The Parking Spots That Cost More Than Half A Million Dollars | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

The Parking Spots That Cost More Than Half A Million Dollars

As it turns out, prime urban parking can be almost as valuable as a single-family home. A Boston woman bought two parking spaces for $560,000 at auction Thursday, winning a tough bidding war that increased by the tens of thousands at each turn.

The buyer, Lisa Blumenthal, said the spots will be used for guests and workers, at the hefty price of $280,000 each — nearly 90 percent of the worth of the median sales price of a single-family home in Massachusetts.

The price tag for the spots on Boston's Commonwealth Avenue comes close to, but doesn't break, the record for a single parking spot. Five blocks away on Commonwealth, a single spot sold for $300,000 in 2009.

The spots aren't the only ones to fetch a high price in the city's ritzy but parking-challenged Back Bay area. The Boston Globe reports:

"Two tandem spots a block from the Public Garden on Commonwealth Avenue sold for $200,000 last summer, and a spot on Marlborough Street went for $250,000 in December, according to the real estate firm Cabot & Co."

Boston's not the only hub for the business of parking; a spot in San Francisco sold for $82,000 last week, perhaps an indicator of the city's strong housing market. As property prices climb, so do parking space values.

In its annual report of parking rates, Colliers International ranked Boston and San Francisco fourth and fifth, respectively, on the list of most expensive monthly parking costs in North America. The two cities only fall behind New York's Midtown and Downtown areas, and Calgary, Alberta, Canada.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

A Puzzle With Ch-Ch-Changes

Every answer is a word starting with "ch," and your clue will be an anagram of the word.
NPR

What If The World Cup Were Awarded For Saving Trees And Drinking Soda?

We thought you'd get a kick out of seeing how the four teams in the final World Cup matches stack up in global health and development.
NPR

What Will Become Of Obama's Request For Immigration Relief Funds?

NPR's Arun Rath talks to political correspondent Mara Liasson about the chances of a political agreement over how to handle the migration of thousands of Central American children.
NPR

Looking For Free Sperm, Women May Turn To Online Forums

Bypassing commercial sperm banks, thousands are logging on to websites where women can connect with men at no cost. Anecdotes abound, but the scope of the unregulated activity is unclear.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.