Why is Parking in Kitsilano Condos Necessary?
New condos in Vancouver, and recently Kitsilano (think Kits360) all have something to offer – whether it’s the location, amazing common outdoor space, interesting amenities, or a never been seen before modern design.
Developers try to make as much money as possible from their buildings, so they may be using every inch of available space to include more units, or they may not be taking on the extra cost of adding any extras (like parking). These days, developers of new condos are putting a higher emphasis on bike storage (offering multiple secure areas to lock up bikes). These factors affect how many secure underground parking spots are available – the fewer spots available, the higher the demand. Consider also that Kitsilano condos are generally older, some of which were not originally built with underground parking, or were not originally built with enough parking stalls for every unit.
Pros and Cons of Kitsilano Condo Parking Spots
Unfortunately for every car owner, parking spots are necessary. Yes, you can park on the street, but the lack of security is worrisome and the convenience isn’t as good. Trying to find a permit parking spot in front of your building every day can become a hassle (I’ve lived through it).
These days, parking spots can add around $25,000 to the cost of a comparable unit without a parking space, more in certain areas of town (i.e. secure underground parking spots are rare in Gastown, so the spot could be worth $50,000) or if a building doesn’t offer spots with every unit (i.e. loft conversions in Vancouver don’t often have parking – but the ones that do rank higher and sell faster).
There’s also a difference between the size of parking spots, and where it’s located in the parking garage. Some units come with parking spots for “small vehicles”, so your pick-up truck might not fit. Other spots are close to the wall which may limit some mobility when you park and open your car door. These typically don’t affect deals too much, but there are some people out there with parking listed as a high priority.
Many condos are also making room to park car sharing vehicles, like Car2Go or Zipcar. Many Vancouverites are using this service and condo developers have taken notice, offering reserved spots for these cars to make things more convenient for homeowners who don’t own a car (and to hide the fact that not every unit comes with a parking spot).
Luckily, there’s an influx of new condos being built so many of them come with at least parking or storage, if not both. Developers need to be competitive right now, and the lure of parking is too important to ignore (especially when people live in Kitsilano, which isn’t as accessible as downtown Vancouver). Many Buyers also understand the importance of having a parking spot when it comes to future resale value.
Consider Buying a Condo with Parking
Speak with us about the pros and cons of parking, storage and other amenities prior to buying a unit for yourself. Though you may not need the parking space, it may be smart to consider buying a unit that comes with one. Some buildings – though they are getting more and more rare – allow you to rent out your parking spot. Let us know if you have any questions.