Seattle Parking Spot
Over the past five years – I’ve been involved in transactions where parking spots are offered for between $15,000 - $50,000 in the Seattle metro area. A high rise building with the average unit cost of $300,000 isn’t going to command a $50,000 parking spot price tag. You will find the $50,000 parking spot selling price at the higher end condo buildings with the average purchase price of the units going for more than a million dollars. The building average condo unit price is going to be the key factor in the parking spot price since most buildings restrict use of parking to building residents. Location seems to matter a fair amount, but you can see parking spots in Ballard & the eastside commanding prices close to the cost of downtown Seattle.
In talking with other agents, title professionals & looking at sales data - a fair price for a condo parking spot in Belltown in 2010/2011 appears to be $20,000 to $25,000.
Some parking spots are separately deeded and not limited common elements owned by the Association so the sale is recorded with King County as a separate real estate transaction.
Here are some data points from King County records from those separately recorded sales of parking spots:
Sold in 2004 Parking spot $20,000 Seattle 98101
Sold in 2005 Parking spot $12,000 Issaquah 98029
Sold in 2005 Parking spot $10,000 Seattle 98122
Sold in 2008 Parking spot $25,000 Seattle 98101
Sold in 2009 Parking spot $20,000 Seattle 98102
Most parking spots in downtown Seattle buildings are Limited Common Elements and are owned by the association. The unit owner is given exclusive use of the parking spot through the legal documents of the condo association. Talk to your management company and condo board before starting the process of buying or selling a parking spot.
Rental of parking spots is quite common in Seattle condo buildings. I regularly see people getting between $100 to $200 for renting parking spots in the City of Seattle to fellow condo owners. Most buildings restrict parking spot rentals to other owner/tenants in the building to keep security tight.
What do you think a parking spot is worth in Queen Anne or Belltown or Ballard?
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Matt, what a great post! And what a great example of why sellers should hire agents who know what they are doing. I’m from Southern Colorado, we don’t have parking issues. I had no idea that people sold parking spaces! Parking spaces as a commodity, who knew?