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 .
