Has Your Car Got a Vancouver Home?

Feeling the Crunch

Never mind the cost of buying a Vancouver home – what about a Vancouver home for your car?

Parking Balloon

In Manhattan the cost to have a home for your car has as some say – gone through the roof.

According to the New York Times “developers are using the cash they have built up after several slow years of construction to buy property while they wait for the right time to build.”

The result is that “the scarcity of parking has made it a must-have for wealthy apartment buyers, who view a space much as they do a fireplace or a walk-in closet. A spot can cost well over $200,000, or, if rented, more than $1,000 a month.”

Compromise

Cindy Bernat, an associate broker at the Corcoran Group told the NYT that

“even when a buyer has millions of dollars to spend, a spot can be hard to come by. Right now, 109 condos priced over $10 million are on the market, according to Corcoran. Of those, only 66 are in buildings that have garages. And of the 209 condos priced from $5 million to $10 million, only 112 have garages.”

‘It is one of the compromises that buyers at this price range may have to make.’

Not World Class

Vancouver is not as ‘world class’ as New York when it comes to the cost of a parking stall.

According to Rich Valouche, President of the British Columbia Real Estate Association and Maggie Chandler who specializes in the Downtown – Coal Harbor condo market, claim that a home for your Vancouver car will cost you in the range of $30,000 and $50,000 – location dependent.

Quotes: Marc Santora, New York Times
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