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Thread: Parking Spot Sold for $160,000

  1. #1
    Cyburbian Seabishop's avatar
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    Parking Spot Sold for $160,000

    My house was $99,000 4 years ago. $160,000 is a drop in the bucket if you're as rich as these people - just roll it into the mortgage on your 3 mill home.

    I've been told the sewers don't stink under Beacon Hill. I wonder if its true.

    http://www.cnn.com/2004/US/Northeast....ap/index.html

  2. #2
    Cyburbian nerudite's avatar
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    Holy bijoly! How I wish I owned a parking space in Boston. And I thought that it was insane my friend told me he sold his parking space in downtown Edmonton, which doesn't have parking problems, for $25k.

  3. #3
    Cyburbian mgk920's avatar
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    Quote Originally posted by Seabishop
    My house was $99,000 4 years ago. $160,000 is a drop in the bucket if you're as rich as these people - just roll it into the mortgage on your 3 mill home.

    I've been told the sewers don't stink under Beacon Hill. I wonder if its true.

    http://www.cnn.com/2004/US/Northeast....ap/index.html
    ISTR that that is the general area where a certain well-known politician had the City of Boston remove a fire hydrant from in front of his townhouse so that he could have a convenient place to park.

    <ducks...>

    Mike

  4. #4
    Cyburbian El Feo's avatar
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    Quote Originally posted by Seabishop
    $160,000 is a drop in the bucket if you're as rich as these people - just roll it into the mortgage on your 3 mill home.
    Seabishop, the owner of this new space would laugh at your quaint notion of a "mortgage." According to WBZ in Boston, this space was paid for in cash...
    "The fanatical Muslims despise America because it's all lapdancing and gay porn; the secular Europeans despise America because it's all born-again Christians hung up on abortion; the anti-Semites despise America because it's controlled by Jews. Too Jewish, too Christian, too Godless, America is also too isolationist, except when it's too imperialist." -- Mark Steyn

  5. #5
    Quote Originally posted by El Feo
    Seabishop, the owner of this new space would laugh at your quaint notion of a "mortgage." According to WBZ in Boston, this space was paid for in cash...
    Brahmins need someplace to park too, you know
    Off-topic:
    El Feo --long time, no see. Coming in for Derby?
    On pitching to Stan Musial:
    "Once he timed your fastball, your infielders were in jeopardy."
    Warren Spahn

  6. #6
    Cyburbian El Feo's avatar
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    Quote Originally posted by Gedunker
    Off-topic:
    El Feo --long time, no see. Coming in for Derby?
    Nyet, tovarish - enough Derbies in my youth to last a lifetime. Have fun yerself, though!
    "The fanatical Muslims despise America because it's all lapdancing and gay porn; the secular Europeans despise America because it's all born-again Christians hung up on abortion; the anti-Semites despise America because it's controlled by Jews. Too Jewish, too Christian, too Godless, America is also too isolationist, except when it's too imperialist." -- Mark Steyn

  7. #7
    Cyburbian ablarc's avatar
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    Value of Boston Parking Spots Soars

    Value of Boston Parking Spots Soars

    By JAY LINDSAY, Associated Press Writer

    BOSTON - As real estate spaces go, it's quite small. Still, it comes with heat and valet service, sits in a tony Boston neighborhood and costs a mere $160,000.
    Your car will thank you.

    The escalating cost of parking, long a premium in Boston, hit home for many when it was learned that a 180-square-foot parking spot sold last month for $160,000 at the Brimmer Street Garage in the Beacon Hill neighborhood.

    As prices for some spaces exceed the cost of a single-family house in other parts of the state, even seasoned real estate agents are muttering, "Whoa."

    "I've said that on a number of occasions," said Richard Phipps, owner of Boston Real Estate Agents.

    Since January 2003, seven spots have sold at the Brimmer Street Garage for at least $140,000, with one spot selling for a record $167,500 last August.

    By comparison, a three-bedroom home in Westfield was listed for $159,900 this week, one of several listed under $160,000 in that western Massachusetts city.

    Eye-popping as the prices are, broker John Forger, a 35-year veteran of the Boston real estate market, noted that people who pay $3 million for a Beacon Hill residence aren't going to worry much about a high-priced parking space.

    "It's a lifestyle," he said.

    Boston's prices, though high, don't top the national market.
    In New York, spots range from $150,000 to $250,000 and in crowded San Francisco they max out at about $200,000, said Dick Delaney, a developer at Chicago-based Mark Goodman & Associates who specializes in the parking market. In Chicago, spots range from $30,000 to $80,000, he said.

    The high prices are also found overseas. In February, a Londoner made headlines by listing a spot at $187,500.

    Not all parking spots in Boston's exclusive neighborhoods are worth the equivalent of 12 Honda Civics. Spots in the South End can be had for a much more reasonable $39,000 to $100,000, according to data from the Listing Information Network Inc., a real estate information service that tracks the downtown condo market.

    Phipps said the pricey spots can sometimes make good financial sense. The cost of frequent parking tickets — $15 to $120, depending on the offense — or daily parking rates in the $20 to $30 range can approach the monthly payment on a mortgage for some spaces, he said.

    Beacon Hill's high prices reflect its desirability, tight parking aside, Forger said. The neighborhood of brick row houses and gas street lamps is packed with history, beautiful architecture and money. It's where Democratic presidential hopeful John Kerry and his wife Teresa Heinz Kerry have a home.

    But even here, six-figure parking spaces are beyond the reach of most residents, said Tom Cullinane, 44, a stay-at-home dad who lives on Beacon Hill.

    "That's another solar system," he said.

  8. #8
    Cyburbian ludes98's avatar
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    Hope they are parking a vehicle worthy of the space it occupies. Anyone think they will be parking a Prius?

  9. #9
    Cyburbian Seabishop's avatar
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    Quote Originally posted by El Feo
    Seabishop, the owner of this new space would laugh at your quaint notion of a "mortgage." According to WBZ in Boston, this space was paid for in cash...
    Yes, mortgages are so white trash! I have an elderly, wealthy aunt I barely know who owns a Beacon Hill brownstone. I'm going to have to start becoming her favorite nephew - showing up to walk her dogs etc. Why didn't my side of the family end up on Beacon Hill? (Unfortunately I know the answer to that one.)

  10. #10
    Cyburbian jresta's avatar
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    Space for rent?
    http://philadelphia.craigslist.org/prk/

    and as if the buying and selling of parking spaces wasn't lucrative enough . . . enter the Parkominium . . .

    http://www.parkominium.com/index.htm
    Indeed you can usually tell when the concepts of democracy and citizenship are weakening. There is an increase in the role of charity and in the worship of volunteerism. These represent the élite citizen's imitation of noblesse oblige; that is, of pretending to be aristocrats or oligarchs, as opposed to being citizens.

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