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April 2, 2009

Six Degrees of Center City Parking and their impact on value and perception

Filed under: Center City Real Estate — Center City Philadelphia Real Estate Agent @ 4:30 pm

I have a number of buyers come at me on a daily basis, each with their own wants and needs, who all have varying degrees in their need for parking. Some potential buyers don’t own a car, some have two cars, and some wish they didn’t own a car. I have some buyers who will not consider, NOT FOR ONE MOMENT, a condo building that does not have on-site parking.  Here is what I know about parking here in Center City Philadedlphia:
1) On-site deeded parking. This is where you always are guaranteed the same parking spot every day. Heavenly, but costly-and not always an option.

2) Valet parking that is on-site and a rental situation. And that usually costs you a buck or two everytime you greet the valet dude.

3) Valet parking that is licensed- meaning you pay a lump sum for the rights to a parking spot in the garage, and probably pay some additional condo fees for that right to park on site.

4) On-site parking, that is not deeded, but referred to as “limited common area”. Often self park. You don’t own the space, but you have full use and enjoyment of that spot.

5) A parking spot as a condo. As in the Park-O-Minium, or a few lots in town (rare).

6) Street parking. You pay $40 a year, and get a parking sticker which allows you to park on the street in your neighborhood.

7) Rental parking in a garage, within 50 feet of the front door of your condo building.
My two cents is pretty easy to explain- If substitutable, open up to the idea of option #7 and you just might find that the world is your oyster, as far as the number of different buildings that you now may consider. There are a high number of fine Philadelphia Condos that don’t offer on-site parking, but say across the street in a public garage.

Feel free to leave a comment or drop me an email at and let me know your thoughts!

Mark Wade
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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