Parking in front of garage

[Tom4value]

I own a 2nd-floor condo in Raleigh, NC and my unit includes a ground-floor garage. In this complex, there are 198 units (mid-rise condos and townhouses) and 38 of the condo units include garages. The complex has existed since 2007. In 2016 the HOA decided (without the approval of owners) to prohibit owners from parking in front of their garages. It’s my view that this action reduces the value of my unit and that of all the 38 units that include garages. I use my garage for storage and other residential purposes. The photo, below, shows my car parked in front of my garage (far left). My SUV is barely visible in the space in front of the garage entry. By prohibiting me from parking in front of it, I have to find one of the unassigned spaces that are 400 yards from my garage. I am looking for any financial analysis of the value of a garage-front parking space in a condo complex. Is there any hard data and fact-based analysis of this situation?

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Thanks for any help you can offer. Tom

I can’t tell from your bio if you are an appraiser so I am going to answer assuming you are not. My answer is, no.

I mean no disrespect or snark when I say I have seen/heard all gripes that “would affect value”. The reason why I am saying no is that it is a rule from the HOA that they just came up with. Yes, I know it is 8 years old but because it is not in the condo docs, it can be rescinded as fast as it was implemented.

When buyers look at a condo they check the condo docs. That is the meat and potatoes in the decision as if they want to buy and for how much. Some people will agree with the decision (why else would it even be implemented?) others like you may not.

If anything, this would be a marketability issue, not a market value issue. The difference is, with marketability, it is a, “yes/no decision” if you will buy it. Market value is, “this is what I want to pay”.

 

[sputnam]

Oh my gosh, i never read the post. I didn't realize that giving a better answer to their problem was not proper on this thread. I gave them an answer to their post, then a better answer to their problem.
Their issue is now walking from the parking lot to their house, not the value of that loss. The value hasn't affected them at this time, the walking does. I also told them what to read, but the hoa cares not what you read, or what it say, or what you say. When you get done banging your head on their wall, then you need an attorney. They are the rulers of the project.

Maybe you didn't understand the real problem/s. Having been a r.e. broker, builder, rehabber, mort broker, I don't just look at what they were asking, but why they were asking. The why is the real problem, not a potential maybe loss in value.

You answered a question that wasn't asked. I see that a lot... people thinking they better know what is needed than the person with the issue.

BTW.... for the OP. If you decide to engage an appraiser, I can give you some names of appraisers I would use. If you want them, contact me DM.

 

[Surf Cat]

If all 38 units that own a garage parked their cars in front of them at the same time, would anybody be able to back their cars out or get to their space?

Most likely why the HOA made the rule.

An appraiser is not going to be able to extract a quantitative adjustment from condos that allow owners to park in front of their garages to those that don't. That's ridiculous.

As one of the other posters stated, get a storage unit. That or move.

 

[shrubberyvaluation]

If all 38 units that own a garage parked their cars in front of them at the same time, would anybody be able to back their cars out or get to their space?

Most likely why the HOA made the rule.

An appraiser is not going to be able to extract a quantitative adjustment from condos that allow owners to park in front of their garages to those that don't. That's ridiculous.

As one of the other posters stated, get a storage unit. That or move.

in most cases you are probably right. Exception is in areas where parking is very limited. Of course in those cases people would fight back more.

 

[Joe Flacco]

If there is a parking lot with plenty of parking, then not being able to park in front of the garage bay is probably not that big of a deal.

 

[Surf Cat]

Most condo owners that I personally know have some sort of gripe against their HOA's. I get it too. Especially with the HOA fees they pay.

Yes, you acquire the place cheaper than an SFR.... everything's taken care of for you such as the green belts and walkways are trimed, mowed, and blowed. Some complexes have a community gym and pool.

But they're common spaces. You have to "share" with the other residences. You only "own" the airspace and have rights to the common areas.

Abide by their rules or get out.

 

[JTip]

What kind of jalopies is the OP parking out front of his condo?

 

[Fernando]

I don't get what's the problem. The HOA has rules for all the condo owners to follow whether they're reasonable or not.
As for appraising, some townhome/condo complexes have owners having a driveway parking and some units don't.
If my subject has driveway parking, I look for comps with driveway parking that sold. And if none, do sales grid adjustment for lack of driveway parking.

 

[Tom D]

The owners think they paid for that driveway ownership to give them that rare driveway parking. Well, well, we really don't know because we ain't reading the docs. So, they now think they lost the value of parking on that driveway, which is an amenity Why they want to know value of driveway parking right now, who knows. The issue isn't appraising, it's a loss of 'owned' use to the owner, if there really is, who knows.