How difficult is it to sell a 2 bedroom 2 bathroom unit without parking?

[shal1n]

I know some of you guys have commented about this in the past, but I haven't found a general consensus on the topic.

I have a 2 bedroom, 2 bathroom unit in the Spire. You guys are fairly familiar with the details of the building. Great location as it is in walking distance to all of the amenities one typically uses i.e. shopping, grocery stores, restaurants, TTC, etc…

The only issue I have is that I did not purchase parking. Duh. I was young at the time and had this idea that GTA would flock closer and closer to the way of life as that in NY i.e. greater access to better and more vast public transportation. That generally has not fully transpired but I imagine there are many couples that work in the city that do not have a car nor want/require one. That being said, it seems the vast majority wants one. I guess one could always rent a place in the building or closeby and look to purchase in the building as 3-4 times a year there seems to be someone that wants to sell their parking. Maybe that is an overestimate??

I am moving to the US and about to put my condo for sale. Was thinking of renting it out but there are so many issues with non-resident tax issues that it seems better just to sell and move on with my life.

Just wondering from your guys experience whether I will have a really difficult time selling my condo. As per the unit itself, neat, clean, granite counters, similar finishes you have seen before although nothing that is close to the penthouse suits in the building. But definitely attractive.

Anyhow, I look forward to your feedback.

 

[cdr108]

you could also make inquiries to see if there are any parking spots for sale and asking price to make the option easier for potential buyers, if they wanted one.

 

[carturo15]

I think Spire is the best high rise tower in the downtown core. With or without parking, you won't have any problem selling your unit.

 

[Catapult]

I think Spire is the best high rise tower in the downtown core. With or without parking, you won't have any problem selling your unit.

I disagree. I think most potential purchasers of a 2 bdrm will want a parking spot. However, there is nothing you can do about it unless you buy a spot. You will just have to price it appropriately. You may want to find out what it costs to rent a spot. Where I was previously (MOZO) I had one spot but two cars. I never had a problem renting an extra spot (about $150-175 / mth) though I did have to take a spot at Kings Ct across the street for a while. There should be lots of options re renting a spot near you. Have this info ready in case a potential purchaser seems concerned about not having a spot. if the price is right and rental parking is close by you may not have a problem. good luck!

 

[Observer Walt]

I tend to agree with carturo that you will have little trouble selling a unit in this great location, assuming that you are competitively priced, of course. But do find out, or have your agent find out, what is available in terms of parking, both for sale and for lease. In the case of parking units for sale, determine whether they can be sold only to residents of the building, as is usually the case. Best wishes.

 

[Epi]

When I was looking for a place a few months ago, there was one unit in Spire which was 2br+2bath which was on the market for a really long time and sold at a discount as it did not have parking. Contrast this with virtually every other 2br I looked at in the area that got snapped up almost immediately.

 

[riley]

I somewhat recently sold my 2 bedroom/2 bathroom unit at 18 Yorkville. Same as you, when I bought I figured I was right on the Yonge/Bloor subway line and right in Yorkville, so didn't think people would care if I didn't have a parking spot when I sold. It turned out to be a real hassle, even though Yorkville is considered by many to be the best location in the city. LOTS of people came to look at the place and loved it, but the one sticking point they always asked my agent about was parking. Everybody has a car. Finally an offer came in, but it was conditional on the purchaser being able to buy a parking spot in the building. In spite of many agents saying there weren't any available (including an agent who actually lived in the building) I immediately called Great Gulf Homes directly and spoke to someone there who revealed that they actually had TWO tandem spots left, for $50,000 each. End of story was the purchaser bought one of the available spots and bought my unit as well, and the combined price was the highest price my unit had ever sold for (including parking). I did very well in the end, but the lack of a parking space definitely made things a bit tricky. I would call your developer immediately and see if there are parking spots available that could be sold to any purchaser that wants parking if they buy your condo.

 

[Kenny]

You should be okay; you'll just have to sell at $30K~$40K below what it would sell with parking. There is plenty of monthly parking ($150/month) in the area. Parking in the Spire isn't all that great because it's in a separate elevator, and it's a pain to get stuff from your car to your suite because there's an extra security door that you have to hold open.

 

[shal1n]

Thanks all for the great feedback. I will followup with my developer (Context) and my agent to see if there are parking spots available for purchase. Hopefully things go smoothly, although there appears to be a lot of product coming onto the market. I was just browsing through mls and there is a 2bed/2bath (991 sq ft) + parking unit at the VU condo for $429K. Seems fairly cheap - no?

I will most definitely price competitively but also am not desperate to fire sale the property. Riley - if you don't mind me asking, how long was your property on the market before it sold? Just trying to plan, budget etc... Greatly appreciate the help. Crossing my fingers that things go well.