One of the major reasons real estate is so expensive in cities and space is at a premium is because of the city planner and developer requirement to build a minimum number of parking spots for a given building. In older eastern seaboard cities where infrastructure was built before, well, the need for parking, space for your four-wheeled friend is much more rare. As the Boston Herald reports, parking spaces themselves can go for more than the national average price of a home.
Listed with luxury realtor Campion and Co., the $375,000 parking space is located in Boston’s South End. What do you get for that price? Well, it’s in a parking garage, and it’s heated. That’s it. No complimentary car wash, liquor bar, car service that brings your vehicle to you, or anything. It’s literally just a parking space in a heated garage. And that’s all the description says:
A single parking space in the heated garage of 201 West Brookline Street.
Oh, you get a car elevator. That’s a plus I guess. Why so much? The parking garage is part of a larger development of luxury condos built over it.
The parking garage is part of a newly opened luxury condo building that houses a 3,804-square-foot, 3-bed, 3.5-bath penthouse very recently sold in the ballpark of $6.3 million, according to listings. The penthouse comes with two dedicated parking spots of its own in the garage.
The Herald says the parking space is just another example of how unaffordable the city is becoming, something that its recent mayoral election has focused on. One candidate and city council member Michelle Wu said “It’s clear that Boston is becoming unaffordable for everyone.” This is just one of a few examples of parking spots listed for home prices. Back in 2013, two tandem parking spots sold for nearly $600,000 in Boston’s Back Bay. And just a few months ago, a parking spot in Brooklyn was listed for sale for $100,000.
Are you in the market for a six-figure parking spot? What’s that like?