1/27/2009 City Council meeting

[maraire]

Developers don't as a rule build apartment bldgs. As they do not want to be landlords. What they do build are condos. When developing these condos they have to show 1.5 parking spaces per unit. Obviously not enough but at least there are some parameters.

True that.  But don't they sell the spaces separately?
[/quote

No they can't sell them they have to go with the property. I guess if the new owner wanted to sell their space that could happen.

[tony la]

They do try to.  Our new condo developement is selling them.  In some areas of the city 20k to 30k is not out of the question with a deed

[ZORBA]

Developers don't as a rule build apartment bldgs. As they do not want to be landlords. What they do build are condos. When developing these condos they have to show 1.5 parking spaces per unit. Obviously not enough but at least there are some parameters.

True that.  But don't they sell the spaces separately?
[/quote

No they can't sell them they have to go with the property. I guess if the new owner wanted to sell their space that could happen.

No, the parking spaces are DEEDED, and SOLD, separately.

I sold mine for 20K, 9 years ago.

[maraire]

Developers don't as a rule build apartment bldgs. As they do not want to be landlords. What they do build are condos. When developing these condos they have to show 1.5 parking spaces per unit. Obviously not enough but at least there are some parameters.

True that.  But don't they sell the spaces separately?
[/quote

No they can't sell them they have to go with the property. I guess if the new owner wanted to sell their space that could happen.

No, the parking spaces are DEEDED, and SOLD, separately.

I sold mine for 20K, 9 years ago.

I have recently purchased property here in Berwyn with the intentions of building condos. The city will not accept the plans unless there are 1.5 designated parking spaces for each unit.

[tony la]

Interesting, you know I have not thought about it but as long as the space is there to purchase.  I wonder if the city has considered what if the builder has the space but does not sell it to the purchaser.   I was just in the new Century Station.  I know for a fact they are trying to sell them for 20k.

[maraire]

Thinking about it I guess once its ok'd and built who says you have to give them the parking. Seems a little underhanded to me but could be the case. I just can't imagine anyone whose going to buy a condo buying it with out parking. Especially in this market.

[MRS. NORTHSIDER]

A friend I grew up with lives in the Gold Coast of Chicago in a condo near State Street.  Her unit came with a deeded parking space (not all units in her building have one) and she doesn't even drive.  She rents it out for a quite a tidy sum.  In certain neighborhoods it's a real perk and worth a pretty penny.