Quote:
Originally Posted by emathias
Did you miss the "if two condos *cost the same*"? He didn't expressly state it, but it is only rational to assume he also means that the condos are functionally equivalent in every other way. So the parking one might cost slightly more in assessments, but otherwise why wouldn't you choose a place that, for whatever reason, basically included parking for free?
|
It's an absurd hypothesis, at least in San Francisco. You are not going to find 2 condos for the same price in the same neighborhood with the same amenities (pool spa, exercise facilties, security, concierge etc), square footage and grade of finishings except one has parking and the other doesn't. I can't happen so, yeah I ignored it as anyone should.
The point is that getting parking you do not plan to use, for which you will have to pay SOMETHING over and above an identical unit without parking, is not necessarily a bargain for you. It might only be such if you are allowed (by the CC&Rs and other circumstances) to rent it for more than a reasonable return (invested) on what it cost. I believe I could earn 8% or so on the $100,000 cost of a parking spot in a comparable building to mine. That's between $600 and $700 per month. Let's be conservative and call the return "only" 4% or around $350 per month.
Here is a graphic of what commercial garages are actually charging per month for parking in downtown SF:
https://spothero.com/san-francisco-m...xoCplwQAvD_BwE
So assuming you were allowed to rent the spot and found someone willing to rent it at the going rate, you might make roughly as much as you could get just keeping what the spot is costing you and investing the money. Or you might get as little as half as much.