How much are parking spots in Seattle?

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.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • http://tiff-seattle.livejournal.com Tiffany

    When Monique Lofts first opened up, I looked at one of the units. IIRC, parking was going for 30K at the time.

  • http://tiff-seattle.livejournal.com Tiffany

    When Monique Lofts first opened up, I looked at one of the units. IIRC, parking was going for 30K at the time.

  • http://seattlesavvy.blogspot.com Justin Bowers

    Last year, there was one particular unit at 81 Vine for with I did open houses for. When giving feedback to the listing agent, I consistently mentioned the frustration visitors had with the unit not offering any parking. The selling party then came up with a solution by offering a year’s worth of paid parking at the parking garage on Elliott. Granted, the listing didn’t then sell overnight and eventually became 2 years of paid parking. But, I thought it was a great idea for anyone looking to sell a condo that doesn’t come with a space of it’s own. I posted some rental parking resources on my blog.

  • http://seattlesavvy.blogspot.com Justin Bowers

    Last year, there was one particular unit at 81 Vine for with I did open houses for. When giving feedback to the listing agent, I consistently mentioned the frustration visitors had with the unit not offering any parking. The selling party then came up with a solution by offering a year’s worth of paid parking at the parking garage on Elliott. Granted, the listing didn’t then sell overnight and eventually became 2 years of paid parking. But, I thought it was a great idea for anyone looking to sell a condo that doesn’t come with a space of it’s own. I posted some rental parking resources on my blog.

  • mhays

    I rent mine out for $150 a month at the Ellington. Like in many buildings (or most?), I can only rent to existing residents of the building, which limits the market and the price.

  • mhays

    I rent mine out for $150 a month at the Ellington. Like in many buildings (or most?), I can only rent to existing residents of the building, which limits the market and the price.

  • Bob

    It is no wonder apartments are converting to condos. Even the parking spaces provide more profits when sold instead of rented. $30,000+ upfront vs $120/month. If these spots cost that much, they ought not to be cramped.

  • Bob

    It is no wonder apartments are converting to condos. Even the parking spaces provide more profits when sold instead of rented. $30,000+ upfront vs $120/month. If these spots cost that much, they ought not to be cramped.

  • d

    the difference is that, as the article states, in nyc (at least below 96th st.) buildings can have spots for no more than 20% of the units. here we build condos with, in some cases, 2 spots per unit. just another example of how nyc is way greener than seattle.

  • d

    the difference is that, as the article states, in nyc (at least below 96th st.) buildings can have spots for no more than 20% of the units. here we build condos with, in some cases, 2 spots per unit. just another example of how nyc is way greener than seattle.

  • mhays

    Seattle is moving in the right direction. Downtown doesn’t require parking, and hasn’t for a long time. In 2006, the City reduced parking requirments in certain other districts also. Developers will still build parking, but they’ll limit it to roughly the number they think the residents will want — they have strong incentive to get the ratio right. In a high-end building that might be 1.2 or 1.5. In mid-priced buildings it might be 0.5 or 0.8. Low-income housing often has no parking.

    Bob, if the spots were roomy, they’d cost more.

  • mhays

    Seattle is moving in the right direction. Downtown doesn’t require parking, and hasn’t for a long time. In 2006, the City reduced parking requirments in certain other districts also. Developers will still build parking, but they’ll limit it to roughly the number they think the residents will want — they have strong incentive to get the ratio right. In a high-end building that might be 1.2 or 1.5. In mid-priced buildings it might be 0.5 or 0.8. Low-income housing often has no parking.

    Bob, if the spots were roomy, they’d cost more.

  • jump

    Even if they don’t drive to work, don’t most people still own a car and require at least one parking space? Downtown amenities aren’t THAT comprehensive and convenient, at least not yet. And according to certain marketing efforts, condo buyers are skiing/kayaking/rock climbing every weekend.

  • jump

    Even if they don’t drive to work, don’t most people still own a car and require at least one parking space? Downtown amenities aren’t THAT comprehensive and convenient, at least not yet. And according to certain marketing efforts, condo buyers are skiing/kayaking/rock climbing every weekend.

  • Matthew

    You are forgetting one HUGE difference between Seattle and NYC. Public transportation. You can take the subway to any of the 5 burroughs. No such luck in Seattle. If you want to leave downtown, you have to jump in a car. When I lived in NYC I sold my car and had no problems getting to anywhere I wanted to go in NY. I wouldn’t even consider selling my car in Seattle.

  • Matthew

    You are forgetting one HUGE difference between Seattle and NYC. Public transportation. You can take the subway to any of the 5 burroughs. No such luck in Seattle. If you want to leave downtown, you have to jump in a car. When I lived in NYC I sold my car and had no problems getting to anywhere I wanted to go in NY. I wouldn’t even consider selling my car in Seattle.

  • mhays

    Developers are pretty good at predicting how many spaces their residents will need. Usually they’re pretty conservative, because if they get it wrong they won’t rent/sell their units!

    Low parking ratios aren’t experimental at all, even in Seattle. It’s simple: look at existing buildings, and see how many parking spaces have been rented or get used. Developers are sick of paying millions for unnecessary parking, and residents ought to be sick of subsidizing it.

    Many Downtown residents don’t have cars. Of course car ownership tracks income/wealth, exact location, age, etc. With expensive condos, yes, most people do have them. But the ratios drop quickly as you get into other demographics.

  • mhays

    Developers are pretty good at predicting how many spaces their residents will need. Usually they’re pretty conservative, because if they get it wrong they won’t rent/sell their units!

    Low parking ratios aren’t experimental at all, even in Seattle. It’s simple: look at existing buildings, and see how many parking spaces have been rented or get used. Developers are sick of paying millions for unnecessary parking, and residents ought to be sick of subsidizing it.

