For some reason, there is something about parking in the City. Competition for space is fierce, space is scarce (higher demand vs. low supply) and it's pricey. If you park on the street, you run the risk of getting head-to-head with DC parking enforcement officers who can stick a parking ticket in your windshield in a blink. Boy, they're faster than superman! No wonder owner of parking space eagerly await for the time when opportunity to sell comes around.
And they were gone fast.
In 2007, there were 6 existing parking spaces sold in the District and one in Alexandria. These spaces are existing or resale, typically sold in a condo building for a current or future owner of a unit in the same building, which is part of the requirement for the sale. Many times, a parking space is bought and sold due to supply and demand.
Buying a new condo is a different story. Because when you buy new condo in the District -- 'a' parking space is sold separately than the unit -- most of the time. In other words, you would have to scoop extra money to park your baby. On average it would cost an additional $40k and up for a space.
Resale Parking Transactions for 2007
|Address||Listing Price||Sold Price|
|5903 Mount Eagle Dr. #31, Alexandria||$30,000||$30,000 (Dec)|
|1545 18th St. NW #P41, DC||$35,000||$35,000 (Jul)|
|1926 New Hampshire Ave #00, DC||$45,000||$45,000 (Aug)|
|809 6th St. NW #P4, DC||$45,000||$45,000 (Sep)|
|154518th St NW #P16, DC||$50,000||$50,000 (Aug)|
|1545 18th St NW #P33, DC||$50,000||$50,000 (Oct)|
|1818 P St. NW #P41, DC||$60,000||$50,000 (Apr)|
On average, the price per square footage in the District ranged from the low $300-ish to high $584. That's about the same as the per s.f. price for a condo.
Parking is a pricey proposition for a homeowner with a car, no matter how you flip it. Is it worth the investment? Even if you justify it by thinking that you can rent out your space for say, $200 a month. On a $50k spot, we're talking about some 20 years to get your money back. What about the money you spend monthly on your car related expenses, i.e. insurance, gas, etc.? That at least a couple of hundred dollars that you could have saved.
So- why spend extra money when you can wheels around inexpensively with car sharing? Like Zip-Flexcar (it's one co. now).