We're sure there are plenty of reasons some people would want to live in New York, but it's hard to see why a car guy would want to. Forget the traffic, the kamikaze cab drivers and astronomic insurance rates. Even if you can put up with all that, where the heck are you gonna park a car?
The New York Times' story, "The Ultimate Luxury: A Garage," gives us even more reason to shun The Big Apple as a place of residence. Apparently, New York houses, condos and apartments with garages command about 5% more than those that don't. In some neighborhoods, add 25%. So that means if you have a condo worth $1 million, adding a garage could get you at very least $50,000 more than your car-hating neighbors. One real estate broker estimated that a six-bedroom townhouse he's selling will bring an extra $1 million because of its car accommodations. The townhouse is priced at $18.75 million.
So why aren't real estate owners on a garage-building spree? Because convincing the city's Department of Buildings that you need a curb cut is a long, trying process. The government agency approved only 54 new Manhattan curb cuts in 2008; three less than last year.
And then there's the anecdote of one family paying $6,600 a year to put their car in a public lot. That's enough to convince this bunch of car guys that there are better places to call home.
[Source: New York Times]
The New York Times' story, "The Ultimate Luxury: A Garage," gives us even more reason to shun The Big Apple as a place of residence. Apparently, New York houses, condos and apartments with garages command about 5% more than those that don't. In some neighborhoods, add 25%. So that means if you have a condo worth $1 million, adding a garage could get you at very least $50,000 more than your car-hating neighbors. One real estate broker estimated that a six-bedroom townhouse he's selling will bring an extra $1 million because of its car accommodations. The townhouse is priced at $18.75 million.
So why aren't real estate owners on a garage-building spree? Because convincing the city's Department of Buildings that you need a curb cut is a long, trying process. The government agency approved only 54 new Manhattan curb cuts in 2008; three less than last year.
And then there's the anecdote of one family paying $6,600 a year to put their car in a public lot. That's enough to convince this bunch of car guys that there are better places to call home.
[Source: New York Times]
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