Buying a Parking Spot with Condo a necessity?

[James]

If you're not utlizing your parking space and not able to rent it out, simply buy an old van and use it as storage

Haha, considering that I see so many people who have garages don't actually park vehicles in the garage but rather use it as storage, this is actually not entirely a crazy idea.

 

[Ex-Montreal Girl]

Haha, considering that I see so many people who have garages don't actually park vehicles in the garage but rather use it as storage, this is actually not entirely a crazy idea.

Love it. We can't store anything but cars in our spots but I have often used my car to store big hauls of paper towels and cat litter I don't have room for in my place.

 

[W. K. Lis]

Wonder how many cars in those condo spaces have expired plates or even no plates at all? I have seen cars that are COVERED with dust.

 

[James]

Love it. We can't store anything but cars in our spots but I have often used my car to store big hauls of paper towels and cat litter I don't have room for in my place.

According to some of my friends in condos, that's what the balcony is for!

 

[James]

Wonder how many cars in those condo spaces have expired plates or even no plates at all? I have seen cars that are COVERED with dust.

I've also noted this as well. I've seen some high end sports cars parked in private underground condo parking lots, covered in a thick layer of dust. The owners do move them, though, once summer comes around. As long as a vehicle (whether it's driven or not) is in the spot, I don't think anyone can really complain about it.

 

[paradigm]

I've also noted this as well. I've seen some high end sports cars parked in private underground condo parking lots, covered in a thick layer of dust. The owners do move them, though, once summer comes around. As long as a vehicle (whether it's driven or not) is in the spot, I don't think anyone can really complain about it.

What I hate is when someone approaches such vehicles and start drawing into the dust on them...

 

[DSC]

I've also noted this as well. I've seen some high end sports cars parked in private underground condo parking lots, covered in a thick layer of dust. The owners do move them, though, once summer comes around. As long as a vehicle (whether it's driven or not) is in the spot, I don't think anyone can really complain about it.

Though I am not sure how one would enforce this, our Condo Corporation (where parking is common elements, exclusive use) has a Rule that the vehicle must be licenced! "No private passenger automobile which is not currently licensed or which is not fit for normal use or which is undergoing repairs, shall be parked or located upon the common elements or any part thereof, including any part thereof of which any owner may have the exclusive use."

 

[neuhaus]

Garages usually get power washed once or twice a year which requires everyone to move their vehicles out of the garage when that's performed.
Many cars in my condo's garage don't get much use as it's in a very central and convenient location, and many units have more than one parking space which the second spot is usually reserved as their summer car which some have a car cover on it most of the time. I don't think having a car that is rarely used or don't have current stickers/licensed concerns anyone, so it never been an issue with us. All cars are registered with property management so that security could check to see if there isn't any unauthorized vehicles parked in the garage. As long as the car is not dilapidated/complete eyesore or leaking fluids, everyone's fine with it.

I think having a parking space is expected if a condo unit is either larger/have more bedrooms or above a certain price point or considered a more exclusive/upscale building/area, whether it's in a central location or not.

 

[James]

Interesting article in The Star yesterday. Part of me thinks that the reason for fewer buyers interested in parking spots could be simply cost. With downtown parking spots going for around $40k or so, I don't know that buyers necessarily want to pony up that additional ~10% on top of the purchase price. I do notice fewer and fewer parking spots being created by the builders these days. I've also heard of new builds where there are parking spots unsold even after all the units are accounted for.

Condo buyers, in ‘enormous shift,’ saying no thanks to parking

Parking spots are falling out of favour with many condo buyers, thanks to the proliferation of car-sharing services and a greater emphasis on transit and walkability by city dwellers.

Link to full article: http://www.thestar.com/business/rea...ormous-shift-saying-no-thanks-to-parking.html

 

[W. K. Lis]

One reason not to have a condo parking spot in the underground garage.

Note the empty parking spots.

 

[Bloor West Villager]

The cost of a vehicle hasn't risen at anywhere near the same rate as the cost of owning parking. If my car is only $10K, I'd be hard pressed to pay 4X as much to park it.

 

[James]

Not for the faint of heart. A triple-bay parking space in London, England is currently being listed for sale for *drum roll* £480,000. Yes pounds. Based on current exchange rate, that is a little over $900,000 CAD.

http://www.telegraph.co.uk/finance/...most-expensive-parking-space-up-for-sale.html

Britain's most expensive parking space up for sale

Triple-bay space costs nearly twice as much as the average UK house

By Andrew Trotman
5:00AM GMT 17 Mar 2015

Britain's most expensive parking space has been put up for sale, priced at nearly £500,000.

The triple-bay space, in South Kensington, costs nearly twice as much as the average UK house and would beat the previous record for a parking spot by £100,000.
Listed with estate agent Foxtons at £480,000, the bay in Kingston House North is located in a "secure" underground parking complex.

As well as the space, the owner will also get a valet service, an "exceptional chauffer lounge" and 24-hour security.

However, to cover these extras, there is an additional service charge of £1,500 a year; while stamp duty will take the total cost to £494,000.

"Boasting an exceptional location, this exquisite underground parking development boasts a secure, prestigious and exclusive environment," Foxtons' listing claims.
"Kingston House Private Parking is excellently positioned to cater for London's most prime addresses and renowned luxury leisure."

Property values in the area are among the highest in the country, with a two-bedroom flat recently selling for £2m and a four-bedroom terraced home being bought for more than £5m.

That is far above the UK average of £281,752, according to Rightmove.

A two-car underground bay near the Royal Albert Hall in Kensington currently holds the title of Britain's most expensive parking space after selling for £400,000 in February last year.

 

[W. K. Lis]

Families could forgo the condo or house and actually live in motor vehicles. They can "rent" the parking space and it becomes the "address".

[video=youtube;kGpv504A5G0]https://www.youtube.com/watch?v=kGpv504A5G0[/video]

In the States, the car could be more important than a condo or apartment, because of the sprawl they have down there.

 

[gentlepuppies]

Wow. I've actually been avoiding listings that come with parking, because I don't want the extra $30-40k price tag associated with something I won't use. Granted, I've only been looking downtown and near transit corridors.

 

[Auraz]

Wow. I've actually been avoiding listings that come with parking, because I don't want the extra $30-40k price tag associated with something I won't use. Granted, I've only been looking downtown and near transit corridors.

Some buildings there is a premium to buy parking. Pier 27 has low amount of spots left and they go for 65k prior to per con 35k. Easy can sell now 50K. Other buildings that have no Vistor parking also is premium. 101 Peter is begging for spots from Renters some will pay upwards to $250/month.