Are parking spots worth it in Hoboken?

[Continuing the reader contributed series “Cornering the Market,” written by Brian Murray]

What is a Parking Spot Worth?

It’s summertime! Fireworks, trips to the shore, vacations, ice creams and no hats, and no overcoats. These are a few of my favorite things. There’s one other thing that I like about summer… parking in Hoboken.

The new city meter regulations aside, I just love Hoboken in the summer time. It’s like living in the burbs. Get in your car. Drive to the store. Drive home. Park in front of your building (or at least the same block). Summertime and the parking is easy…

Now if summer lasted all year, besides having a whole bunch of retirees clutter the streets and early bird specials, parking wouldn’t mean a thing.

But what is a parking spot worth the rest of the year?

Parking is supply and demand

Bottom line if you don’t have a spot and need one… too bad. Back in the bubble days of Hoboken Real Estate new construction projects on the west side of town offered parking for an additional $20k-$30k. If you didn’t get a spot then, try and buy one now. If you can find one, what’s it worth? $40k? $50k? more. Close to the PATH a parking spot might be worth $70k compared to a similar condo without a spot.

Rental Spots?

They are filling up. The Metropolitan used to rent spots to non-tenants. Not anymore. Car people are paying $200-$300 per month for a spot where they can find it. Personally, I don’t understand some of these private garage owners on Bloomfield, Garden, and Park. Most charge $200 or so. They could get closer to $400. A buyer just shelled out $1,200,000 for a brownstone. Don’t you think an extra $200 a month to have a spot five blocks closer to home is worth it.

What about Corner Cars?

Fuggedabotit. Parking spots are like new highways. The more people that give up their cars, the more others will get one because it is more convenient to park. Still nothing like having your own spot.

More Brian Murray

Visit Brian Murray at hobokenhomefinder.com for weekly market updates, the latest stats, and open house directories.

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Heard around town: Several buildings in own going litigation are ending up on Bank Of America’s do not lend list. Thinking of selling? Better know if your building is on the list. Get My Q2 Hoboken Real Estate Report free.

Real Estate Trivia: 339 Hoboken condos sold in first half of 2011 vs. 393 in first half of 2010

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5 Comments on "Are parking spots worth it in Hoboken?"

LobstaGirl
Member
LobstaGirl

Parking garage monthly is better than the headache of looking for parking and all the tickets you will receive as well…It’s a no brainer…..P.S. Where can I get a shirt like that and are you having a garage sale or something?….note to self” video editing classes are on you tube.

WorldBFree
Member
WorldBFree

The present value of a $200 monthly perpetuity is only $30k at 8%. Even if you bumped that to 300k to account for inflation etc. its only $45k. Is the convenience premium worth that much? Too me it certainly isn’t I’d i suspect you wouldn’t get that kind of value at resale.

Stabone130
Member

This is a great video, mainly because its a guy in a Hawaiian shirt, shooting a video in his garage.

jonsie
Member
jonsie

Monthly rentals are ridiculously over-priced. Why can’t they build giant parking garages where spots are only $100 a month?

HansBrix
Member
HansBrix

Why leave it to an unidentifiable “they”? If you think someone is leaving money on the table by not building giant garages to rent out cheap spots then the world (or maybe this town) is your oyster.[quote comment=”209117″]Monthly rentals are ridiculously over-priced. Why can’t they build giant parking garages where spots are only $100 a month?[/quote]

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