SEATTLE — Inside a pet-friendly building surrounded by plenty of restaurants in Seattle's Capitol Hill neighborhood, you’ll find the latest hot listing, a 128-square-foot parking space listed at $50,000.
Jimmy Chuang is the realtor behind the deal on Bellevue Ave East.
“It is a serious listing,” Chuang said. “I don’t think it’s a common thing. This is actually the first time that I’ve ever seen it.”
According to the listing, this is “a once-in-a lifetime opportunity” to own a parking spot outright – you don’t even have to live in the building.
“I do get a lot of calls and emails just to verify what exactly is this situation because it’s pretty rare to have a parking spot that’s in a condo building that is for sale that’s not attached to a unit," Chuang said.
It's a listing that’s joining a sellers’ market. Just last week, the average sales price of a home in King County topped more than $1 million.
“East of Lake Washington and the plateau was the hottest place to buy and still really is here in King County,” said Zach McDonald of Real Property Associates.
McDonald said it’s not uncommon to see 20 or 30 offers on a home – homes that are often selling above the asking prices.
“There aren’t enough houses for all the buyers and there are twenty to thirty buyers for every house. So when we think of basic supply and demand, I think that’s a big part of it,” McDonald said.
So does $50,000 for a parking spot sound like a deal?
“The chances of having someone have condo parking that’s not attached to the unit I think is so rare that I don’t think we’ll see this happen in the future,” Chuang said.