Looking for a condo in Chicago with 2 parking spaces? Such condos are only around 15% of the condo market. Here are some tips, if you want a condo with 2 parking spaces.

Requiring 2 Parking Spaces Drastically Limits Condo Choices

1. Work harder and make more money. Parking spaces aren’t cheap in Chicago. In the 4th quarter of 2010 the median sale price of a deeded parking space that sold separately was $30K. In 2010 one extra large parking space in Streeterville sold for $75K.

2. Be prepared to lower your standards for the condo. You have less than 25% of the choices that buyers who can live with 1 parking space have. If a 2nd parking space is a “must have”, then consider making other features “nice to have, but can live without”.

3. Consider a townhouse. Townhouses are much more likely to have 2 parking spaces than apartment style condos or co-ops.

4. Search parking spaces that are being sold separately. BairdWarner.com lets you search for deeded parking spaces for sale (see PROPERTY TYPE). If you’ve found a condo you really like that only has 1 parking space, you might be able to find a 2nd space for sale in the same building. This option is most likely to work in the Loop or Near North Side where there are the most parking spaces for sale.

5. Consider renting the 2nd parking space. This is the most common solution I’ve seen my buyers use. If you’ve found a condo you really like that only has 1 parking space, search for rental parking nearby. Craigslist is a good source.

6. Check the Walk Score of locations you like. You may find that the location is highly walkable and/or has great public transit options and a 2nd car really isn’t needed.

The average sale price of a deeded parking space in Chicago in the 3rd quarter was $31,000, up 14% from a year earlier. The median sale price was unchanged at $28,500, but the number of spaces sold was up 50% from 16 to 24.

Price Distribution of Chicago Deeded Parking Spaces Sold (Green) vs. For Sale (Red)

As shown above there are well over twice as many deeded parking spaces listed for sale (red outline bars) than sold in the past year (green bars). There are 240 deeded parking spaces for sale while only 96 sold in the last year. The average market time for the past year was 317 days.

I have a buyer comparing Lakeview condos and Arlington Heights condos. One of the differences I mentioned to him is the fact that parking for Lakeview condos is often not included in the price of the condos. Many Lakeview condo sellers are asking $25K to $45K for their condos’ parking spaces. Rarely is parking for Arlington Heights condos and those in the other suburbs sold separately.

I did some research in the Multiple Listing System of Northern Illinois (MLSNI) today. I found the price ranges for an individual parking space shown below in the areas of Chicago where parking is most likely to be sold separately.

So you have a job in the Loop, but you’re looking to buy a home in the suburbs. You figure out how far out from Chicago you’ll have to live to be able to afford the amount of home you want – generally the farther out, the more home you get for the money. Then you look at the Metra train schedule and find out how long it will take you to get into Chicago.

The farther out you are, the longer it will take – except for express trains. I’m defining Metra express trains as trains that run nonstop to the Loop. Those fortunate enough to live in suburbs with Metra express trains can get to Chicago in the same, if not less time than closer suburbs with trains that make multiple stops along the way.

The suburb with the most Metra express trains is Naperville with 8 express trains running into Chicago in the morning. Now we know another reason why Naperville is such a popular place! Downer’s Grove has 6 express trains, followed by 4 from the Congress Park stop in Brookfield, and 3 from Elmhurst. Check MetraRail.Com for details.

Today’s heavy snow reminded me of an important consideration for Chicago home buyers – street parking. Finding street parking in Chicago is tough enough in good weather and especially challenging on a day like today.

If you move to Chicago and own a motor vehicle, you’ll need to purchase an annual City Vehicle Sticker. This sticker is required to then purchase a Residential Parking Permit.

Parking isn’t allowed during designated street sweeping times between April 1st and November 30th. Schedules vary by city ward.

When it snows, Chicago residents need to observe snow related parking restrictions. For snow route maps, winter overnight parking maps, and other related information visit the Department of Streets & Sanitation’s Snow Season Information.

The availability of street parking is especially important, if you are considering buying a home in Chicago without off-street parking. One Sunday afternoon last year, I spent half an hour driving around Edgewater looking for parking so that my buyers could see a condo for a second time. More recently, after meeting with a couple about listing their condo in Lakeview, I sat in my parked car for an hour returning phone calls. Seeing me in the car, a man was so desparate for a parking spot, that he waited in his car next to me for most of that time.

In the Chicago area, transportation options are typically a major consideration when deciding where to buy a home. Here are some of the Chicago area transportation websites I find most helpful.

The Chicago Transit Authority provides trains and buses primarily in the city of Chicago, but with some stations/stops in nearby suburbs. The trains are referred to as the “L” since they are elevated in many areas, but in several areas they are underground as well. For an overview of the routes, start with the system map.

Metra (METropolitan RAil) is the commuter rail line serving the Chicago area. Start with the system map to get an overview of how it connects the suburbs with the city.

The Pace Bus System primarily serves the suburbs.

Want to know how to get from one place to another using the above systems? Try the Regional Transit Authority (RTA) Travel Information Center. Just enter two addresses and it will provide step-by-step instructions on how to use the various systems to get to one from the other.

If you’re going to be driving much on the tollways, an I-PASS transponder is a must! The transponder is a device which sticks on you windshield and debits your account each time you drive through a tollbooth. With an I-PASS, your tolls will be less and you’ll get to your destination much sooner!

The Chicago Parking Map displays parking in downtown Chicago. You can search for parking by address or site (e.g. Chicago Theater).