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Determine Value of Underground Parking Stall in Quarry Park Condo Building
I have been trying to figure out fair market value for the last heated underground parking stall that is for sale in our condo building and is not currently attached to any units in our building. There is a waitlist of folks who are interested in purchasing this last titled parking stall, and it has been offered to me first.
I have read that titled parking stalls can go as high as $45,000, but that’s in the downtown area. I have not been able to find what estimated fair market pricing would be in the suburbs in today’s market conditions.
Can anybody point me to where I could find this out before I start negotiations with the Developer? I have checked numerous property assessments, but City of Calgary assessments are not true property values.
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2 Replies
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I agree that property assessments are not valid. All they do is establish relativity between various properties.
There can be a big difference between cost and value.
Cost is site-specific, but I don’t think something in the area of $45K is out of line from what I have heard.
Value is different. Normally realtors and appraisers would look at comparable sales in the same neighbourhood to establish market value. I suspect there are few comparables because most owners want to keep the parking stalls as they add value to their homes and lives.
And value to an individual is personal: It is in the eyes of the beholder. What is it worth to you?
If the number of spaces for sale is scarce, If there is high demand, e.g. a waiting list, that shows high demand. However, it is cheap to go on a waiting list. Whether people would choose to purchase at a given price is a secondary manner.
Parking spots are very personal. Many families would not purchase a unit unless it had two stalls.
Conflict in condos frequently involves parking. When it is scarce, conflict can ensue.
I hope this helps a little.
Terry
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