The latest from Lili about Boston Real Estate.

Parking Spots Are Considered Boston Luxury Real Estate

June 15, 2013 |

Not only are the prices of luxury Boston homes going through the roof, but now PARKING is exorbitant????? There was an IRS auction this week for space 4 & 6 (large parking space for 2 cars) at 298 Commonwealth Avenue. They sold for a whopping $560,000. That's $1,800 per square foot!

Boston Homes Don't Always Include Parking
The space was purchased by a neighbor, and keep in mind these pricey parking spaces are in the alley - uncovered and outdoor. It's simply a question of supply and demand. A resident living a few blocks away would probably not pay as much.  It just goes to show how precious parking spaces in Boston are. Many Boston homes sell for less than this piece of pavement.

Most brownstones have a limited number of parking spaces, if any, so not all residents automatically get a parking space  with their Boston luxury real estate property. When and if they do, they pay dearly for it. Not all high end buildings have any parking, especially on Beacon Hill where space is very limited.

On Beacon Hill, there are grand luxury homes that sell for $6,000,000 - $7,000,000 without a single parking spot. The garages are often 3 or 4 blocks away. Multiple buildings on Beacon Hill provide valet services to residents for nearby garages (of course the valet service is built into the condo fees). There are those very rare luxury buildings with garages, but it is very hard (next to impossible) to get garage approval from the Architectural Commission. So, unless there’s a good reason to grant such garage spaces, one might as well forget about it.

The Bostonians who live in neighborhoods with limited parking are used to it and just as content to have a street parking space. There are many residents whose parking spots are a few blocks away from their homes, and they still would rather have it than circling for hours trying to find a space to park. So, when you’re looking to buy a Boston home, keep in mind that parking isn't anything to take for granted.


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