This same parking space sold $ 500,000 only two years ago, which means that the owner wants to pocket a profit of 50%
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- Place de parking in the city center indicated for $ 750,000, corresponding almost to the average value of Boston’s house.
- The owner must also pay $ 900 of monthly costs covering taxes, HOA contributions, insurance and services.
- The prices of the Boston parking space have rushed considerably in recent decades.
In Boston, real estate prices have long been the legend, but it is not only the houses that absorb sums of absurd money. Even the humble parking space takes place, recovering prices that compete with the suburban unified houses.
Having a parking space attached to the city center is undoubtedly practical, but if you are considering one in downtown Boston, prepare to empty your bank account. Only one space in the garage by BRIMMER Street by Beacon Hill is currently listed for enticing $ 750,000.
More: this parking space on rue Boston costs almost as much as a house
And before assuming that this princely amount buys unlimited, at any time from your car, think again. The Garage Brimmer Street keeps staff from 6 a.m. to 10 p.m. on weekdays and from 6:30 a.m. to midnight on weekends. Do you want to go in the middle of the night? You will need to make arrangements in advance so that your vehicle can be placed in a “designated space accessible at any time”.
Privileged location, premium price
The garage is located only a pâté of houses from the Boston public garden, half a thousand from the State House, and only seven minutes of walking to the esplanade and the Charles river – so yes, in terms of location, it is roughly as desirable as possible.
In addition to having enough space to park your vehicle safely in a very practical location, the available services include supplies, load, washing cars and some “other concierge options”. Unfortunately, trucks of all kinds are not welcome in the garage, which means that your friend’s F-150 cannot park in your fancy location. However, customers with more modest vehicles can use the space if it is unoccupied or rent a nearby location for an additional cost.
Tack on approximately $ 900 in monthly costs
On Reddit, a user pointed out that a garage nearby has around $ 400 per month, which means that $ 750,000 could theoretically cover more than 150 years of parking fees. But the costs do not stop there. You see, according to the Redfin Listing We looked up, the Beacon Hill spot also delivered with around $ 400 in monthly Hoa costs, $ 291 in land tax and $ 238 in home insurance – although other sources like Zillow Suggesting insurance could be as low as $ 167. Even using the lower estimate, you still consider around $ 858 per month, or about $ 10,300 per year of general costs.
From $ 300,000 to $ 750,000 in 12 years
Although it seems scandalous, the price is not unprecedented. This particular space was sold at $ 300,000 in 2013, jumped at $ 400,000 in 2016, reached $ 460,000 in 2020 and sold again for $ 500,000 in 2023. The current set suggests that the owner takes place on a well-stored yield of 50%, before taking into account the years of HOA, taxes and perhaps interest if the funding was involved.
For all those who do not seek to spend a silver house for a parking space, the alternatives include the garage on rue Laz Charles and the Common Garage of Boston. These are open to the public, although they lack valet service and the spots are not always guaranteed, according to the calendar.
Boston parking spaces have increased in value
Paying three quarters of a million for a single parking space may seem wild, but this figure is not a new territory for Boston. In 2022, a couple would have refused an offer of $ 750,000 for a parking space attached to their $ 10.5 million condo.
Brimmer Street Garage has known its just part of six -digit transactions. The real estate agent Betsy Herald said that she had sold three places there for around $ 500,000 each. And if you think it’s extreme, consider that in the 1970s, the same spaces were sold at only $ 7,500.
More: the car is up $ 208,000
According to René Rodriguez, vice-president director of Cabot & Company, buyers are already demonstrating interest after only a week on the market. It does not foresee that prices are falling soon, calling the space of “fairly good investment”.
Talk to BostonRodriguez summed it up carefully: “It is a pure purchase of luxury. It’s not for everyone. It is not as if everyone can shop for Hermès or make private jet trips. But I understand however, because it is scandalous to a certain extent. But, if you have the money to do it, it’s very practical. »»
