July 23, 2024


We Do Fine Home

It’s not just houses: Belltown parking spot sells for $56K, and over asking price

The most up-to-date very hot piece of actual estate in Seattle is — which is ideal — a parking spot.

A 130-square-foot parking place under a Belltown condominium constructing bought Wednesday for a great $56,000.

Authentic estate agent Jimmy Chuang explained the stall’s previous operator acquired the location in the garage of the Seattle Heights condo building mainly because he lived close by and needed a parking spot for an extra motor vehicle.

According to King County home data, he purchased it in 2015 for $42,750.

When he moved, he rented the place for all around $225 a thirty day period right up until he made the decision to offer.

The place — just blocks away from Pike Spot Sector and in a community the place there is little street parking obtainable — is notably desirable due to the fact it is in a secured parking facility with 24/7 obtain, Chuang said.

A listing was posted in mid-May possibly, and a single of the pics showed a DeLorean parked upcoming to the vacant location.

The inquiring price: $53,500. The profits pitch: “Imagine hardly ever getting to search for a parking place once more!”

Chuang explained he acquired about three to 4 calls a working day considering that the parking spot was posted on the web. Ultimately two presents were designed, Chuang explained Friday afternoon.

In a county where by the median residence rate just strike $1 million, some may perhaps see the sale as the reasonable products of a competitive housing market place, others as nonetheless a further sign of worsening affordability in the town.

In current months, dwelling sellers in the location have found all-hard cash delivers earlier mentioned asking rate. This parking location was no exception.

This is the next time Chuang has marketed a parking location in Seattle. Before this yr, a parking place in the garage at The Marq Condominium in Seattle’s Capitol Hill community sold for $38,000. The inquiring price tag was $50,000. At the time, individuals called, inquiring if the listing was true.

Chuang reported he did not intend to turn out to be a authentic estate agent for parking spots.

“I welcome the prospect. It was not a specialized niche I purposely tried using to concentrate on but just after these two transactions and a pair of inquiries, I know a great deal a lot more,” he said.

Seattle Heights, on Second Avenue, represents a uncommon instance in which parking availability outnumbers tenant parking demand, according to Chuang. Parking location sales are very rare and are usually bundled with condominium sales.

“I feel this will present potential buyers that it is vital to obtain a home with a parking spot mainly because it will keep its benefit superior,” he mentioned.

The condominium building has detailed 17 more parking places for $60,000 each. Home taxes for the recently offered spot will complete $253 yearly, in accordance to the county.

When the sale value might appear alarming, parking spots in other U.S. metropolitan areas have offered for even additional.

The Seattle Post-Intelligencer reported in 2020 that a parking place in San Francisco offered for $100,000. In that exact calendar year, the common parking place in New York Metropolis was all over $280,000, in accordance to The New York Situations.

Seattle Instances personnel reporter Heidi Groover contributed to this report.