Thursday, April 20, 2006

How much do we pay for parking?

If we compare land value to parking mandates, we can get an estimate of the cost that we spend for parking. has some nice data about home values, including assessment information. We can see how much land is valued by the assesors in Brooklyn and Sunnyvale.

942 Chehalis, Sunnyvale. bldg: 356,949 (1965 sqft) lot: 535,926 (7840 sqft)

Property cost per square foot: $68.36 (Though this assessment is a few years old, so it would be even higher today.)

210 Bergen St, Brooklyn NY 11217 261183: bldg 2052 sqft 49850: land 1800 sqft In Brooklyn, an assessed value is $27.69. Factoring in a recent sale price of 885,000, an adjusted land value comes out as $78.79 per square foot (if we assume difference factor is equally applied to land and building). So the land value in Sunnyvale is in the same range as that in Brooklyn.

Now on to what Sunnyvale requires.

From the Sunnyvale Parking Standards:

The parking requirement in a residential area is: “2 covered spaces per unit, plus 2 uncovered spaces on driveway (minimum dimensions 17 ft. x 20 ft.). “

“A two-car garage shall have a minimum area of at least four hundred square feet. “

Based on the above value, this parking costs at least $50,586 in land costs alone. Even if somebody does not own a single car they are required to provide space for the cars. I wonder what the reaction would be if somebody offered the city $50k to waive the parking requirement.

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