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How to Save $100,000 or More on Your New Boston Condo Purchase

David Bates / July 24, 2017-10:05 am

I was showing a condominium in a new Boston development and asked about saving money.

The representative replied that if my client didn’t want the parking that came with the residence, the developer would drop the price by $100,000. Additionally, without parking, the condo fee would be reduced $150 a month.

That’s right: drop the parking and save $100,000. I wish I had a few more questions up my summer short-sleeve that could save my clients $100K or more.

At a more luxurious Boston development, I was with different clients when I popped my money-saving query. There, the representative confided that if my client didn’t want the parking space that went with the Option A residence, they could save $150,000 on the purchase price; but if they didn’t want the tandem spot that came with the Option B residence, the asking price of that condominium could be lowered by $250,000.

I gleefully told my clients – who didn’t even have a car – “I just saved you $250,000!”

Sure, deeded parking provides convenience and peace of mind. Additionally, the availability of parking might also be an important concern for the ease and value of re-sale. For all these reasons and probably a couple of more, parking is still a necessity for many would-be Boston condo buyers.

At the same time, $100K is a lifetime of Uber dollars. And lest we forget that $100,000 drop in the savings bucket buyers isn’t the only financial windfall would-be buyers will get when they sacrifice their four-wheeled friends. Often, they’ll save on the condo fee too. Outside of the home purchase savings, carless Boston residents won’t incur costs for car insurance, excise taxes, gas, maintenance, or even the stress of driving, etc.

Just a few years back, the Boston development emphasis had been on charging extra for parking. Today, however, a lot of developments have cooked the cost of parking into the condominium sales price, especially with the development’s larger residences. So, if you don’t see the six-figure value of having dedicated parking, or are committed to doing the Earth a solid by walking or biking everywhere you go, why not ask if the developer will offer the residence for less if you don’t take the parking that is offered? Just don’t ask the developers of 100 Lovejoy Wharf for the sans-parking discount. That’s because none of the 157 condos offered at Lovejoy have any parking at all.

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