Put it in park
Spaces aren't cheap, but discounts can be found downtown


Put it in park Spaces aren't cheap, but discounts can be found downtown There's an adage that the best piece of real estate is the parking spot you just missed getting. And on the likely chance that you won't find street parking (particularly in the Loop, where it's mostly banned), chances are you'll end up in a garage. Never fear: In the metro area, 247 businesses offer parking, according to Zapdata.com. Costs are almost always in flux. There was a time in the North Michigan Avenue area, for instance, when demand for parking was high and rates were rising, but the market responded with more parking to the east and west. The area is now closer to a balance, with more parking specials and discounted early bird programs. Downtown, daily parking rates go from a high of $25 to a low of $11; the average is $18, according to Colliers International, a Boston-based consultancy that tracks parking. Advertisement Related Article Topics | Related Industry News To buy or not to buy Of course, daily won't do for everyone. Monthly rates in the Mag Mile can be $350; at that point it may make sense to buy. The average price to purchase a parking spot in Chicago is $27,468, according to Stephen Sinclair Jr., founder of ParkingSearch.com, a Chicago-based company that links buyers and sellers on the Web. But the price of some spaces could cover a small house. One reportedly sold for $148,000 at 111 E. Chestnut St. And at soon-to-be-constructed Trump Tower, some spots are priced in the $60,000-to-$75,000 range, says Dick Delaney, a parking specialist with Mark Goodman & Associates Realty. In addition to the Web, auctions are becoming popular as a parking marketplace. "It's very hard to know what a parking space is exactly worth," says Rick Levin, a Chicago real estate auctioneer. "With an auction, you can say it's worth what someone's willing to pay for it." 'Real result will come later' Joel Cohen had 120 residential condo units and two commercial spaces in his building at 340 W. Superior St., but put in 201 parking spaces to appease community leaders who wanted cars off the street. He sold 20 leftover spots at auction for prices from $21,000 to $50,000. One of the buyers was Guido Nardini, owner of Club Lago at 331 W. Superior St., kitty-corner from the lot. Mr. Nardini says he paid "in the 20s." "I'm pleased," he says, "the real result will come later, when it increases in value." Mr. Levin has 67 parking spaces coming up for auction Aug. 5. Previously priced up to $89,000, the spaces carry suggested opening bids of $18,000.  -By Mark Scheffler