High end condo with separately owned parking spot

[Theresa2484]

We have a lot of these in the condo complexes along the Hudson River in Jersey City with deeded spaces. If you search tax records, you can usually find others that have sold. In this particular JC area, deeded parking spots usually sell for about $35k. They typically have the same block # and their lot # has an X at the end.

 

[Don Clark]

High rises in Mpls typically have separate ownership Parcel numbers for the garage spaces. Even though the spaces my not be stated separately on the contract, they usually are part of the contract.

Same here for some condos, high rise or no rise. Boat Slips are often seperately owned, and are not necessarily sold with the unit.

 

[ROBERT JONES]

It is not a condo-hotel - its a Residence at Ritz.... sold all over the world. The word I have from the Ritz is that they have nothing to do with the parking - there is a private company that sells, maintains, and operates the parking facilities. While it may have value - it's not part of the real estate being appraised in my opinion.

 

[Lost Cause]

If the apartment and the parking space are separately owned, then the space wouldn't add value. Presuming that only apartment owners are permitted to purchase these spaces, the right to purchase a space may be an amenity of value. It's common to see parking spaces available for purchase to apartment owners in high-end complexes, but there's rarely as many spaces as there are units, so not all units will be able to acquire this amaenity.

I suspect you are correct not to account for the space in valuing the apartment.

 

[Riick]

For SFD in Phila., anything built since mid-1970's, and probably earlier, *must* have parking, ditto for condominiums.
It may be illegal to sell one of these units w/o a parking space,
though knowing Philadelphia's ways, if it is a real issue, it's probably ignored by everybody.
..... Except if it's the appraiser that scr3ws up.

 

[TJSum]

It is not a condo-hotel - its a Residence at Ritz.... sold all over the world. The word I have from the Ritz is that they have nothing to do with the parking - there is a private company that sells, maintains, and operates the parking facilities. While it may have value - it's not part of the real estate being appraised in my opinion.

Ask the client if the parking space is being included within the loan or not. Most of the time, even though the parking space is separately deeded, it is in fact included within the loan. Just make sure you disclose the situation within the report. You would need two tax id numbers, two legal descriptions, include taxes for both, etc. In DC parking spaces can go for $50,000 (+). If it is a sale you can see in the contract if they are being transferred together. For a refi, you need to discuss it with the lender to see how they want the report written.