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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

  • Terry Gibson

    June 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.


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