The prices of parking spaces are holding the mortgage crisis much better than housing prices, are reluctant to lower in the best areas even to continuing the upward trend in the core of big cities. Yes it is true that in the peripheral neighborhoods, prices have fallen, but where prices have fallen have done much less than in the case of housing.
By tracking the behavior of prices in all major property portals, we can see above, but no need for market research and data analysis for this is as simple as walking the streets of any city and make it from downtown to the suburbs, if we drive and try to find parking or vacant sites better. We shall soon realize the reality: prices are directly related to the availability of parking on the street. Of course there are other factors, but above the housing crisis prices increase parking spaces, put up or down depending on the difficulty or ease of parking on the street.
By tracking the behavior of prices in all major property portals, we can see above, but no need for market research and data analysis for this is as simple as walking the streets of any city and make it from downtown to the suburbs, if we drive and try to find parking or vacant sites better. We shall soon realize the reality: prices are directly related to the availability of parking on the street. Of course there are other factors, but above the housing crisis prices increase parking spaces, put up or down depending on the difficulty or ease of parking on the street.
Other factors that protect the price of the garages are
- The supply / demand. Supply parking is more limited than that of housing and demand has remained stable over the years, in addition to the fleet remains upward. This happens in all areas except in the peripheral abundant new construction or newly built, where municipal law generally requires building garages attached to houses and in many cases not all get sold.
- The effect of the parking meters. From that municipalities put in place in the inner cities Controlled Parking Service (SER) vehicles that used to sleep in the street have had to rent or buy a parking space so that the incessant spread of regulated areas with parking meters is helping to keep the price of private garages.
- No mortgage charges: In most cases, parking spaces have no charges and the seller must pay a fee to the bank each month as do the floors, under these circumstances a seller in no hurry to lower the price because they are not overwhelmed. Yes, it shows greater flexibility to negotiate a price but not to lower input.
In short: the limited supply, sustained demand, competition with parking meters and the absence of mortgage charges are an important part of the reason why the market of the parking spaces withstand the crisis better than the housing.
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