A Parking Space (And MLS) Pet PeeveNovember 17, 2006
Would it be considered inappropriate (deceptive?) to list a one-bedroom property on the MLS as a two-bedroom? Would it be okay if the seller was willing to pre-pay the rent on a one-bedroom apartment next door as part of the sale? And would that really be any different from listing a property with a parking space that’s simply leased in a building or lot down the street?
As far as we’re concerned, if a parking space is not deeded/assigned to the property (or at the very least, in the same building/complex and non-revocable and transferable) the MLS should prohibit agents from including it in the listing (other than as a reference in the marketing remarks).
But hey, if you disagree we’ve got a beautiful five-bedroom condo in Pacific Heights that we’re thinking of listing for $900,000. Of course four of the bedrooms are leased in an apartment building down the block…
Comments from Plugged-In Readers
There’s a qualifier for parking in MLS that identifies leased parking as just that….it definitely makes sense to list whether or not parking has been secured whether via the deed or a lease–saying 0 parking, when infact leased parking is still desirable to some, may lead some buyers to overlook properties that are right for them.
I totally agree, this is a big deal killer for me. For years I lived on a block of classic victorians with probably 10 indoor parking spaces spread amoungst the two sides of the street that must have had a population 150 or so not bad off peeps with who knows how many cars. I was constantly looking for garage rentals and you quickly learn that in this town that gives a lot of “rights” to apartment renters it is basically dog eat dog when it comes to garage spaces, with few properly executed leases. I once got a call after 9 PM that I would have to vacate my rental space – like in the next 30 minutes because grandma was coming.
I have to agree, without a standard for that “qualifier” it’s wide open to abuse (as it often is). Yes it has parking. It’s leased. Oh, and fifteen blocks away…
While a seller offering 1 year leased parking can sweeten a deal, it still doesn’t change the fact that the property doesn’t have a deeded spot. With the unbundling of parking in new condo developments, this regulation will likely make parking scarcer and more valuable. While property without parking may be more affordable to some, I would definitely opt for a unit w/deeded parking even if I didn’t own a car. From an investment standpoint, the spot could be rented out and the unit will be more marketable come resale time.
Yes! That’s so damn frustrating. Showing “1” parking space when it’s leased in the same building (because that’s how the condo/co-op is structured) – no problem. Showing “1” parking space only to find out that it’s just a neighbors garage (even if it is “pre-paid” for some period of time) – problem. And while it might be following the letter of the MLS law (because of the qualifier), I have a hard time believing that’s the intent.
please continue to point out the negative absurdity of this market – but do include the other end of that absurdity – when it all suddenly appears glorious (even just as it is about to tip over and fall). It’s looking a little grim on these pages!
[Editor’s Note: We’re honestly not trying to paint a grim picture, but rather provide our readers with as much information and insight as possible to help inform their decisions and mange their expectations (about buying, selling, where to live, etc.). And no need to worry, we’ll be just as vocal when we see any evidence of the market tipping in another direction (or about any interesting opportunities in the meantime). As always, thanks for “plugging in.”]
Interestingly enough, there are and have been 1BRs with dens sold as 2BRS. The 01 stack at 199 New Montgomery were originally built with dens that some owners enclosed. They list these as 2brs though I doubt they are legally too. Also, what about the jr 1BRs that are really studios listed as 1brs….
The most outrageous example I can remember when when a property was listed with one parking spac: Upon touring it, I could see there wasn’t any. When I queried the RE agent, he said “Its on the street in front of the house.” I won’t repeat my response.
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