Tuesday, May 15, 2012

Ever Do A Title Search On A Parking Space?

"Ever Do A Title Search On A Parking Space?","

That when the going price was $165,000 for the slab of cement.
 Now, the mother of three children is kicking herself.
 Each space includes about $50 in monthly maintenance costs.

According to Miller Samuel Real Estate Appraisers and Consultants, the average parking space costs $165,019, or $1,100 per square foot, close to the average apartment price of $1,107 per square foot.

There's a waiting list for five private parking spaces for $225,000 in the basement of a 34-unit condo development scheduled for completion next January.

Although spaces in prime sections of Manhattan are the most expensive, even those in open lots and in garages in Brooklyn, Queens, Riverdale and Harlem are close to $50,000, although at least one new Brooklyn development is asking $125,000.
 In Boston, they can sell for as much as $175,000, and they go for as much as $75,000 in Chicago.

With lenders offering six-figure mortgage financing for a parking space and demand increasing, there's an interesting niche growing to conduct chain of title searches on individual spaces.
 She suggests getting a copy of the map and circle the space searched.

""For many, many years and transfers, the owners didn't like where their spaces were, so they 'swapped' and re-numbered them to accommodate what the four 'owners' wanted,"" Shorthouse said.

She said the group involved did not want expensive legal fees to correct something they didn't feel needed ""correction.
 ""The abstractor gave us everything we needed to know on paper exactly what was what and where, which enabled us to discover when talking with the real estate agent and purchasers the discrepancy in the location of the space according to the recorded map.