Resale pricing for lockers & parking

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STEVE

NewBee

Resale pricing for lockers & parking

Is there a way to estimate what the average resale value is for parking & lockers? I have two parkings & lockers downtown in Liberty Village which I'm considering selling. There's one builder in the area which I can get prices from but I'm not sure if resale value should be higher than new construction? The thinking is that once a building is bought up if you didn't have a a parking or locker it's hard to buy them?

If anyone could give me a ball park figure on what the re-sale asking price should be I'd very much appreciate it.

Thanks,

Canada / Resale Discussions

ANIL SIKKA

NewBee

It can be found by comparing same type in your and neighbouring area

STEVE

NewBee

Anil said:
It can be found by comparing same type in your and neighbouring area

Not sure if that was a serious response or not, but for a person who doesn't have access to that data it still doesn't tell me what the value is.

CARY CHAPNICK

Buzzer

116

As a broker i have access to the sales data on units. I look for any resales in the building with/without parking and see what kind of discounts buyers have been paying for units without spots. I also look at the specific building and see if the builder/condo corp has spots left for sale.
There are also occasionally on MLS some spots sold and for sale and they provide good data.
Using the going prices that builders around you are asking is a safe bet but i would say in an area like Liberty Village parking spots would be fairly close in value to what you paid for it from the builder ( maybe a slight increase).... in areas with more limited parking and not all residents could secure a spot we have tendencies to see upward swings in parking resale value.

ALLEN

Buzzer

129

It actually varies from building to building, so neighbourhood comps are not a good indicator for value.
Some building have a high ratio of parking while other do not, also parking spaces would be more of a demand in higher-end buildings as residents there are older and/or have higher incomes and will most likely own/use a car.

Resales of lockers and parking spaces could go really quickly or very slowly, as the sales are only limited to the homeowners in that building and will sell for what buyers would want for it.

I own a car and have a parking space, though I only use my car on weekend. It is an expensive toy to own and maintain but I personally don't think I could be without one.

As for storage lockers I don't think I could live in a condo without one. If I bought another condo I would even consider having two lockers. It great to have a place to store your seasonal belongings, tools, and some heavy items which I don't want to lug all the way to my unit.

You may want to look at the notice/community board in your building to see what lockers and parking are selling for privately. They are more often sold that way rather than on MLS.

MARK SAVEL

Buzzer

128

Steve said:
Is there a way to estimate what the average resale value is for parking & lockers? I have two parkings & lockers downtown in Liberty Village which I'm considering selling. There's one builder in the area which I can get prices from but I'm not sure if resale value should be higher than new construction? The thinking is that once a building is bought up if you didn't have a a parking or locker it's hard to buy them?
If anyone could give me a ball park figure on what the re-sale asking price should be I'd very much appreciate it.
Thanks,

Typically a Realtor would looks at previous solds in the buildings and others near by. Sizes are pretty much standard (unless you bought an exceptionally large locker or parking) so coming up with a price is fairly easy. The area is the biggest influence of price. I've seen parking spots sell for as high as $60,000 in the Bloor and Yonge area. In Liberty Village I'd say the price is about half... in and around the $30-35,000 mark, and lockers for about $5,000.
Generally you'd price the spot less than what a developer is charging since their price is for a future date (ie 2014) and your's is for today's price. Also, make sure you read your buildings rules on selling spots as most only allow you to sell (or rent) to a unit owner in the building you live in.
Hope this helps and happy selling!
Mark Savel, ABR
Sales Representative
www.SavelAndTheCity.com
Cell: 647-291-6328
Business: 416-782-8882 (24hr. pager)
Office Fax: 416-782-3329
Email: marksavel@gmail.com
Re/Max Realtron Realty Inc. Brokerage
2815 Bathurst St.
Toronto, Ontario M6B 3A4
Each Office Independently Owned and Operated

STEVE

NewBee

Thanks for all the input everyone. Appreciate all the advice!