A Parking Spot is Very Valuable
New Orleans Warehouse District Parking
Dynamic Increases in Value Over Time
The Value of a parking spot has really increased over time in the New Orleans Warehouse District condo market. The difference between a garage parking spot and a secure lot is not very much.
When the Warehouse began to be developed parking was not a big issue but as hotels, shops, restaurants, and businesses grew; parking became an issue. If a condo was developed and parking was limited for that complex the developer would sell the spots. In the 1990's spaces were much cheaper.
A friend of mine was the listing agent for the Henderson Condos at 700 Commerce Street. The condos were under a 100 k and parking spots were sold for $3000 a piece. She bought 3-4 left over spots for $3000 and rented them out as people needed them. She started at $50 per month and now rents them for at least $125 per month. She can easily sell them now for $25,000 to $30,000 per spot. It was a great investment for her.
When Magazine Place opened most units had a spot. One guy bought one for 10 k less because he did not want a spot. Later he tried to sell the unit and it was very hard since he did not have a spot in the building. His value at that time was $20,000 less. He ended up selling it but it was a big mistake for him not to get a spot in the beginning.
When Julia Place was turned into condos in 2005, the developer sold spots for $25,000 in garage and the lot. Those that bought spots then did very well even though at the time the price seemed expensive. Now the value is easily 30-35 k. Units with parking are so much easier to sell than those without spaces.
Most of the upper end complexes have parking since the beginning for the Warehouse District. Several complexes like the Cotton Mills at 920 Poeyfarre Street had no spots but street parking and rentals in lots across the street were available. The rent on parking spots has gone from $100 to $150 per month on the average.
Many places do not have nearby lots which makes it harder to park. Many second homers do not need spots as they fly in or park at relatives homes. Many second homers may not use their spots so I tell my clients who buy without rentals to check out renting a spot from someone.
Years ago I sold a great unit to a client that did not have parking but was a great deal for a 2/2 with great views. I was able to help her rent a spot for almost two years. Then I sold a unit to a lady that did not have a car and she was able to lease her spot. It just happened to work out and made both clients very happy.
Warehouse District Parking Spots
Bakery Condos, Garage and Lot Parking
Julia Place Garage and Lot Parking
333 Julia Street Lot Parking
801 St. Joseph Condos, All in Garage
Sugar Plantation Condos at 840 Tchoupitoulas
821 Perdido,First Floor Garage Parking