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Parking Spots on Both Coasts Sell for Outrageous Sums

A parking space can boost a city property's value substantially


parkingspaceFinding a parking space in the city is hard. And the larger the city, the harder it is.

One Boston woman was so frustrated by the lack of available spaces that she paid $560,000 in an auction for two parking spaces in the city’s trendy Back Bay section. The off-street spaces had been seized from their original owner by the Internal Revenue Service for failure to pay back taxes, the Boston Herald notes.

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The hefty price topped the city’s prior parking space record of $300,000.

Still, by that standard, parking spaces in San Francisco are relatively cheap. The Associated Press notes that an 8-foot by 12-foot space in the upscale South Beach neighborhood recently sold for $82,000. The space was on the market for just two weeks before it was snapped up.

Some parking spaces in San Francisco have sold for $95,000 and experts say a parking space can boost a property’s value by $100,000.

Article printed from InvestorPlace Media, http://investorplace.com/2013/06/parking-spots-on-both-coasts-sell-for-outrageous-sums/.

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