Wednesday, July 03, 2013

Garage Parking a premium for Lincoln Square condos sales

We recently viewed a Lincoln Square condo on prime residential West Giddings Street.  The unit comes with garage parking shown above.

In the last 12 months 101 Lincoln Square condos have closed on the MLS with garage parking (either included with the unit or available for lease).  The median price for a condo with garage parking associated with it is about $315,000.

On the other hand, 89 condos sold with outdoor parking associated with them (either included or available for lease).  The median price for those sold condos is only $208,000.  This price also reflects the type of available units.  That is, units with garage parking tend to be larger and/or better finished and in more desirable buildings on average in my experience.  This includes newer construction buildings with heated garages that simply catch more money.

Coincidentally, 89 condos closed over the last 12 months that were listed with NO parking associated with the unit.  The median price for these closed condos is only $137,000.

No comments: