Parking Wars! What does a parking spot cost in DC?

Posted by Abbott Klar Real Estate on Thursday, March 7th, 2013 at 6:49pm.

Parking Wars:  Cost of parking in DC

The War on Cars that Lon Anderson –Spokesman for AAA Mid-Atlantic- has articulated seems to be getting lots of attention recently with claims that the priority for DC government is to create a more bike friendly and walkable city at the expense of car ownership.  We are all for a more walkable and biker friendly city, but the city might consider a more ballanced approach that includes cars. Here are  some of the recent developments on the political sphere and also an attempt to decipher the cost of a parking spot:

On of the proposals DC is considering is reducing the required number of parking spots a developer is required to build in a new development if it is located within a certain distance to a metro.  The goal is to attract buyers who don’t own cars and who would use public transportation.  We suspect this will only work if those residents would be prohibited from obtaining a residential parking permit for street parking. One other option would be to require all new buildings with parking to allow owners to sell their parking spots to people who do not reside in the building.   This would open up the market place for parking and allow for the free market pricing of a parking spot.  Right now most buildings only allow parking spots to be sold to current residents in the building.  This artificially reduces the demand and price for these parking spots.

If you want to get involved, DC is  currently in the process of reviewing all modes of transportation in the city in order to create "livable streets and roadways" through the MOVEDC project. 

So what is the cost of a parking spot on Washington DC?  Hard to tell.  Mainly because the market for parking spots in DC is very fractured with most selling by word of mouth to other owners in the building.  Searching through the MRIS data for the last couple of years I was able to discover the following:

 

 

On Capitol Hill two attached garages in the 600 block of G ST SE sold for $130,000 or $65,000 each.

 

 

 

 

In Georgetown two Attached garages sold for $70,000 each in December 2012.

 

 

 

 

And a large parking spot in the garage of the 3303 Water Street NW DC, sold for $75,000.

 

 

 

 

In  Dupont Circle in February 2012, an underground garage parking spot in 1260 21st ST NW (that anyone can own- even non-residents of the building) sold for $50,000 in only 3 days!

 

 

 

In Foggy Bottom, an outdoor parking spot sold for $45,000 in July 2012.

In Logan Circle, a parking spot in the garage of 1210 R St NW sold for only $30,000.

In Mount Pleasant, the developer of the new condos at 1724 Park RD sold 2 garages for $40,000 each.

In North Cleveland Park a parking spot in the garage of 4740 Connecticut Ave sold for $36,000

 

Need another reason to walk, bike or ride the METRO?  Speed traps!  DC has installed 72(!) speed cameras around the city.  [For a list of all the locations of the speed cameras in Washington DC click here).  So if you must drive?  Slow down...

 

DC is awesome.  Live Here. 

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