MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle and is experienced with downtown DC real estate.
When buying my condo over six years ago only three weeks after moving to DC, I decided to abandon my car so I could purchase a better condo. All these years later, it is a lifestyle that I’ve not only embraced but has produced serious savings and health benefits over time. My real estate agent at the time encouraged me to consider purchasing a parking spot to increase the marketability of my condo. But with many Penn Quarter condos conveying without parking spaces, does this really impact that owner’s ability to sell or is it just a matter of presenting the options to a car-owning buyer? Does it always make sense for a car owner to actually own their space?
Taking a look at the numbers, most parking spaces originally cost between $25,000 and $40,000. But when those same units sell, the difference between a unit with a space and one without a space in the same building often diminishes. Conveyed parking spaces also come with increased condo fees (usually around $40 per month per space) as well as an annual property tax of around $300 a year. So beyond a slightly higher mortgage, the parking space will also cost an estimated $65 or so a month for the owner.
Most Penn Quarter buildings with underground parking exhibit great commerce between residents in the rental of spaces. These spaces typically rent for a price between $150 and $200 per month while commercial parking spots rent for slightly over $200 per month. When compared to a unit with an additional mortgage, condo fee and property tax, renting will typically be slightly more expensive but not such a large difference that it should be an obstacle to a buyer who likes the area and/or the building.