• Jun 12th 2009 at 9:29AM
  • 28
In some cities, people don't want to pony up loose change for a meter-fed parking spot. In Boston, an abundance of available spaces would be like a dream come true, as evidenced by the exorbitant prices being paid on a regular basis in some areas. For example, The Boston Globe reports that a spot at 48 Commonwealth in the Back Bay district has just gone for a record $300,000 after residents in the area engaged in a bidding war for it. The couple that sold the space is also trying to sell their high-rent district condo for $2.5 million. Before you think that's too much dough to drop on a downtown, keep in mind that the price includes an underground parking spot.
While $300,000 is extreme even for Boston, spots reportedly average $134,000 in the exclusive area, and that number's going up. Last year, a parking space was $127,000 on average. For that kind of money, you could buy two Cadillac CTS-Vs, an Aston Martin V8 Vantage, or an Audi R8, or four Chevrolet Camaro SS models, or, well, you get the point. When a parking spot costs more than 99% of the cars on the market, Armageddon can't be far behind.

[Source: The Boston Globe]


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    • 1 Second Ago
  • 28 Comments
      • 6 Years Ago
      He'll probably be parking his Prius there.
      • 6 Years Ago
      Think of it as an extension of the value of your property. Wouldn't you pay more for your house -- and be able to later sell it for more -- if it had a driveway? A reserved parking space in an urban area is just part of the home's value. They just break down the cost separately.
      • 6 Years Ago
      Recession? What recession?
        • 6 Years Ago
        You got that right. Here in the tri state area, recession means only buying a new 5 series this year instead of a 7 series.
        • 6 Years Ago
        oh goody. We're back to real estate speculation. I hope they build a high-rise parking lot next door with cheap parking for all.
      • 6 Years Ago
      I just want to know what car will be gracing this $300K parking spot!
        • 6 Years Ago
        Ha, investment property indeed! I wonder if the person will set up their own meter there to make the money back.
        • 6 Years Ago
        Who said anything about a car? Its an investment property.
        • 6 Years Ago
        instead of quarters, you need to deposit gold bars
      • 6 Years Ago
      Paying $100K+ for parking doesn't seem that unreasonable. Consider how much people spend to build driveways and garages adjacent to their homes, and this could be reasonable. If banks would finance parking spaces like a home mortgage, the monthly loan payment would be even more reasonable, relative to ongoing parking fees. Plus you could build equity on a piece of property that would more than likely appreciate over time.

      • 6 Years Ago
      Makes me glad once again to not live on the east coast. Plenty of parking here in Texas. I paid less than that for my house (which came with two covered parking spaces :)
      • 6 Years Ago
      It sucks parking in Boston. But I pay $165 a month for my space. I couldn't imagine paying that kind of money. I wonder what kind of car they have.
        • 6 Years Ago
        @Torqued,

        Have you tried LA's glorious failure of a mass transit system? It will make you fall to your knees and beg for Boston's system. Sometimes, if you're lucky, it'll drop you off within 10 miles of where you're trying to go, but don't worry, the buses will get you there in another hour or so...
        • 6 Years Ago
        @simianspeedster and Torqued

        You took the words right out of my mouth. LA's mass transit system is not designed to move the masses faster or more efficiently, it's to move the poor along the same routes that people with cars travel... thus they put you in a bus and stick you in traffic. Nothing rapid about it.
        • 6 Years Ago
        "Best solution I've found is ride the motorcycle everywhere I can. Much, much easier to park!"

        Torque speaks the truth. I live in DC, and while parking isn't as terrible as Boston ($300K for a space? LOL), it's definitely a hassle in some of the nicer places. Or at least it was: for those spaces that even a Smart Car couldn't fit in because d-bags don't know how to parallel park properly, I just roll my bike in and go about my business.
        • 6 Years Ago
        @Davin. Yes a motorcycle is the solution. But in my opinion I would be happy choosing to pay any kind of money to drive a car. I mean you can be the grates cyclist but every day is like living on the edge. For me better pay some money and travel in safety.
        • 6 Years Ago
        I never pay to park in Boston - well, except for the meter. The lack of parking is great though, keeps all those suburbanites scared of driving into the city and leaves street spaces for the rest of us :)
      • 6 Years Ago
      I know a few people who live in the Beacon Hill area of Boston and park in 250k spaces, which, by the way, they own for life.
      The people who are able to spend that kind of money on a parking space live very differently from you or I. They're not concerned with how many Camaros they could buy with that money but how much shorter the walk is between their house and their S class.
      • 6 Years Ago
      Sure, that money could buy four Camaros, but if you don't pay for the space, where would you park them?
      • 6 Years Ago
      Time for some JDM Kei cars!
      • 6 Years Ago
      Rich d-bags. They have to much money. You do not even need a car in Boston, and when you do you can ZipCar or rent.
      • 6 Years Ago
      Also worth noting that the number of public parking spaces in Boston is limited by court order (17,000 IIRC), the theory being that this will make driving so inconvenient that people will happily take public transportation. A walk anywhere near Fenway Park on a game day would show the fallacy of this assumption, but do-gooderism never dies.
        • 6 Years Ago
        And ride with the unwashed? NEVER!
        • 6 Years Ago
        speaking from experience, it's not forcing anyone onto the T, but it does end up making you pay anywhere from $14 to $40 to park in that area on game day.
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