So, you have parking with your new Philadelphia Condo?
Congrats…you are in a minority! A good minority to be in, as parking, regardless of cost, has proven to be a great amenity for resale. But a lot (TONS) of realtors are WRONG when they advertise “Deeded parking”. Or they tell their buyers that the parking is “deeded” when indeed that is not the case. Parking can be described in the condo docs, and on one’s deed as “assigned” or as a LCE (limited common element) with the full right of use and enjoyment to unit # whatever.
Which is preferred? Some Philadelphia Realtors incorrectly assume that deeded parking with a Philly condo is preferred. I would argue otherwise. You see, with deeded parking, although you can sell your condominium off to whomever, you have to hope whomever also wants your parking space. If the potential buyer of your Rittenhouse Square Condo doesn’t want your deeded parking space you are left with the headache of deciding whether to reject their offer because it will leave you with a parking space that will do you no good when you move into your Old City Loft. Not to mention you’ll be stuck paying taxes on that space you won’t be using because you not only pay taxes on your condo, but you have a separate tax bill for that “other” deed…the one for your parking space.
An assigned condo parking spot has no separate tax bill, as the condo and the parking are on one deed. Really, in my eyes, whichever way the parking is set up by the declarant (the condo developer in most cases), will not affect the value of your condo. The value is in having parking in the first place. But please be aware when you hear the words “Deeded parking”…as your parking space may not be deeded at all. If I had my choice….I would choose NOT to have deeded parking, rather assigned parking to my unit, whose rights of ownership transfer to whomever buys my Philadelphia condo.
Please feel free to leave a comment on this post. I’d love to hear your thoughts!
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
