About that $90,000 parking spot for sale in SF – how common are these ads in the city?

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A parking space priced at $90,000 in San Francisco’s South Beach neighborhood made national headlines last week, with the listing agent touting the space for its proximity to Oracle Park – just a block away. houses and its availability to any buyer, not just the residents of the condominium building where it is located.

“That’s what makes it unique,” real estate agent Bill Williams told The Chronicle.

But how common are these listings and what do they say about the value of parking in San Francisco more than two years into the pandemic, with tourism finally rebounding, downtown offices coming back to life and traffic of Bay Bridge almost back to 2019 levels – and amid heated debate over measures to discourage car traffic in the city, including efforts to keep John F. Kennedy Drive and the Great Highway closed at Golden Gate Park?

Realtors say such listings are by no means unheard of in San Francisco — or even in the same building at 88 Townsend St.

A nearby parking space in the gated garage sold for $90,000 in 2019 and $82,000 in 2013, The Chronicle reported at the time, calling it “the latest example of a housing market gone crazy.”

Similar but much more exorbitant listings can be found in other cities like New York and Hong Kong, where parking spaces in luxury apartment buildings have been listed for $1 million.

“I can’t say it’s typical, but I’ve seen it,” Alan Martinez, a real estate agent with the Deason Group of Vanguard Properties in San Francisco, said of the listings. “No matter how transit-friendly the city may be, people still see the value of having a vehicle in a big city.”

The parking space currently listed at 88 Townsend has been on the market for three years “on and off,” Williams said. The sellers received a written offer in 2019 but turned it down. Since reinstating the listing in March, he said, he has so far received three offers – also rejected by sellers, who bought the space around 10 years ago for 85 $000 and are looking to sell their last property in San Francisco after moving. in New York several years ago, he says.

In addition to the purchase price — which will likely be a cash deal, Williams said — the buyer would have to pay homeowners association dues of $28.80 per month (including insurance) and taxes of $1,465. $.48 per year.

Martinez said parking spaces in San Francisco are typically advertised for rental in the secondary market on websites like Craigslist, or are offered for sale separately in new developments to people buying units. He said he has seen prices fluctuate between $75,000 and $150,000 per stall in new development projects.

Developers are focused on building more units than parking spaces, he added, especially in transit-intensive areas like downtown.

In 2018, the Board of Supervisors eliminated minimum off-street parking requirements for citywide projects. Developers can build up to 1.5 parking spaces per unit in most residential buildings, depending on the city’s planning code.

The value of parking depends on a property’s location and can add between $100,000 and $200,000 to a home’s value, according to realtor Karen Mai of Coldwell Banker Realty. She said she does not recommend that customers sell their parking spaces because it could further limit the pool of buyers for their property if they choose to sell it.

“Instead of selling the parking space, rent it out to someone who needs a parking space,” she said.

Martinez added, “Like any commodity that becomes scarce, prices will eventually rise.”

Jessica Flores (her) is a staff writer for the San Francisco Chronicle. Email: jessica.flores@sfchronicle.comTwitter: @jessmflores

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