So What is the Value of a Parking Spot in the Northend of Ocean City, New Jersey
When I purchased my first house in Ocean City (NJ) ... on St James Place in the Northend back in 1988, my agent told us that the going value for an off-street parking location was about $10,000. I, of course, was amazed that a parking spot would cost that much ... but I didn't know much about shore real estate at that time.
I only got into real estate in 1993, and in the course of the time from then to now I've sold about 50 properties on St James Place. Obviously, I know almost all that there is to know about that location. I also recall my earlier information from our first agent ... and indeed, the value of a parking spot has gone up on St James Place ... from the $30,000 figure of a few years ago to a present value of $50,000.
So when you check out a sale property in the Northend on the "800" long beachblock, be certain that you know the particular value of a parking spot on that specific street ... some streets will vary for a whole lot of different reasons. The parking spot value has tended to never really go down ... as compared to market value of shore properties over the years.
Indeed, parking issues are all over the place in a shore community like Ocean City (NJ) where we have far too many vehicles to match the number of parking spaces in almost any particular area. A good example of this is the parking meter figures along East Atlantic Boulevard next to the beach ... for every 15 minutes, use one quarter please. dap
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