One of the benefits of working with a real estate agent who has experience with downtown condos is that we know a lot about the parking situation and what questions to ask. Some condos come with a parking space and some do not. Some of the parking is in ramps and some of it is outside in parking lots.
If a parking comes with the unit ask to see it. Make sure that the number of the parking spot is in writing. It is also a good idea to check and see if the owner of the condo you are buying actually owns the parking space being sold with the unit. In some buildings, the parking spots will have a number and a separate tax ID number.
Some condo owners park in surface lots that are not owned by the condo association. They have a contract with the company that manages the lot.
I can think of at least one building that had a parking lot. The land is still there but it isn’t a parking lot anymore. I mention this because unless a condo owner owns the parking space there really are no guarantees of a parking spot.
The condo documents that condo buyers are given ten days to review before committing to purchase a condo contain a wealth of information about the unit and the parking situation. Buyers should always ask questions and never make assumptions about parking. Agents working with downtown condo buyers should always verify any information they receive about parking.
Today I saw a comment in the “agent remarks” of a downtown condo listing stating that the current owner has a one year contract for parking. The comment doesn’t mean much because usually, those spaces are not transferable, and sometimes there is a waiting list which means that the buyer of the condo might not be able to use the space.
There are real estate agents who have a kind of “buyer beware” mentality. Buyers should do some research on parking before purchasing a condo. If the plan is to lease a space in a ramp or surface lot contact the lot or ramp directly.
