According to a recent study by Realtor.Com, the more parking spots a listing has, the greater its asking price — with some interesting caveats.
The Wall Street Journal reports that while properties with three-car garages were priced 11.45% higher than those with only one car space, the real jump in percentage of price increase occurs with the magic number seven. Homes with seven parking spots are truly luxurious, asking 31.42% more than those that could house a solo car.
Javier Vivas, Realtor.com’s economic researcher explains, “Most people who purchase a home with six, seven, even more garage bays—they’re really very likely to be either collectors or auto hobbyists.”
However, there seems to be a cap on the number of parking spaces that are a solid investment: The garage-bay premium reverses at the 10-car mark. Most of those homes tend to be in the country, and have “outbuildings” where cars are stored, rather than dedicated garages.
The bottom line: The rich need lots of dedicated space to house their fancy stuff and will pay a hefty premium for it.