Interesting idea. 4/5, because I imagine the demand for commit to a parking spot over the long term is not especially high in most major cities.
I could see it happening in developments with limited parking, and I’ve even seen at least one unit condo building with limited parking spots that were sold along with the larger condo units in the property.
The rental building Crystal 54 in Hell’s Kitchen does this too, but I think it’s more of a first-come, first-served thing, where the renters who have been there for a while just get to keep the place.
That’s a good point - I think that right now it seems like demand far outstrips supply based on pricing, but if you started to do this at scale you could hit saturation pretty quickly and cause a price crash. But I do think at least in some major metros like Manhattan there’s probably a pretty good moneymaking opportunity in the short term.
I actually found a lot of condo buildings like you mentioned that allow spot ownership, but limited to residents. The internal market for these can actually get pretty hot, with low six figure prices. Which I guess isn’t totally crazy; if you’re in a multimillion dollar condo, $200k for the spot might feel worth it.
I wonder if a more traditional timeshare model might also work for those types of buildings, actually. You can imagine in e.g. Miami that some part-year residents might not need full year parking and be happy to split the cost
5/5 idea for sure!
“But that’s a problem for the parking space timeshare CDS holders to worry about.” This got me, good idea!
Interesting idea. 4/5, because I imagine the demand for commit to a parking spot over the long term is not especially high in most major cities.
I could see it happening in developments with limited parking, and I’ve even seen at least one unit condo building with limited parking spots that were sold along with the larger condo units in the property.
The rental building Crystal 54 in Hell’s Kitchen does this too, but I think it’s more of a first-come, first-served thing, where the renters who have been there for a while just get to keep the place.
That’s a good point - I think that right now it seems like demand far outstrips supply based on pricing, but if you started to do this at scale you could hit saturation pretty quickly and cause a price crash. But I do think at least in some major metros like Manhattan there’s probably a pretty good moneymaking opportunity in the short term.
I actually found a lot of condo buildings like you mentioned that allow spot ownership, but limited to residents. The internal market for these can actually get pretty hot, with low six figure prices. Which I guess isn’t totally crazy; if you’re in a multimillion dollar condo, $200k for the spot might feel worth it.
I wonder if a more traditional timeshare model might also work for those types of buildings, actually. You can imagine in e.g. Miami that some part-year residents might not need full year parking and be happy to split the cost