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.
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
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