Housing News

$300,000 Parking Space

How much is a parking space worth to the überrich?

Someone just paid $300,000 for a parking space in Back Bay, Boston. There are no typos here – we’ve got the number of zeros right.

The Boston Globe writes, “… 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 owners who sold yesterday’s record-breaking parking space live in the historic brownstone at 48 Commonwealth, a multi-unit building prominently located on the corner of Commonwealth Avenue and Berkeley Street. Sordillo said they are also attempting to sell their posh two-bedroom unit with direct elevator access. The $2.5 million price includes a parking space in the building’s underground garage… The $300,000 space came with few amenities other than the prime location; it is outdoors and uncovered.”

So why such a high price for an uncovered piece of lot? It’s simple – Back Bay is an upscale neighborhood, and one of Boston’s most expensive areas to live in. In fact, residents are surrounded by high-end shops and luxury hotels. Also, competitive demand for parking spaces is common in metros with businesses that pay a lot to employees. Imagine how that pushes the cost-of-living index.

Some might say the parking space’s cost is already worth a house. Yes, it is; but, there’s no reason why the anonymous bidder should feel guilty. If he can win in an auction like this, think about his take home pay every month. What’s $300,000 for the benefit of walking directly to your door after a day’s headache in the office?

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