It is true that parking spaces in apartment buildings are valuable, but $300,000!!
In Boston someone has paid $300,000 for a single parking space in the elegant Back bay section. There was such demand that it sold for $50,000 over the asking price!
Parking is always a passionate, emotional issue when buying an apartment. If Bronxville Terrace had one space per apartment, I would be a very rich guy! But we, like most pre-war apartment buildings do not have enough. In 1928, when model T’s ruled the roads, who would have though that households would have 2-3 giant SUV’s parked in the driveway.
A parking space to call your own is a valuable, desirable commodity. But $300,000? Even if I was wealthy enough such that the money did not matter? Not for me… I would simply find a different place to live. There are plenty of alternatives!
