Parking Spot in Boston = $300K

By Alex in Auto & Transportation, Travel on Jun 11, 2009 at 1:55 pm

Housing prices may have tanked, but the cost of a coveted parking space in Back Bay, Boston, is apparently unfazed by the economic crisis:

An unidentified buyer yesterday paid $300,000 for a private parking space in the Back Bay, making it the most expensive parking space in Boston, according to Listing Information Network, which tracks the city’s real estate market.

Debra Sordillo, the Coldwell sales agent who brokered the deal, said several residents at 48 Commonwealth Ave. engaged in a bidding war for the space, driving the asking price of $250,000 up to the record-breaking $300,000. The winning bidder did not want to be identified, she said.

The price is more than what many people pay for a house, but Sordillo said prime parking spaces near the Public Garden are in short supply.

Link

Tags: boston, parking spot

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Rich
Jun 11th, 2009 at 2:13 pm
And how much would it be to hire a driver and give them a cell phone?
Christophe
Jun 11th, 2009 at 2:34 pm
Such prices must excite underground parking lot investors… Big Dig #2 !!!
Skipweasel
Jun 11th, 2009 at 3:23 pm
Such a shame the abandonned Superconducting Super Collider is in the wrong place.
SenorMysterioso
Jun 11th, 2009 at 3:32 pm
It would only cost $7,300 to park illegally 7 days a week and just pay a $20 ticket every day
PaulVI
Jun 11th, 2009 at 4:28 pm
Let’s say it’s a $50 ticket to park illegally:

$300,000 ÷ $50/day ÷ 365 days/yr = 16.4 years of illegal parking every day of the year.

That’s a lot. I haven’t done anything that will require parking 365 days/year for 16 years straight. Don’t expect I will.
Geekazoid
Jun 11th, 2009 at 5:41 pm
Good idea SenorMysterioso, I wonder if that would be do-able. Maybe they’d get suspicious of the same car that gets ticketed day in and day out.

But 300 grand for a parking space? In these times no wonder the person wants to be anonymous. That is insane.
SenorMysterioso
Jun 11th, 2009 at 7:08 pm
$7,300/year that is
Minnesotastan
Jun 13th, 2009 at 11:35 am
The “cost” of the space depends on what return the investor will have in the future. If he/she is able to resell the space next year for what he/she paid for it (300K), then the only money lost is the “opportunity cost” of tying up the funds for that period of time. If current returns of money market funds are 0.6% for a year, then the cost will have been $1800.

Of course, when it is resold, there could be a profit to make the net cost lower – or a loss. It’s an investment decision.

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