays for itself in no time.

 

[Kenny]

Seems to me that the best deals are lockers... You can purchase one for $2,500+, and they are always in demand for rental at $50-$100 per month.

It pays for itself in no time.

Definitely! In the condo I live in now, there aren't enough lockers. People are willing to pay much more than the original cost.

It's one of those interesting supply/demand situations because people tend not to need lockers as much when they first move in.

 

[Exodus]

Definitely! In the condo I live in now, there aren't enough lockers. People are willing to pay much more than the original cost.

It's one of those interesting supply/demand situations because people tend not to need lockers as much when they first move in.

In the case of purchasers at College Park:Aura they incorporated lockers into individual condo suites (within the floorplan), when in actuality it is a closet. Having done this, they refuse to sell another locker to purchasers that already have one in their unit. kinda hard to rent a locker within your own condo unit. any other developer do stupid stuff like this?

 

[iSlutsky]

In the case of purchasers at College Park:Aura they incorporated lockers into individual condo suites (within the floorplan), when in actuality it is a closet. Having done this, they refuse to sell another locker to purchasers that already have one in their unit. kinda hard to rent a locker within your own condo unit. any other developer do stupid stuff like this?

I don't get it.

Do you have to PAY for the locker in your floorplan? What if you don't want a locker there? Does it have any extra security measures? It is deeded separately?

Or, it is literally just a closet, that they marketed as a "locker"?

 

[Kenny]

In the case of purchasers at College Park:Aura they incorporated lockers into individual condo suites (within the floorplan), when in actuality it is a closet.

Wow... I hope they didn't include the locker in the square footage. That would be misleading.

 

[Exodus]

it is literally a closet that they labelled a 'locker'.
it is not deeded separately. techniquely, they didn't put an 'extra charge' for the locker/closet. but they definitely included the space in the overall square footage of the unit, hence it's in the purchase price of your unit.

i think this was a tactic they used to limit the amount of lockers that they needed to build, since purchasers with this ghetto closet/locker were not allowed to purchase an ACTUAL locker.

 

[cdr108]

Wow... I hope they didn't include the locker in the square footage. That would be misleading.

why would it be misleading .... it is part of the full SF.

but to call it a locker is a joke, it's a de-glorified bare storage closet.
considering the lack of closet/storage space in alot of these small spaces, it is welcomed but they (ie. Canderal/Aura should not be excluding purchasers from buying an actual locker.

there's probably some building code minimum for storage space like parking, and this is the developers way of getting around it.
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On another note, is that island in the above suite even legal ???

the width of the room in the kitchen area is 8 ft, 2ft of which is taken up by the appliances, and building code requires walkways be at least 3ft wide, so i think the island is a no-no (unless it's movable and can be pushed against the other wall)