How much is that parking space really worth?

I’ve sat in a number of new home sales offices listening to agents explain unit pricing to prospective buyers. Without missing a beat the agent will say something like this:

Our one-bedrooms start at $175,000 with free parking – a $35,000 value – or $160,000 if you don’t want the parking space.

Buyers invariably let this pass without comment. But do the math: if you don’t want the $35,000 parking space you only get a $15,000 discount on the unit price.

I’d love to hear the agent’s response if a buyer were to ask for the full “value” of the parking to be deducted from the price.

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