How much would it cost to no longer fear a downtown parking ticket?
One Edmonton driver just found out.
A parking stall in the Ice District’s Ultima Tower has sold for $45,000, says real estate consultant Ryan Gillen.
“There was lots of demand from outside buyers,” said Gillen, noting that only residents of the Ultima Tower were eligible to purchase the stall. “People who work downtown would love a parking stall that central given the high downtown parking costs.”
Ultima Tower has 199 units and over 300 parking stalls.
While pricey, it is not the most expensive stall in the building. In 2017, another stall in the Ultima Tower was sold directly by the developer for $75,000.
The recent stall was initially listed at $79,000 and took 280 days to sell to a buyer who wishes to remain anonymous.
A “downturn” in the downtown condo market due to high inventory and the “limited buying pool” were both factors in the stall’s lower selling price, said Gillen.
The standard range for a downtown parking stall is between $25,000 and $40,000 and hasn’t changed since 2017, says Ian O’Donnell, executive director for the Downtown Business Association.
“It really depends on the location and the type of stall,” said O’Donnell on Thursday, calling anything above $50,000 “totally unreasonable.”
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