As more developers build new developments with a greater number of condos in a tower, parking stalls become challenging to offer with every condo. This can also be the same for storage lockers.
There are many towers that can have over 250 condos within the building and there is simply not enough underground garage square footage for every suite to have a parking stall. Also, during the initial pre-sale phase of a new development a buyer purchasing a larger more expensive condo may request an additional parking stall at an extra cost from the developer. The developer at that time may take a parking stall that was to be included with a smaller condo that has not sold and assign/sell it to the buyer wanting the additional parking stall.
Questions I am frequently asked by buyers looking to buy a condo that does not come with a parking stall
I am looking to buy a 1 bedroom condo in Olympic Village and it does not have a parking stall. Will this be a problem in a couple of years when I may want to sell?
The first step is to make sure that the asking price of the condo for sale is priced at the correct current market value. Condos without parking should be priced at a slightly lesser amount per square foot than those with parking. The average range in price for a parking stall in Olympic Village or Downtown is approximately $30,000 to $50,000. It is important to know when you want to sell condos that do not come with parking usually take more time to sell.
I do not own a car, should I be searching for Olympic Village condos for sale that come with a parking stall?
If it is in your budget I always say yes. As Vancouver becomes more and more populated there will inevitably be more cars. This will in time increase the value of parking stalls. In the early 2000’s parking stalls ranged in price from $5,000 to $10,000 compared to today’s $30,000 to $50,000. Therefore it is a great investment to have with the condo. Another reason I say yes is you can easily rent the parking stall to another owner who lives in the building who may have more than one car. Parking stalls in Olympic Village and Downtown Vancouver rent out for approximately $100 to $150 per month.
When searching for condos for sale are storage lockers important?
Developers are designing suites that are smaller in square footage to make the price point more affordable. Today’s smaller condos can result in far less in suite storage space. When looking at pre-sale condos, the storage locker is often an additional cost but I always recommend adding it to the purchase price. The average cost of a storage locker today will vary, approximately $6,000 to $8,000. When I am showing my listings or working with buyers, storage space is always a concern when viewing the condo. Having an external storage locker is always well received by any potential buyer.
I have been helping people sell or buy condos in Vancouver for over 20 years. If you have any questions please email or call me.
Written by Don Urquhart Vancouver real estate agent since 1987