#VerityAnswers – Should I Buy Parking When I Buy a Condo?
We used to always encourage buyers to purchase parking, if they had the option to get a condo with parking. Now, we recommend considering your exit strategy when thinking about parking. Think about the Buyer who will be buying this condo from you, in the future, and whether or not they will want a parking space. If you are buying a $750-$1mil condo today and anticipating your condo being worth $1-$1.5mil in the future, the Buyer may very well have a car.
With the increase in ride sharing services like Uber and Lyft and the cost of parking in new construction condo projects jumping as high as $100-$125,000, people are reconsidering the need for a parking space at all. Attitudes are changing and although we could see buyers in the $1mil-$1.5mil price point opting not to drive, we still believe there is status and reliance on cars. We hope this changes, but without investment into transit and transit infrastructure, there will still be demand for parking. For our condo buyers in the $750K+ range, at the moment, we are seeing a lot less demand for parking with condos and fewer new construction condo projects even offering it to condo buyers.