How Much Is An Extra Parking Stall Worth?

How Much Is An Extra Parking Stall Worth? I’ve decided that this is a sensitive subject, how much is an extra parking stall worth? Several of the downtown Salt Lake City condominiums come with one parking stall, most of them in fact. These would be buildings such as American Towers, Canyon Road Towers, Zion Summit, City Crest, City Creek Properties, and Bonneville Towers. This issue isn’t just to these buildings.

If you own an extra stall that is probably a separate deed and can be sold. Many of the developments have extras. Most of the buildings with an assigned stall name the assigned stall in the deed to the condominium.

So why is it sensitive, the price you sell your extra stall for? If you need one and can’t buy one, you likely want to buy one. So the price is the issue. There were times when stalls sold for $3,000 to $5,000. I placed an advertisement for a client who wanted to sell his extra stall. He asked for $12,500. My, were a bunch of people upset at that price! Surely they thought that was too high, even to the point of robbery. It made a lot of people angry for sure. It isn’t that they weren’t able to pay that price, but I think that there are a couple of factors. First, there were times when the prices were in the $3,000 to $5,000 and that is the mind set of those who knew that. Second, some have the attitude sellers are greedy at this price.

A similar reaction was when I sold a unit with three stalls. The new owner put two of them up for rent at about double the price the residents were used to. Again, robber was the attitude.

The fact is owners have a right to set their price. I know buildings where $20,000 is the asking price. Kathleen and I paid $25,000 for our second stall in Issaquah. It seemed steep but we needed two stalls. And this is the real point, we needed the stall and that was the price. If you are either a buyer or seller of an extra parking stall, it should be no different than any product or property. It is only worth what a buyer is willing to pay, and it is worth what a buyer is willing to pay, even if it upsets someone unwilling to pay the price.

Posted on January 9, 2018 at 7:22 pm
Larry Cragun | Category: Condominiums, Purchasing A Home or Condo

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