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Parking Spot Sold for $160,000

nerudite

Cyburbian
Messages
6,544
Points
30
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.
 

mgk920

Cyburbian
Messages
4,202
Points
26
Seabishop said:
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/04/27/boston.parking.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
 

El Feo

Cyburbian
Messages
674
Points
19
Seabishop said:
$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... :-c
 

Gedunker

Moderating
Staff member
Moderator
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11,491
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41
El Feo said:
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... :-c
Brahmins need someplace to park too, you know ;-)
[OT]El Feo --long time, no see. Coming in for Derby?[/OT]
 

El Feo

Cyburbian
Messages
674
Points
19
Gedunker said:
[OT]El Feo --long time, no see. Coming in for Derby?[/OT]
Nyet, tovarish - enough Derbies in my youth to last a lifetime. Have fun yerself, though!
 

ablarc

Cyburbian Emeritus
Messages
713
Points
20
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.
 

ludes98

Cyburbian
Messages
1,264
Points
22
Hope they are parking a vehicle worthy of the space it occupies. Anyone think they will be parking a Prius?
 

Seabishop

Cyburbian
Messages
3,838
Points
25
El Feo said:
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... :-c
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.)
 
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