This parking spot in Boston costs $375,000

Say what?

4w ago
16.4K

The U.S. has a housing problem. Everybody knows that. Buying a house is becoming utopian and one [of many reasons] why real estate is so expensive in major cities is that developers are required by law to create specific parking spot(s) for every new residential complex they build. As a result, you now have houses that cost too much for the average worker but you also have parking spots that cost as much as a house. That’s what’s happening in Boston.

The Boston Herald and CBS recently talked about a parking space located in Boston’s South End that’s currently available for sale: it costs $375,000.

Listed with luxury realtor Campion and Co., the $375,000 parking space is exactly that: a parking spot in a heated garage at 201 West Brookline Street. Nothing more. The parking garage is part of a brand-new luxury condo that houses a 3,804-square-foot, 3-bed, 3.5-bath penthouse, which was recently for $6.3 million.

The Herald correctly points out that this listing shows how crazy the situation is. Michelle Wu, a Boston city council member, said: “It’s clear that Boston is becoming unaffordable for everyone.” Well, yes. And by the way, it’s happened before. Back in 2013, two parking spots in Boston’s Back Bay were for nearly $600,000. And therein lies the problem: somebody’s actually buying these parking spots.

How can we fix this problem?

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Comments (12)

  • A few years ago, someone tried to sell a garage box in the center of Amsterdam for around a million euros. Earlier this year, the same garage came back on the market for around €600,000. It's safe to say that the problem has reached many major cities, and is not limited to the US alone.

    I don't think we can easily solve it. Nowadays, 1 or 2 people live in a house that used to be inhabited by an entire family. Families often have two or three cars, where one used to be the norm back in the seventies. Many people who weren't before, are now able to afford a car. The older cities, especially the city centers, simply have no way to accommodate this enormous increase in vehicles and correlating demand for parking space.

      30 days ago
    • In Tokyo I saw the big vending machine garage buildings. I live near SF, I do think people who can work from home should. School just started up it seems and getting kids to and from school seems to be the biggest problem that hits the area twice a...

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        29 days ago
    • Yeah I'm from the Netherlands, and when I went to primary school (roughly age 4-12) and high school (12-18) in the eighties and nineties, everybody rode their bike to school. School runs by car were few and far between; I think I can remember...

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        28 days ago
  • Basic supply and demand. Can’t change that.

      28 days ago
  • Oh no! It seems the Elon Musk is right AGAIN (damn his eyes!). We're going to have to SHARE transport with other people! We'll only get to use a car when we NEED one, not just keep one hanging around "just in case'. Oh well, never mind. One less expense to worry about, eh?

      28 days ago
  • In Mumbai, parking spaces are not so expensive but still expensive for people in Mumbai and people like even my cousin bought a parking for 11 lakhs ($15000) which was more expensive than his Maruti Suzuki Alto and that also in a very low like area.

      28 days ago
  • The housing market really does feel like 2007-2008 again, only for different reasons...

      28 days ago
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