Bostonian ponies up record $300,000 for parking space. Average area price? $134k
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]
Reader Comments (Page 1 of 2)
Avinash machado 9:35AM (6/12/2009)
Recession? What recession?
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Redeemed 9:58AM (6/12/2009)
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.
Why should I have all the fun? 12:59PM (6/12/2009)
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.
Sea Urchin 9:36AM (6/12/2009)
I guess this is the case of the rich get dumber, poor get poorer.
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DayShifter 10:05AM (6/12/2009)
It's amazing how diiferent the value of a dollar is to different people.
kal326 4:47PM (6/15/2009)
Even the average is regod-damn-diculous, a lot of people in this country don't even pay that much for a house let alone a parking space. Hell I paid less then 134k for a 3BR, 2.5 Bath, 2 car garage house with a two level 20x18 addition.
Location, location, location my ass. When it costs that much to park a damn car, I would find a different location.
georgeA 9:37AM (6/12/2009)
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.
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Joe K. 10:11AM (6/12/2009)
And ride with the unwashed? NEVER!
Dustin 9:09PM (6/12/2009)
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.
genx121 9:39AM (6/12/2009)
Stupidity at the highest level
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vkchu 10:16AM (6/12/2009)
why would you say that? parking is a valuable commodity, esp in urban areas. these people that are able to afford paying for a parking spot like this undoubtedly have a decent enough car where they dont want to have dings, tickets, tows, etc.
probably better than a parking garage where you have to have some random minimum wage person park your car, not caring what happens to it.
im sure you would have no problem paying top dollar for something that you value and would consider extremely important to you, say for example, your car, or an accessory/modification to it, since you frequent autoblog.
for the people that have the money to buy their own parking spot, why the hell not?
id say youre a little jealous that you dont have that kind of coin to drop.
in fact, neither do i, and i am as well.
Mike 9:41AM (6/12/2009)
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.
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Luis 9:55AM (6/12/2009)
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 :)
Torqued 10:47AM (6/12/2009)
Boston parking is crap. And it's not just downtown. Try parking in Allston/Brighton after 5pm. Or Cambridge or even Somerville. If they want us to use public transportation, then improve the public transportation. The MBTA is the worst I've experienced in any major city.
I lived in NYC and had no problem taking the subway everywhere. Never needed a car. London was even better. DC's great too.
Best solution I've found is ride the motorcycle everywhere I can. Much, much easier to park!
Davin Black 11:10AM (6/12/2009)
"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.
simianspeedster 11:23AM (6/12/2009)
@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...
mk3 12:09PM (6/12/2009)
@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.
MikeofLA 12:41PM (6/12/2009)
@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.
sam 9:51AM (6/12/2009)
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.
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Luis 9:53AM (6/12/2009)
The real cost of parking should be borne by drivers and not subsidized by taxpayers. Consider the cost of a structured parking space is about $30,000 to construct, this shouldn't come as a surprise considering real estate in "good" areas remains pricey. These areas are desirable exactly because they aren't car-dominated.
This is a good book:
http://www.amazon.com/High-Cost-Free-Parking/dp/1884829988
Limiting the number of parking spaces in Boston has reduced the drabbiness that results from an abundance of surface lots, of which we have very few in downtown Boston.
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