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
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Hoboken NJ  | 5 Responses to ** Are parking spots worth it in Hoboken? ** |
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July 27th, 2011 |
Monthly rentals are ridiculously over-priced. Why can’t they build giant parking garages where spots are only $100 a month?
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July 27th, 2011 |
This is a great video, mainly because its a guy in a Hawaiian shirt, shooting a video in his garage.
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July 27th, 2011 |
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.
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July 28th, 2011 |
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.
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July 28th, 2011 |
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.
In response to jonsie who said:
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