A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the San Francisco Chronicle reported on Thursday ( ).

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month _ the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Article source: http://wnyt.com/article/stories/s3066080.shtml?cat=300

SAN FRANCISCO (CBS/AP) – It seems parking spots aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000.

The 8- by 12-foot parking space is in an enclosed garage in a condominium building just a block from ATT Park. The unidentified buyer did not respond to interview requests, but a Porsche SUV was parked in the space on Thursday.

While it may seem like a lot of money, real estate agents said parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.

Sean Sullivan, who sold the space, said the spot has an ideal location with Instagram and other tech companies nearby.

“We had a very good response right out of the gate,” said Sullivan, an agent who works for Climb Real Estate. “It was only in the market two weeks.”

Sullivan said that he’s previously sold a space for even more. In fact, he sold a parking spot in the same exact building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to the Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county Bay Area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows non-residents to own a spot.

The new owner has a deed and will be required to pay property taxes and homeowner association dues on his little slice of South Beach.

The sale was all cash.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Article source: http://sanfrancisco.cbslocal.com/2013/06/13/parking-spot-sells-for-82k-in-san-francisco-building/

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Parking spots apparently aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month – the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/San-Francisco-Parking-Spot-Sells-for-82000-211467521.html

“The previous generation had a very tense relationship. The Boomers, with their parents, was not a close comfortable relationship because the Boomers had been an iconoclastic, rebel generation,” McClain noted. “They [Boomers] are much closer with their kids.”

(Read More: Hitting 65, Boomers Seek Out ‘Retirement Coaches’)

Seeing the trend, developers are working fast to cash in. Construction in urban areas is booming again, and secondary urban markets, once considered suburbs, are taking shape.

In Bethesda, Md., just minutes outside Washington, DC, cranes dot the downtown, as hundreds of new condominium and rental apartments go up. High-end retailers like Apple, Lululemon, and North Face have moved in, as planners create European-style walking plazas with outdoor eateries.

“Apartment growth in the last 24 months has been significant in Washington, and we are confident that in that growth,” said John Tschiderer, vice president of development at Federal Real Estate Investment Trust, a Maryland-based REIT. “The product we are delivering in the locations we are delivering are going to meet our investment opportunities and our strategy.”

(Read More: Defying Gravity: Miami Condos Flying High Again)

Article source: http://www.cnbc.com/id/100637694

The median price in the luxury market, however, was $4,440,150, up 7 percent from a year ago, according to Douglas Elliman. The luxury market represents the upper 10 percent of all co-op and condo sales.

“The year-end jump in sales was a function of proactive tax management by property owners. Although it wasn’t clear what form the tax hikes related to housing would take, it was assumed that 2013 would be higher than 2012,” noted Jonathan Miller, CEO of Miller Samuel, which provides the Elliman report data. (Read More: Million Dollar Winter Wonderland Homes.)

Prices in Manhattan are still about 6 to 7 percent off their pre-recession highs, but low supply will likely narrow that gap in 2013. Strong demand from foreign, all-cash buyers is also boosting prices, especially in the condo market. Gains, however, may slip in the current quarter, as so much demand was pulled forward.

Article source: http://www.cnbc.com/id/100351956