Finding a parking spot in California is serious business, so much so that a parking spot is going for $90,000, according to a listing on Redfin.com.
The spot is part of a condo complex, located on Townsend St. in San Francisco. It’s near the door to the lobby and “it’s really convenient,” said Realtor Bill Williams from Compass Real Estate, who listed the spot.
It’s is currently leased for $300 per month and is open to residents and non-residents. If a non-resident buys the spot, they won’t have access to the area for people who live there, Williams said.
Parking spots in the area have made headlines before, he said. His clients snagged theirs because they wanted a second parking space for their vehicles.
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Williams said what makes this parking spot unique is that there are no rules that specify only residents can use it.
That’s because the city of San Francisco is trying to get people out of cars, so when new buildings pop up, tenants typically get a maximum of one parking spot per unit, he said.
The spot is also one block from Oracle Park, a Major League Baseball stadium.
“You could be in Silicon Valley and want your own parking spot for the stadium,” he said. “You can use it and it’s not against the building’s rules. You could have a condo in a nearby building … and you might want another space like my clients did for your second car.”
The greatest indication of value is what someone is willing to pay, he said. It’s the same way appraisers price properties.
“They a look at similar properties and they say ‘What have similar properties sold for?'” he said.
The seller’s personal situation applies too. This is the 10th property he’s helping his clients sell. For them, it’s a matter of convenience, not desperation.
“They’re getting $300 per month on it,” he said. “They’re not really losing money on it.”
Although he hasn’t received any offers, Williams said a lot of people are calling, including people who’ve offered half the asking price.
“That’s really not how it works,” he said. “Although I will say that’s one strategy for a buyer … when properties have been on the market for any given time, some buyers see that as an opportunity … It’s just that they usually overestimate what a seller would be willing to do in order to let go of their property.”
Williams said this isn’t uncommon. You could probably find parking spaces for $1 million in New York.
“It’s normal,” he said, noting that his only interest is helping his clients.
Saleen Martin is a reporter on USA TODAY’s NOW team. She is from Norfolk, Virginia – the 757 – and loves all things horror, witches, Christmas, and food. Follow her on Twitter at @Saleen_Martin or email her at [email protected]