Park It!

Part of my job as a Chicago Realtor consists of driving to & through our many downtown neighborhoods. I have a first-hand awareness of how challenging it is to park!

It will be even more challenging with the recent price increase to use Chicago parking meters. In my neighborhood, rates go up this week from $1 or $1.50 an hour to $2 an hour. Man, that's a lotta quarters! This latest wrinkle makes it even MORE challenging to park downtown.

What's a driver to do?

If you live downtown, or if you drive to this area everyday, you might consider buying a parking space. This is a relatively new phenomenon in Chicago real estate. But it has caught on like wildfire in the last decade. The closer you live/work to downtown, specifically the Loop, the more you will value the convenience of having a space that literally has your name on it.

How Much?

I just checked the Multiple Listing Service for what's available. Asking prices in downtown Chicago, north of the river, range from $24,000 for a parking space at 900 N. Kingsbury to $85,000 at 505 N. Lake Shore Drive. The asking price hinges on a variety of factors:

• Location, location, location: the location of the building, as well as the location of the space within the parking structure. You'll pay more for a space close to the entrance of your building.
• Covered or not: Prices are higher for covered spaces -- for example, a carport. Prices are also higher for spaces inside secured structures requiring a fob, combination code or similar device for entry.
• Heated: Spaces in heated garages are more costly.
• Valet or not: You pay for the convenience of having a valet drive your car to your building's front door when you leave, and return it to your space when you come home.

Another Advantage to Owning

There's one advantage that can't be measured in dollars. Is your car being nibbled to death by door dings and bumper gouges from parking on the street? Are you ever stumped to recall where you left your car? "Let's see, was it the 500 block of Deming or Arlington?" And if you can't find your car, do you worry that it's been towed or flat-out stolen?

These worries are moot when you purchase a secured parking space. Believe me: it makes a world of difference in how well you'll sleep at night!

Ready to Buy?

My experienced mortgage lenders will advise you on how to roll a parking space purchase into your current mortgage. Drop me a line. I'll put you in touch with them!