This parking spot in Boston costs $375,000
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.