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AutoBlog: Bostonian ponies up record $300,000 for parking space. Average area price? $134k

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parking-spot.jpgIn some cities, people don't want to pony up loose change for a meter-fed parking spot. In Boston, an abundance of available spaces would be like a dream come true, as evidenced by the exorbitant prices being paid on a regular basis in some areas. For example, The Boston Globe reports that a spot at 48 Commonwealth in the Back Bay district has just gone for a record $300,000 after residents in the area engaged in a bidding war for it. The couple that sold the space is also trying to sell their high-rent district condo for $2.5 million. Before you think that's too much dough to drop on a downtown, keep in mind that the price includes an underground parking spot.

While $300,000 is extreme even for Boston, spots reportedly average $134,000 in the exclusive area, and that number's going up. Last year, a parking space was $127,000 on average. For that kind of money, you could buy two Cadillac CTS-Vs, an Aston Martin V8 Vantage, or an Audi R8, or four Chevrolet Camaro SS models, or, well, you get the point. When a parking spot costs more than 99% of the cars on the market, Armageddon can't be far behind.

[source: The Boston Globe]

Bostonian ponies up record $300,000 for parking space. Average area price? $134k originally appeared on Autoblog on Fri, 12 Jun 2009 09:29:00 EST. Please see our terms for use of feeds.

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:nono: STUPID! :nono:
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Blarch. I've lived in the downtown of a medium size city (Denver) but had underground parking at my loft building. Drove to work in the suburbs. When I was living in the 'burbs, I worked in the burbs, but had I worked downtown, I probably would have take the light rail to avoid the hassle.

When I was working in downtown Phoenix, I was only paying $47/mo. for parking in a garage across from City Hall. Not bad for the 5th largest city in the US.

I think if I worked downtown in a metro that has a lot of congestion, I'd figure out a way to use light rail to get to and from work.

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Wow that's a lot. Commonwealth Ave in the Back Bay is an absolutely beautiful street however; one of my favorite places in the city.

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Wow that's a lot. Commonwealth Ave in the Back Bay is an absolutely beautiful street however; one of my favorite places in the city.

Yes, beautiful area...a buddy from grad school lived off Commonwealth Ave when he first moved to Boston in '00... he lives out in Taunton now. When my sister lived in the Boston area in the '90s (Billerica then Weston then Norwood) I used to visit, the Back Bay was one of my favorite places to go...

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As a point of reference, the true cost of building a parking space in a lot or garage is somewhere in the $35-40k range...per space.

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As a point of reference, the true cost of building a parking space in a lot or garage is somewhere in the $35-40k range...per space.

I know for businesses, some would rather pay a fee in lieu of meeting the minimum parking requirements. The fee would be for traffic mitigation, or a centralized parking structure.

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