Boston real estate prices are so bonkers that parking spaces cost seven times as much as the average new car in America
2 hours ago
- A single parking spot in Boston is on the market for $350k.
- It’s an outdoor bay with no security or cover from the elements.
- Some parking spots in the area have sold for over $500k.
Boston real estate is among the priciest in the U.S., but it’s not the cost of the houses that’s the real shocker. Parking spaces are so sought after that this one is being advertised for $350,000, and it’s not even in a secure parking garage.
Marsh Properties describes the spot as a single bay on Back Street, along the waterside, between Dartmouth and Exeter Streets. Luxury features include “a silver pole at one end and a yellow painted line at the other,” while there also appears to be a tree thrown in for free.
Related: Boston Couple Reportedly Turned Down $750,000 Offer For A Single Parking Space
Anyone who can afford to pay Rolls-Royce money for somewhere to leave their car overnight is more likely to be driving something Rolls Royce-sized rather than a 10-year old Chevy Spark, so it’s reassuring to see from the realtor’s photos that the “large space” can handle a full-size Range Rover.
Incredibly, this parking spot’s asking price is still far lower than some of the prices other bays have sold for in the local area in recent years. A Boston couple reportedly turned down $750k for a spot in 2022, and real estate agent Betsy Herald has sold three spaces for around $500,000 each in the Brimmer Street Garage on Beacon Hill, The Boston Globe says.
Herald told the newspaper that every one of the spaces was sold for cash and that buyers didn’t bat an eyelid at the prices because they’re already paying millions for the residential property they need the space for. And the costs at the Brimmer Street Garage don’t finish with the purchase price. The Globe says that residents also have to pay association fees and property taxes on the spaces, as if they were a house. But in return they do enjoy round the clock security, a valet service and the option to have their car detailed and refueled.
Realtor Ruth Dickerson told The Globe that the $350k spot previously sold for $275k seven or eight years ago, meaning the current seller will make a tidy profit on his investment, having also enjoyed not driving round the block 200 times every night trying to find somewhere to park when he came home from work.
Clearly the people buying these spots don’t have money worries, but we wonder what will happen to the value of these spaces when cars can drive (or even fly) off and park themselves.
Image credits: Google, Marsh Properties