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.
- 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. Many downtown parking spaces sell for $40K or $50K. 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”. Consider a unit without a fireplace or a building without an indoor pool.
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. 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.