River North Condo Parking: Deeded, Assigned, Stacked?

Looking at a River North condo and wondering what the parking fine print really means? You are not alone. From deeded and assigned spaces to tandem, stacked, and valet, the options can feel confusing when you are trying to match your lifestyle and budget. In this guide, you will learn how each parking type works in Chicago high-rises, how it can affect your costs and resale, and what to confirm before you make an offer. Let’s dive in.

Parking types explained

Deeded parking

Deeded parking is real property that transfers with your unit at closing. The space appears on the deed or as a limited common element tied to your unit and is typically recorded in Cook County property records. You own the right to park there and it usually shows up in tax assessments.

• What it means for you: strong, exclusive rights and consistent appeal at resale.
• Budget impact: higher upfront cost and increased property taxes.
• What to verify: confirm the legal description on title and the plat, and make sure the deed clearly conveys the space at closing.

Assigned parking

Assigned parking is a reserved spot granted by the association under its rules or a license. The right is not recorded on title and may be subject to reassignment by management.

• What it means for you: less permanent than deeded; policies can change.
• Budget impact: usually a monthly fee rather than a purchase price.
• What to verify: the HOA’s assignment and transfer rules and whether your specific space will transfer at closing.

Leased or rented parking

Leased parking is a contract with the association or a third party, often month to month. Rates can change and the spot may not transfer when you sell.

• What it means for you: flexibility, but less certainty.
• Budget impact: ongoing monthly cost with possible increases.
• What to verify: lease terms, renewal rights, and transferability.

Valet parking

Valet parking is an attended service managed by the HOA or a vendor. You may not have a fixed space, but you gain convenience and guest flexibility.

• What it means for you: easy daily use, less control over a specific spot.
• Budget impact: higher monthly service fees.
• What to verify: vendor contracts, service hours, liability policies, and any changes considered by the board.

Tandem parking

Tandem parking places two cars in one stall front to back. It can be assigned to one unit or shared between owners under an agreement.

• What it means for you: coordination required and limited independent access.
• Budget impact: often less than buying two separate spaces.
• What to verify: who shares the stall, the communication process, and any rules for swapping cars.

Stacked or mechanical parking

Stacked systems use lifts to park cars vertically. Usability depends on the equipment and your vehicle’s size and weight.

• What it means for you: space efficiency with strict size limits and potential downtime.
• Budget impact: HOA maintenance and replacement costs can be significant.
• What to verify: height, length, and weight specs; the maintenance contract; and reserve funding for repairs or replacement.

River North market realities

River North includes older high-rises with structured garages and newer buildings that maximize parking through valet or stackers. You will see a mix of deeded, assigned, tandem, and mechanical options, sometimes within the same property. Third-party garage management is common, especially in larger towers.

Resale dynamics vary by building. In a competitive downtown market, deeded spaces often broaden your buyer pool, while units without deeded parking can face pricing pressure if parking is scarce. Always compare recent sales in the specific building for units with and without parking to understand the premium.

Costs: upfront vs monthly

• Deeded spaces: typically a one-time cost that can be tens of thousands of dollars in central neighborhoods, plus ongoing property taxes and normal HOA dues.
• Assigned, leased, or valet: monthly fees usually range from low to several hundred dollars. Rates and policies can change over time.
• Mechanical systems: expect HOA budgets to include service contracts and long-term replacement reserves. That can influence assessments and the risk of special assessments.

The exact numbers vary by building and change over time. Pull current comps in your target tower and request HOA statements to understand monthly fees and any pending projects.

Financing, taxes, and appraisal

Lenders and appraisers treat deeded parking as real property. If a space is deeded and included in your purchase, it can affect appraised value and loan amounts. Leased or assigned parking usually does not boost appraised value unless rights are long term and transferable.

Cook County typically includes deeded spaces in assessments, which can raise your annual property tax. Assigned or leased parking usually does not change your assessed value but will impact your monthly carrying costs. Confirm how your lender will treat the parking and how it may affect your loan-to-value or qualification.

