New Condo? Ask for a Parking Space!

Some people are buying parking spaces for $40,000 or even $50,000 in the District, but there is actually a surplus of parking at some of the new condo projects in the area. These new projects in 2009 are “over-parked” –  the developer built more spots than were ultimately demanded by buyers.  The building has more parking than it needs.  Buyers in this situation can  negotiate for a parking space to be thrown in with their unit for no additional cost.  “Parking is the lowest-hanging fruit in the negotiating process,” one developer told UrbanTurf, another blog in DC.  As you can imagine, “Once the building sells out, leftover spaces valued at $30K can’t even fetch $10K, and many condo regimes won’t allow you to sell or lease them to non-residents.”   In this situation, unsold parking is worth almost nothing to developers.  So, even if you don’t currently own a car, try and negotiate for a free parking space. When it comes time to sell your unit, the resale value will be much higher if it includes a parking spot than if it doesn’t. 

If you are looking for a new condo, please call Lise Howe at 240-401-5577. She looks at new condos nearly every day, and she probably saw one this week that was perfect for you!  You should definately call Lise before your dream home gets away!