Saturday, July 14, 2007
$225,000 New York Parking Space
Some quick weekend news for today about parking spaces going for a pretty penny on the West Side.
A new condo development offered guaranteed parking spaces in the garage of the development for as much as $225,000 per space. The cost of the actual condos are separate from the cost of the parking space. Many people signed up for a parking spot of their own and all of the space quickly sold out when word spread. Now there is a waiting list of other potential buyers wanting to get parking relief in a city where parking is often a nightmare.
Some parking space owners are selling their spots to others and buying them as money making investments- some don't even own a car. One owners spot even doubled in value over the past year. Many other condo developments are now doing the same thing all over the city to get in on the parking space real estate boom.
New York isn't the only city where parking space can go for as much as the cost of a home; Boston parking spaces can go for as much as $125,000 and Chicago spaces sell for as much as $75,000.
Could we be entering a parking space bubble? Only realtor's know :) You can read more about these pricey parking spaces in this New York Times piece.