Got parking? You can for at least $20,000

Finding an apartment to rent at a decent price in Seattle is a well-known challenge, but what about a place to park your car?

Seattleites are now paying as much as $50,000 for a parking stall of their very own KING 5 reports.

“In Seattle there were six or seven sales of deeded parking spaces in the last 12 months, and they sold from anywhere from $20,000 to $50,000 depending on their location,” said Realtor Edward Krigsman.

Krigsman notes that with new construction, finding a parking spot is becoming even more prized. The location of the parking spot, and whether it is covered are factors in the price tag.

And other developments in modern-travel have also influenced the market. For example, car sharing services are now so significant, assessors are factoring them in to new development.

“What we are seeing is that the discount applied to condominiums that lack parking is less now than it was five or 10 years ago,” Krigsman said.

That means the rate paid for a place to live without parking isn’t so far off from places that do offer parking. Walkability and ease of travel with ride sharing services such as Uber are taking a greater role.

All that may not come as much of a surprise to anyone who has lived or worked in the city for even a few weeks. Neighborhood groups have been calling the city out on how relaxed its become with parking. Take Neighbors Encouraging Responsible Development, for example, which alleges that the Department of Planning and Development is trying to make it easier for property developers to build fewer or no parking stalls.

The Eastlake Community Council is singing a similar tune. The city has reduced or repealed on-site parking requirements for new developments, both residential and office and retails.

And with the way the city is developing bike lanes these days, there probably isn’t going to be a solution for Seattle’s parking problems any time soon.