What am I bid for a parking space in downtown Chicago – $8,000?

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What am I bid for a parking space in downtown Chicago – $8,000?

I just ran across a news release from an Auctioneer in Chicago who is putting some unused condo parking spaces on the block. The prices start between $8000 and $19,000. If one lives or works in the area (downtown Chicago) this seems like a good deal to me.

 

At $25 a day, a parking space in Chicago costs $9000 a year. In a bit over two years you have paid off your space, (less condo fees). And you have the knowledge that it will always be there, ready and waiting.

 

Here’s what the auctioneer said

“Whether you live or work in the Loop, finding parking is always a challenge. Especially now that garage and meter rates are on the increase, this auction offers people the chance to name their price on an indoor valet garage spot at one of the best locations downtown. I think consumers will jump at this investment opportunity to achieve the peace of mind knowing they will have parking waiting for them at all times and forgo the daily aggravation of increased parking rates,” said Rick Levin, President & CEO of Rick Levin & Associates.

 

Sounds like a hell of a deal to me.

 

JVH

John Van Horn

John Van Horn

One Response

  1. Valet parking means tips. Don’t forget about condo assessments (which will be much higher with valet vs. self parking)and real estate taxes, all of which will be charged to the purchaser of the parking space forever. Also, where exactly is the location?
    Could be a good deal, but…

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