    Many Downtown residents don’t have cars. Of course car ownership tracks income/wealth, exact location, age, etc. With expensive condos, yes, most people do have them. But the ratios drop quickly as you get into other demographics.

  • http://seattlesavvy.blogspot.com Justin Bowers

    I believe that over the next couple of years, urban residents will get over the need to feel like they need to go skiing. Ever since I’ve moved closer to the city’s center, I’ve found that leaving the city becomes more and more of a hassle. With Seattle being as small as it is, you can walk from one end to the other in 30 minutes. Anyone have any positive or negative experiences with Flexcar options?

  • http://seattlesavvy.blogspot.com Justin Bowers

    I believe that over the next couple of years, urban residents will get over the need to feel like they need to go skiing. Ever since I’ve moved closer to the city’s center, I’ve found that leaving the city becomes more and more of a hassle. With Seattle being as small as it is, you can walk from one end to the other in 30 minutes. Anyone have any positive or negative experiences with Flexcar options?

  • Matthew

    There isn’t even a decent grocery store downtown in Seattle. How am I going to lug all my food home from lower Queen Anne? This city has a ways to go before it is truly on par with most other major metros.

  • Matthew

    There isn’t even a decent grocery store downtown in Seattle. How am I going to lug all my food home from lower Queen Anne? This city has a ways to go before it is truly on par with most other major metros.

  • mhays

    The “dead zone” for groceries is probably the Market at night. Of course during the day the Market is nirvana for groceries.

    Otherwise, you’re within semi-reasonable walking distance of Uwajimaya, 8th & Madison, Broadway & Pike, Whole Foods, or one of the stores on LQA. I can walk to four full-sized supermarkets from northern Belltown, plus the Market. Not that I really need to…

    …Also you can shop at small grocers, which are sprinkled liberally everywhere. Some are corner stores, and others can basically fill in for supermarkets — Belltown has a few of the bigger ones, Pioneer Square has a big one, etc. As for smaller ones, I do most of my shopping in my own building, and two other good ones exist within a block and a half. In addition to all that, we also have lots of drugstores all over, often with sizeable food sections.

    Yes we need more. A general-purpose store at the south end of Downtown would be nice, though possibly unwarranted right now. One in central or northern Belltown would be a great move and demand is probably adequate even without factoring neighborhood growth.

    City residents should get used to the idea of shopping frequently and keeping each trip to one bag, or two light ones. With a steady diet of takeout this is easy for a single person, or a couple that shares the load.

  • mhays

    The “dead zone” for groceries is probably the Market at night. Of course during the day the Market is nirvana for groceries.

    Otherwise, you’re within semi-reasonable walking distance of Uwajimaya, 8th & Madison, Broadway & Pike, Whole Foods, or one of the stores on LQA. I can walk to four full-sized supermarkets from northern Belltown, plus the Market. Not that I really need to…

    …Also you can shop at small grocers, which are sprinkled liberally everywhere. Some are corner stores, and others can basically fill in for supermarkets — Belltown has a few of the bigger ones, Pioneer Square has a big one, etc. As for smaller ones, I do most of my shopping in my own building, and two other good ones exist within a block and a half. In addition to all that, we also have lots of drugstores all over, often with sizeable food sections.

    Yes we need more. A general-purpose store at the south end of Downtown would be nice, though possibly unwarranted right now. One in central or northern Belltown would be a great move and demand is probably adequate even without factoring neighborhood growth.

    City residents should get used to the idea of shopping frequently and keeping each trip to one bag, or two light ones. With a steady diet of takeout this is easy for a single person, or a couple that shares the load.

  • Matthew

    downtown/belltown

  • Matthew

    downtown/belltown

  • mhays

    Are you saying the CBD has it worse than Belltown? Probably true. But it’s not that bad.

    But the CBD is an easy walk to the Market. Or, depending on where you area, the new boutique supermarket at 8th & Madison, Uwajimaya, or Yesler & Occidental. Smaller but still good stores at Harbor Steps, one under construction at 4th & University, several big drugstores…

  • mhays

    Are you saying the CBD has it worse than Belltown? Probably true. But it’s not that bad.

    But the CBD is an easy walk to the Market. Or, depending on where you area, the new boutique supermarket at 8th & Madison, Uwajimaya, or Yesler & Occidental. Smaller but still good stores at Harbor Steps, one under construction at 4th & University, several big drugstores…

  • Tomasyalba

    Go, Flexcar! Justin, I’ve been a member for a couple years. A good value, extremely convenient, and they are pros to communicate with. Never a single problem with any bill I’ve received. The only occasional hassle is if I take a car from certain Flexcar street spots during nightlife rush hour, some clubgoer will park there and I need to find somewhere else to put it. But it doesn’t happen often, or with most parking spots.

  • Tomasyalba

    Go, Flexcar! Justin, I’ve been a member for a couple years. A good value, extremely convenient, and they are pros to communicate with. Never a single problem with any bill I’ve received. The only occasional hassle is if I take a car from certain Flexcar street spots during nightlife rush hour, some clubgoer will park there and I need to find somewhere else to put it. But it doesn’t happen often, or with most parking spots.

  • Bob

    If you have no friends and families who live further away and you want to pay more for everything, then you don’t need a car.

  • Bob

    If you have no friends and families who live further away and you want to pay more for everything, then you don’t need a car.

  • mhays

    Is that savings worth $8,000 per year? That’s how much not having a car saves me, using an average figure for car expenses. Oops, add the $150 a month I get for renting out my parking space. So $9,800.

  • mhays

    Is that savings worth $8,000 per year? That’s how much not having a car saves me, using an average figure for car expenses. Oops, add the $150 a month I get for renting out my parking space. So $9,800.