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Updated about 4 years ago,

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Joseph Havlick
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Specific: Parking. What's the best option?

Joseph Havlick
Posted

Own two lots, live on one.  Developing the other with a duplex, with the goal to sell or rent.  Both lots span the block.  The duplex will have a party wall in the middle and main entrances facing north and south, respectively, opening to the two roughly parallel roads that define said block.  Lot comes with parking permissions.

Please let me know which option, in your opinion is the most valuable in the consumers' mind today:  which will demand the highest price and by how much?  We'll let the local board know our preference and negotiate with them as to which is the best option, or if there is some hybrid or novel idea we haven't considered:

1.  Do nothing, path of least resistance, "free" option.  We have the on street parking permission with no exceptions or variances.  On street is common for the neighborhood.  Downside is that lots of folks want off-street parking and garages.

2.  Run driveways up the side of the proposed structure, opening on both streets, one for each unit.  Downsides are that there isn't much room and the prospective buyers, while getting off-street parking still won't have a garage for their cars, expense of driveway.

3.  Build garages into the units, facing the street, at ground level, with the front entrance next to them.  Not many garages on top street, a fair number of garages on bottom street.  Downsides are that while "free," floor space is compromised, curb appeal diminished, and maybe biggest:  the local board hates garages.  But the buyers get their garage.

4.  Resubdivide and make lot 2 an "L" shape, giving land on the bottom of lot 1 to lot 2 and build a 4 bay detached garage, 2 bays for each unit.  Downsides are longish walk for top unit and all kinds of variances from code and "garage hate" through which to wade.  Expensive and difficult, but buyers' dream?

Say option #1 sells for $500K, what do you think the other options would sell for?  Thank you!