Would You Pay $1 Million Dollars For A Home… With No Parking?

By on March 31, 2014 in Houses, Neighbourhoods, Parking with 0 Comments

Would You Pay $1 Million Dollars For A Home... With No Parking? Photo

“For a million bucks, we want a parking spot.”

Those were the exact words my clients used.

Let’s back up…

Last year I was working with some buyers who were looking to purchase a home in the Bloor West/High Park area.

A few weeks into our search a gorgeous house popped-up for sale.

It seemed to have everything these guys were looking for; it was fully detached, located on a great street, had a finished basement with remarkably high ceilings, an impressive master suite, a huge backyard…

It was missing one VERY important feature though… parking!

We explored the possibility of adding front-pad parking, but there was a massive tree in the yard that would’ve made it difficult (if not impossible).

And if it really was possible, wouldn’t the sellers have added a parking spot during their time in the house?

There were just too many unknowns and the prospect of not having parking was a deal-breaker for my clients.

I don’t blame them.

I told them flat out, “Even if you’re okay with not having parking right now, it’ll certainly affect the resale-abilty and hurt you when the time comes to sell.”

Sure enough, the house sat on the market for 2 1/2 months and sold for almost $60,000 under the list price.

I guarantee you the lack of parking was to blame.

That’s not to say there aren’t buyers out there willing to spend a million bucks on a home without parking.

Last year in the Toronto area (north to Steeles, west to the 427, east to Scarborough) there were 78 sales above $1 million dollars with no parking.

Clearly, some buyers are okay with it.

Not many though.

For the 78 houses that sold without, there were 2884 house that sold with parking.

That’s a 3% vs 97% split.

Thankfully, with odds like that you’ll probably never be in the position my clients were last year… having to pass on an amazing million dollar home because it didn’t have parking.

 

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

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