Buying a parking space in my development

Freddie

Registered User
Messages
186
A parking space is for sale in the apartment development that I live in, in Harold's Cross.

I've been looking online for a few days to see what spaces are typically valued at. But I haven't been successful. (Probably as similar sales aren't public)

I rang a few estate agents but I couldn't get an answer here either.

The space can only be sold to one of the 32 apartment owners, so its not available to the open market to buy.

I know it's price is how much I'm willing to pay etc...how would I go about getting a market value though.

It's in an underground carpark with fob access.

Has anyone bought such a space in the last few years. From what the managing agent has told me no one else is interested.
 
Last edited:
What sort of money are they looking for it, who's selling it and what documentation comes with it to show you'll own it? I know someone paying €200 per month for a car park space in an apartment block, ie, €2400.00 per year, i'm talking about the Liberties area. I'd imagine it's worth up to €50k, I wouldn't sell for less than that, ie, if it's possible to sell it at all.
 
Last edited:
Has anyone bought such a space in the last few years.
A friend recently bought in Clay Farm, Leopardstown. All apartments come with an allocated parking space, additional parking spaces are available at €5K for a very short stroll away or €10K for immediately adjacent to your block.
 
Has the seller advertised a price?

Is there anyone you know who bought a space when the block was first constructed - we have similar car parking but in north inner city and in 2005, a parking space was an additional €20,000 on top of purchase price when apartments were sold as a new build. V lucky it can only be sold to residents, we had two sold by a former owner to outsiders and we only found out it was happening as I met someone trying to suss the place out and take photos coming home early one day. They don’t contribute to the mgt fees either so we are subsidizing them renting out the space in terms of maintenance, safety and light. Would argue here it would be harder to sell without a spot, no visitor parking and on street parking nil twice a day for clear way and as on a very busy thoroughfare visitors often don’t want to leave cars on the road when the clear way isn’t in force
 
Last edited:
Has the seller advertised a price?

Is there anyone you know who bought a space when the block was first constructed - we have similar car parking but in north inner city and in 2005, a parking space was an additional €20,000 on top of purchase price when apartments were sold as a new build. V lucky it can only be sold to residents, we had two sold by a former owner to outsiders. Would argue here it would be harder to sell without a spot, no visitor parking and on street parking nil twice a day for clear way and as on a very busy thoroughfare visitors often don’t want to leave cars on the road when the clear way isn’t in force

I just spoke with the sellers solicitor today and I've asked for the price to be sent on to me next week. Unfortunately no I dont know anyone who bought there originally. Block was built about 18 years. I only bought my place 3 years ago.

The guy who is selling the space has to sell it, as he has sold his apartment already. Right now he owns the space but has no access to it. He had bought this himself as an extra space, thinking he could hold onto it after his property sale and continue to rent it out.

This isnt possible and he is ok with this now. So please no tangents needed on this point.
 
A friend recently bought in Clay Farm, Leopardstown. All apartments come with an allocated parking space, additional parking spaces are available at €5K for a very short stroll away or €10K for immediately adjacent to your block.
Thank you, this sounds similar. I was thinking around the 5k here as well. Given the fact that he is no longer getting a return on it, has no access to it and his market is the 30 odd people who own apartments here. None of whom have expressed any interest apart from myself.
 
What sort of money are they looking for it, who's selling it and what documentation comes with it to show you'll own it? I know someone paying €200 per month for a car park space in an apartment block, ie, €2400.00 per year, i'm talking about the Liberties area. I'd imagine it's worth up to €50k, I wouldn't sell for less than that, ie, if it's possible to sell it at all.
Full documentation is available. This has been verified by managing agent and managing company directors. My solicitor will be dealing with his solicitor on this.
 
I just spoke with the sellers solicitor today and I've asked for the price to be sent on to me next week. Unfortunately no I dont know anyone who bought there originally. Block was built about 18 years. I only bought my place 3 years ago.

The guy who is selling the space has to sell it, as he has sold his apartment already. Right now he owns the space but has no access to it. He had bought this himself as an extra space, thinking he could hold onto it after his property sale and continue to rent it out.

This isnt possible and he is ok with this now. So please no tangents needed on this point.
Not sure why you thought There’d be a tangent - wait and see what he asks for and go from there - and also think about what it is worth to you to have it. strange that his solicitor didn’t advise him on sale of the apartment that he couldn’t retain a space without an apartment
Out of interest, the spots for €5k in clay farm - are they above ground parking or fobbed underground parking - may also have a bearing on price
 
Not sure why you thought There’d be a tangent - wait and see what he asks for and go from there - and also think about what it is worth to you to have it. strange that his solicitor didn’t advise him on sale of the apartment that he couldn’t retain a space without an apartment
Out of interest, the spots for €5k in clay farm - are they above ground parking or fobbed underground parking - may also have a bearing on price

Why I thought there would be a tangent, because I was and am trying to avoid my post going in a different direction as per your statement

"strange that his solicitor didn’t advise him on sale of the apartment that he couldn’t retain a space without an apartment"

In my original post I covered what it's worth to me bit.
 
5k is fanciful , I’d imagine 10k is the minimum he wants and he probably paid that for it
 
Why I thought there would be a tangent, because I was and am trying to avoid my post going in a different direction as per your statement

"strange that his solicitor didn’t advise him on sale of the apartment that he couldn’t retain a space without an apartment"

In my original post I covered what it's worth to me bit.

Just a comment not a tangent and it is odd regardless
 
This person has something which he/she can’t use and the pool of potential buyers is massively restricted.

It’s worth the square root of nothing relatively speaking.

If you really want it, offer €5k and perhaps pay €8k.

Try valuing it on what spaces rent for on Daft etc. I think you’d struggle to get into five figures.
 
Disagree Gordon we bought and sold a second place in our old complex much further from town and it was either 12 or 15 can’t recall
 
Thanks Gordon. I'm going to go with that. My thinking was the same as yours -

"This person has something which he/she can’t use and the pool of potential buyers is massively restricted."
 
Just a comment not a tangent and it is odd regardless

No not odd at all.

I've seen hundreds of posts on forums, including askaboutmoney, where someone makes such a comment. This comment is picked up and the original posters question or questions gets lost, as the posters who follow start addressing this side question.

I'm sure I won't be allowed to get the last word on this either
 
What he paid for it, is now largely irrelevant I'd say (well I would say that). Its not an open market sale.
 
Back
Top