Published in the SF Chronicle on Sunday January 21th, 2018
Without question, properties are more valuable when they have parking or are close to public transport. A property with one parking space is worth $50,000-$100,000 more compared to an identical property with zero parking, depending on the neighborhood. There are two important trends. First, people are getting out of their cars. There is a net migration from the suburbs back to the city. City dwellers value neighborhoods where they can walk or take transit to basic services including coffee shops, stores and restaurants. Some people don’t want to give up their cars completely, so they pay for secure parking where they can. The San Francisco Chronicle reported that car break-ins were up more than 26 percent in 2017 in San Francisco. After suffering three incidents of theft last year, I am dismayed to be part of this statistic. The second trend sees the younger generation eschewing car ownership. Besides using public transport, they are embracing ridesharing services or riding bikes. Look for these trends to intensify as Bay Area streets and freeways become more congested.
