‘Really not that shocking,’ insists expert of drivers paying $500k for ‘most exclusive’ parking spots – some cost more | 88I24H8 | 2024-05-12 12:08:01
'Really not that shocking,' insists expert of drivers paying $500k for 'most exclusive' parking spots – some cost more | 88I24H8 | 2024-05-12 12:08:01
WEALTHY drivers have paid more than half a million dollars to purchase parking spaces near their homes.
Several residents in Boston coughed up six-figure sums to park their cars in some of the most exclusive parts of the city – real estate agents aren't surprised at the sky-high prices.
In the past year, real estate agent Betsy Herald has sold three half-million-dollar parking spaces in the city, according to The Boston Globe.
Herald isn't shocked clients paid the sums for their luxury car spots.
Her clients shelled out millions of dollars for top-of-the-market homes in the city.
"If you're purchasing a house at that level, to add in $500,000 for that parking convenience is really not that shocking," she said.
In all three parking sale circumstances, the home buyers paid for the spots with cash.
A buyer in Beacon Hill, one of the most expensive neighborhoods in Boston, paid for a spot in the Brimmer Street Garage in the past month.
According to the garage's website, it's the "most exclusive venue to capture a parking space."
The garage, once home to the city's horses and carriages, now offers valet service, car washing, and gas filling.
"The garage becomes the option for them to make living in their dream neighborhood, and their dream house on Beacon Hill, a reality," Herald said.
The half-million-dollar parking spot isn't even the city's most expensive.
<!-- End of Brightcove Player --> Another parking space in Back Bay received a $750,000 offer in 2022, according to The Globe.
Parking space sales are often shielded from public view.
Homes that sell on the market are open to public records searches, making the average home cost easy to calculate.
However, parking space sales are generally not considered real estate transactions, allowing buyers to keep their purchases away from public view.
The city's expensive private parking aligns with ballooning home costs in the metro area, the agent said.
"You have to look at it as a piece of land," Herald told the publication.
"If you took that parking space and multiplied it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money."
Boston's median listing price for homes is $999,000, according to Realtor.
</div> </div> Housing prices have increased by 11% in the past year.
And parking spot buyers and sellers expect prices to continue rising with housing costs.
Realtor Beth Dickerson is currently selling a parallel parking space – currently occupied by a Land Rover Range Rover driver – for $350,000.
The spot sold less than a decade ago for $275,000.
"To have that same space every time versus driving around in circles looking for resident parking, right?" she said.
"You could do that all day."
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