2007-08-13 14:01:18 · 3 answers · asked by boston bean 1 in Business & Finance ➔ Credit
Yes it is a piece of land so yes. However, the prices on parking spots are very unpredictable (go up and down all the time) so finding a bank that will do it should be difficult. In New York and London parking spaces can go easily into the six figures.
2007-08-13 14:06:42 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I am not a banker or a lender or a mortgage broker, so take what I say with a grain of salt, and use your own common sense.
I'd say you're not actually buying ownership of the space, but you're buying exclusive rights to use it. It's probably a pretty fine distinction, but I'd check on the details of the agreement. For example, can you sell the spot to someone else, or only back to the building/land owner? Can you sublet the space to someone else?
I saw the reports of spaces in NYC going for $200,000 or some such, and I thought that they sounded more like a condo deal than anything else.
2007-08-13 21:11:30 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
WOW! That sounds like a sound financial plan. Finance a parking space?
2007-08-13 21:05:57 · answer #3 · answered by Anonymous · 0⤊ 2⤋