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