Vail parking space on sale for $500,000
November 24, 2008
VAIL, Colorado ” Skier parking rates are going up in Vail, Colorado, but so are the going rates for Vail Village’s prime spaces.
In fact the latest price for a spot in Vail’s Founders garage, located in the Village across from the Christiana, is $500,000.
“That’s what I think the going rate is going from now on,” said Buzz Schleper, the spot’s owner. “Parking is going up in Vail, and it’s a block from the Vista Bahn.”
The latest parking spot sales in the garage went for nearly $350,000, said real estate agent Craig Denton of Ron Byrne Associates.
Another spot almost sold for $385,000, but the deal was not completed, he said.
Schleper, owner of Buzz’s Ski Shop in Vail, said he thinks his price is fair, because the spot is located on the top floor next to the exit.
He isn’t in a big hurry to sell the spot ” he posted an advertisement in the Vail Daily Monday ” but he thinks that eventually there will be takers.
“There’s always somebody out there who has money to spend on a good Vail parking spot,” he said. “I’m sure it’ll sell. There’s no hurry.”
He said he owns another spot on the bottom level of the garage, and is selling the top-level spot to “raise a little capital for a project.”
The Founders Garage opened in 2005 and has 114 spaces in an indoor, heated building.
Eric Strauch, of Edwards, said he sees the spots in the village as prime real estate investment. Strauch is currently selling a spot on the top floor of the Founder’s Garage for $385,000.
“It’s supply and demand,” he said. “There are lots of very wealthy folks around and this connects them to the (slopes). It’s an investment in Vail Village real estate. I’ve sold some in Beaver Creek also.”
Strauch has advertised the spot in the Vail Daily for a few weeks and received 15 to 20 phone calls from people interested in the spot. Many callers were homeowners from downvalley, he said.
“There is actually a market. When people will spend that much, they do care where (the spot) is. Mine is on the top floor,” he said.
He said he thinks the parking space market in Vail is comparable to New York City. Actually ” a prime Vail spot can cost even more.
According to articles by the International Herald Tribune and CNN Money, the going rate for a New York City parking space can go up to $275,000 or $300,000, and waiting lists for spots starting at $225,000 can be up to seven or eight people long.
Staff Writer Melanie Wong can be reached at 970-748-2928 or firstname.lastname@example.org.