• Mon. Nov 28th, 2022

Parking spot listed for $90,000 in San Francisco, CA

ByWillie M. Evans

Sep 9, 2022

Finding a parking space in California is serious business, so much so that a parking space costs $90,000, according to a listing on Redfin.com.

The spot is part of a condo complex, located on Townsend St. in San Francisco. It’s near the lobby door and “it’s really convenient,” said realtor Bill Williams of Real Estate Compasswho listed the place.

It is currently rented for $300 per month and is open to residents and non-residents. If a non-resident buys the place, they won’t have access to the area for the people who live there, Williams said.

Parking spaces in the area have already made headlines, he said. His customers took theirs because they wanted a second parking spot for their vehicles.

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How was the price determined?

Williams said what makes this parking spot unique is that there are no rules that specify only residents can use it.

That’s because the city of San Francisco is trying to get people out of cars, so when new buildings pop up, tenants typically get a maximum of one parking space per unit, he said.

The location is also one block from Oracle Park, a Major League Baseball stadium.

“You could be in Silicon Valley and want your own stadium parking spot,” he said. “You can use it and it’s not against building rules. You might have a condo in a building next door…and you might want another space like my clients did for your second car.”

The biggest indication of value is what someone is willing to pay, he said. This is the same way appraisers value properties.

“They look at similar properties and say, ‘Why did they sell similar properties?’” he said.

The personal situation of the seller also applies. This is the 10th property he has helped his clients sell. For them, it’s a matter of convenience, not desperation.

“They get $300 a month on it,” he said. “They’re not really losing money on this.”

Although he didn’t receive any offers, Williams said many people were calling, including people who offered half the asking price.

“That’s really not how it works,” he said. “While I will say it’s a strategy for a buyer…when properties have been on the market for a while, some buyers see it as an opportunity…It’s just that they generally overestimate what a seller would be. willing to do in order to dispose of their property.”

Williams said it’s not uncommon. You could probably find $1 million parking spots in New York City.

“It’s normal,” he said, noting that his only interest is to help his clients.

Saleen Martin is a reporter on USA TODAY’s NOW team. She’s from Norfolk, Virginiathe 757 and loves all things horror, witches, Christmas and food. Follow her on Twitter at @Saleen_Martin or email him at [email protected].