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2 Car Garage Adjustment

Discussion in 'General Appraisal Discussion' started by Non Sequitur, Dec 1, 2003.

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  1. Non Sequitur

    Non Sequitur Elite Member
    Supporting Member

    82
    Feb 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    Attention number hitters in Toronto, Canada. :D

    Click Here

     
  2. Oregon Doug

    Oregon Doug Senior Member

    0
    Jan 15, 2002
    Professional Status:
    General Public
    State:
    Oregon
    Interesting tale - I'll have to pass it along to my son. He's always complaining about the cost of houses where he lives on Maui.

    Oregon Doug
     
  3. Michigander

    Michigander Senior Member

    26
    Oct 23, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Depending on where it was in Toronto, I am not that suprised. Parking is a real premium in parts of the city. My husband is from there and we travel there quite often. Prices are really high depending on where you live.

    Maybe like getting a parking space in New York City?
     
  4. John Hassler

    John Hassler Senior Member

    0
    Jul 23, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Sounds high for the market they describe but if a neighbor needed it to expand...

    I recently did a construction loan in the suburbs where the owner paid $2,300,000 for the 7,500 sq ft level lot which is over $300/sq ft (donated the decent 2,000 sq ft home to the fire department for practice and got a tax deduction). I had good land sales support via abstraction for well over $2,000,000. $135,000 for a 1,000+ sq ft strip of land ($135 per sq ft) would be a bargin in that market with no consideration for the garage.
     
  5. Karl

    Karl Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Arizona
    WOW!! what a GREAT DEAL, Got a Garage!! 2 CAR WOW, in Boston a PARKING Spot (1 ONE) for your Condo is easily 150,000.
     
  6. Ben Vukicevich SRA

    Ben Vukicevich SRA Senior Member

    0
    Feb 9, 2002
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    Yep,

    Whenever you do a high-rise condo and you have to adjust for parking spaces....it's best to ask the parking valet...They know what every parking space sold for in the underground garage.

    Hmm....market abstraction at its finest...

    Highest I've come across is $25,000.

    Ben
     
  7. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    My question is regarding parking space/garage slot sales in urban uptown areas.

    Does the price paid for these generally represent the cap rate?

    In other words is this value based on income?
     
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