The New York Times had a recent article on the price of parking spots, For Parking Space, the Price Is Right at $225,000:
For developers in New York, parking is the highest and best use for below-grade space and fetches about the same price per square foot as actual living space, which costs much more to develop. According to Miller Samuel, the average parking space costs $165,019, or $1,100 per square foot, close to the average apartment price of $1,107 per square foot. Those are averages, of course. A $200,000 parking space is about $1,333 per square foot.
If parking at the Onyx Chelsea, a new 52-unit condo at 28th Street and Eighth Avenue, is any indication, there is plenty of demand. The first two spots sold for $165,000, the third for $175,000 and the last two for $195,000. Each space will include about $50 in monthly maintenance costs. Still, there are three buyers on a waiting list.
It makes me wonder how much is parking in Seattle? At the most recent meetup an Urbnlivn reader had some numbers for us:
- Enso: $40-65k
- Escala: $150k
- Meridian: $15k originally, $35k
- Olive 8: $50k but the last five sold for $75k
Can other shed some insight into how much parking is going for in downtown Seattle?
Update: Links to parking lots if you prefer to rent.