November 5,2017
the staff of the Ridgewood blog
Ridgewood NJ, So here’s a possible solution brought to our attention by a regular reader ;to funding the proposed parking garage in Ridgewood. Ridgewood Real-estate agents pay careful attention .Construct the garage either partially or entirely as a condominium. That is, offer the parking spaces for sale to individuals, businesses, and/or investors. Those who choose not to use the space(s) they purchased can rent them out.
As investors, Buying individual parking spaces is a little known but extremely appealing real estate play for small investors like Ms. Jones. The obvious selling points are comparatively low prices, steady income, next to no maintenance, and wear and tear limited to the odd oil stain on the cement. Moreover, a growing number of parking apps is making it easier to rent out these spaces on a yearly, monthly, daily and even hourly basis https://www.nytimes.com/2017/11/02/realestate/parking-spaces-that-could-make-you-rich.html
The spaces could be rented like airbnb , no noisy neighbors to worry about . SpotHero, an app that helps car owners locate spaces in the United States and Canada, lists mostly excess vacancies in hotel garages. But Larry Kiss, a founder of the company, said he has noticed more independent listers offering spaces on the site, whether it’s an extra space in their home garage or driveway or a space they have purchased. Another app listing an increasing number of one-off parking spaces, as well as storage space, is Spacer. https://www.nytimes.com/2017/11/02/realestate/parking-spaces-that-could-make-you-rich.html
we have to be careful though , Parking investors do face an uncertain future, though. If more people start driving electric cars, spaces without charging stations will be less desirable. Ride hailing apps and self-driving car services could also dampen demand.https://www.nytimes.com/2017/11/02/realestate/parking-spaces-that-could-make-you-rich.html .
This may be a great way to make money (or even “to fund a garage”), but it does not address the reality that Ridgewood DOES NOT NEED A GARAGE, especially this particular garage in this particular location.
Also, it would seem that this solution (while great for private investments) involves Ridgewood selling public property to private individuals.
Besides, if this is so lucrative, why doesn’t the village just retain ownership and rent out the spaces long term (daily, monthly, annually) like they do art the train station rather than the current garage plan to rent out the spaces short term (hourly parking fees)?
Finally, IF the rationale is that Ridgewood needs a three story parking structure due to unmet demand for parking spaces (an untrue premise, but we will assume it is true for this exercise) then this condo/privatized parking plan totally fails to meet its objectives.
This plan would reduce the number of parking spaces by a) building the condominiums in part of the area previously dedicated to parking spaces and b) giving the remaining parking spaces to the condominium owners which they will likely use at a high percentage thus removing them from public availability and allowing individuals to set rates which will result in price uncertainty and inconsistency of available parking.
As an investment model it has certain merits, as a vehicle to address (the imaginary) need for additional parking, it is a failure.
Agreed; we DON’T need a garage. But it would appear as though our elected officials have been bullied into building one anyway. I’d rather not pay higher parking rates, nor do I want my property taxes increased. Therefore, if selling condo parking spaces helps to offset construction costs, I’m all for it regardless of what that translates into in terms of the expense associated in connection with parking there.
Bullied into spending 15 million of our money. Thats bullshit we dont want a raised garage for out of town commerce needs
So let’s see if Damiano and Vagianos and Halaby and all the other big mouths step up and offer to buy some of these “critically needed” spaces.
Just a question who will maintain it. The village or an outside contractor. Just a thought thank you.
For all the dopes in this thread that despite all the research over dozens of years CLEARLY demonstrating the need for this facility you continue to espouse in correct information because your a dinosaur who’s afraid of change that’s coming weather you like it or not. We’re moving forward. Either contribute to the community’s success or get out of the way.
3:46. Does it make you feel good about yourself to call people names? Bully
Developers and their politician lackeys love the word “progress.” Objecting to something is by no means an indication of fear of change–only of EXPENSIVE, UNNEEDED, INAPPROPRIATE change.
Don’t let this garage distract you. While its true we don’t need a garage on Hudson St don’t let the Mayor and Council sell you into buying the Town Garage property for parking. Taking it off the tax rolls, cleaning it up and update it for parking is still a wast of time and money.
3:46 – You’re a dope for not realizing that a garage hasn’t been built in “dozens of years” because it’s too expensive. Another way of saying it stupid is that a parking garage can’t be cost justified.
3:46 might just be a regular “dope” – look at his spelling, grammar and inability to put his thoughts into coherent sentences…
Time is running out for the public to have a say in the garage. The Wednesday 1/31 council meeting will cover the valet failure, the new Walker report on building a garage and the many companies bidding to build it. Speak up or lose out. Email the council and demand the tax and fees hike needed to build the garage be put to a binding vote on the June ballot. Email bwalsh@ridgewoodnj.net rhache@ridgewoodnj.net msedon@ridgewoodnj.net jvoigt@ridgewoodnj.net sknudsen@ridgewoodnj.net