How much is a parking spot worth in S.F.?

Everyone knows that deeded parking adds value to a property, but just how much is a parking spot (or two) really worth? According to local realtors, as with everything in real estate, the answer comes down to location, location, location.

Negotiating the price range
On the high end, agents in SFGate’s informal survey said the parking spot attached to a condo or home could be worth 100K or more, particularly in notoriously hard-to-park areas with older buildings that are less likely to have parking, like Telegraph Hill, Nob Hill or North Beach. The price for a parking spot in lower density areas like Excelsior or the Sunset could be 30-50K.
These values are chopped further if the parking spot is tandem (where one car must be parked behind or in front of another car). Agents value these less convenient spots at anywhere between 25-60K. They put the same price point on any additional parking spots that come with a property. “There is a law of diminishing return,” says Patrick Barber of Pacific Union, as one parking spot is often seen by buyers as a necessity but more is something of a luxury.

A luxury perk
In fact, any car parking may be considered more and more of a luxury these days as buyers look to cut costs wherever possible, and more people bike or bus to work. Eugene Pak of Climb Real Estate explains:

With car sharing services like Zipcar and taxi alternatives such as Uber and Lyft, plus more job opportunities to work in S.F. and corporate bus shuttles, and biking becoming even more popular, people depend a bit less on owning their own car. While dedicated parking is still considered a practical need, it’s also somewhat of a status symbol. I hear, more often than before, people saying they do not own a car, or they do not use their car as much as before.

That being said, most agents believe that parking is still one of the few make-or-break amenities for many buyers, along with location, outdoor space, permissive pet policies, and onsite laundry.
Bike parking, on the other hand, is still considered a nice bonus, more in line with storage space. Matt Fuller with Zephyr Real Estate says that while secure, onsite bike parking is certainly becoming more important, particularly in neighborhoods like Hayes Valley, the Inner Mission and the Castro, it’s still pretty low on buyers’ wish lists. “I’ve never had to assign a dollar value to it,” he says, “Nor have I ever had a buyer that did or did not buy a unit over bike storage.”




Article and Photos Sourced From:  http://blog.sfgate.com/ontheblock/2014/06/09/how-much-is-a-parking-spot-worth-in-s-f/#23967101=0