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June 10: Are Parking Spaces in Chicago's South Loop Over Valued?
Are Parking Spaces in Chicago's South Loop Over Valued? This is a question a friend of mine and I debated a little one night last weekend.
 
We both live in one bedroom units in Chicago's South Loop, but in different buildings.

The conversation started when I told her that there was a parking spot for sale in our building and my husband and I were a little sad that we cannot afford to buy it. Banks are not offering unsecured loans, so the only way to get it would be to refinance our condo, but we just did that a few months ago. She asked how much the space was listed for and I told her.
 
 
 
"That's ridiculous! It really makes me mad that parking spaces in the South Loop are so over valued! I'm never going to buy a parking space unless it is with the condo I am purchasing. We looked into it before. The average asking price is $30k, but they only add $10k of value to the property!"
 
 
 
I won't disagree that parking in the South Loop is expensive, but I had to question her $10k theory. In the ... more

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