EV charging and clearance

EV owners should confirm whether chargers exist in the garage and the process to install one. Many HOAs require board approval, licensed installation, and clear rules for allocating installation and electricity costs. Buildings may need electrical upgrades, and any new equipment typically requires local permits.

Vehicle size matters in downtown garages. Older structures can have lower clearances that limit large SUVs, vehicles with roof racks, and cargo boxes. Mechanical stackers set strict height, length, and weight limits. Physically measure your space and check posted clearance and ramp angles to ensure your vehicle fits safely.

Mechanical and valet realities

Mechanical lifts can be reliable when maintained, but downtime happens. Ask about service contracts, response times, and any history of outages. Confirm the HOA’s reserve planning for major repairs or replacement.

Valet is convenient, especially for high-traffic buildings or frequent guests. It can also come with rules about vehicle accessories, overnight storage restrictions, and vendor-driven policy changes. Review the vendor contract and the HOA’s liability provisions for damage or theft in the garage.

Buyer due diligence checklist

Use this checklist before you make an offer or during your attorney review period:

1. Confirm the exact parking right in writing. Is it deeded as a limited common element or separate parcel, assigned, or leased? Obtain the deed or license.
2. Request HOA meeting minutes and financials. Look for parking disputes, garage repairs, stacker projects, or upcoming assessments.
3. Ask for the parking allocation schedule in the declaration and a written confirmation that your space will transfer at closing if applicable.
4. Order a title commitment that lists the parking space and any related easements.
5. Inspect the space. Measure length, width, and height. Check lighting, signage, and mechanical equipment condition.
6. For EVs, ask about charger availability, HOA policy for new installations, and building electrical capacity or planned upgrades.
7. For tandem, stacked, or valet, confirm operations. Who moves the car, how long does it take, and what is the backup plan if a system or attendant is unavailable?
8. Review comps. Compare units in the building with and without parking. For deeded spaces, look for any separate parking sales in Cook County records.
9. Talk to your lender and appraiser about how parking affects your loan and valuation.
10. Confirm insurance. Understand the HOA master policy and what your auto and condo policies must cover.

Which parking fits your lifestyle

If you value certainty and long-term resale, deeded parking is usually the safest bet. It carries a higher upfront price and tax impact but offers permanent, exclusive use.

If you prefer flexibility and lower upfront costs, assigned or leased parking can work. Plan for monthly fees and the possibility of policy or rate changes. For everyday convenience and guest use, valet can be a good fit if you accept higher monthly costs and less control.

If you drive a larger vehicle or plan to install an EV charger, stackers and low-clearance garages can be limiting. Measure everything first. For two-car households, tandem can be cost-effective if your daily schedules allow coordination.

Work with a calm, data-first advisor

Parking can be the difference between a smooth daily routine and a constant headache. A careful review of title, HOA documents, and building operations will help you buy with confidence. If you want clear guidance, building-specific comps, and hands-on support through the document review, reach out to Tom Bakritzes. Contact Tom for a free, no‑obligation consultation.

FAQs

What is the difference between deeded and assigned parking in a Chicago condo?

• Deeded parking is real property recorded with your unit and transfers at closing, while assigned parking is a revocable right granted by the HOA under its rules or a license.

How do River North condo parking types affect resale value?

• Deeded spaces usually broaden buyer appeal and marketability, while units without deeded parking or with only leased options may face lower demand in parking-constrained buildings.

What monthly costs should I expect for leased or valet parking in River North?

• Monthly fees typically range from low to several hundred dollars, vary by building and service level, and can change over time based on HOA or vendor policies.

Can my lender include a deeded parking space in the loan amount?

• Yes, lenders and appraisers generally treat deeded parking as part of the real property, which can affect appraised value and loan amounts; assigned or leased rights usually do not.

What should EV owners check before buying a River North condo with parking?

• Confirm existing chargers, the HOA approval process for new installs, electrical capacity, cost allocation, and whether any building upgrades or permits will be required.

Are mechanical stackers reliable for daily use in Chicago high-rises?

• They can be reliable with proper maintenance, but outages happen; ask about service contracts, reserve funding for replacement, and any history of downtime.