Home › COFSAB Forum › Condo Owners Forum Q&A › Determine Value of Underground Parking Stall in Quarry Park Condo Building › Reply To: Determine Value of Underground Parking Stall in Quarry Park Condo Building
AdministratorJune 30, 2023 at 6:34 am
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.