Garage at 3413 R Street NW
To many DC area residents, private parking spaces are worth their weight in gold. But exactly what is the value of being free from persistent meter maids, aggressive parallel parkers, and measly street parking options? To get to the bottom of this question, UrbanTurf decided to investigate the current market price for a parking place in neighborhoods around the city.
For a few years, the average price for a parking space in DC has been pegged at somewhere in the $25,000 to $30,000 range, and home buyers have become savvy enough to negotiate a list price down in the event that the listing they are interested in doesn’t come with a spot.
Based on our research, Georgetown and Dupont Circle boast the highest prices for individual spaces (more on this below). Spots in Glover Park and Mount Pleasant also ranked as fairly expensive, while Forest Hills, where the houses are high-priced, came away as the least expensive option.
Here’s a sampling of what we found (all of the listed spaces are in condo buildings):
- $22,500 for a space in Forest Hills
- $25,000 for a space in Columbia Heights
- $39,900 for a space in Logan Circle
- $40,000 for a space in Mount Pleasant
- $40,000 for a space in Glover Park
In August, DC Real Estate News blogged about some spaces at Dupont East Condominiums going for $50,000. Taking the cake, however, is a one-car garage at 3413 R Street NW (map) that is currently under contract for $85,000. The garage has enough room for one car with a little space left over for storage, according to the description.
As for places outside of DC, earlier this year Keller Williams’ Laura Rubinchuk Schwartz tried to determine the worth of an extra parking space at condo projects in Northern Virginia by comparing the prices of two condo units that were similar in every respect but one: one unit had two parking spaces while the other had one. Schwartz found that the difference in prices ranged widely, from $4,500 at Courthouse Hill all the way up to $45,572 at Station Square.
This article originally published at https://dc.urbanturf.com/articles/blog/how_much_is_a_parking_space_worth/4498.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro