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Hina Tai, Other/Just Looking in Back Bay, Boston, MA

How does private parking in Back Bay compare with other neighborhood sin Boston such as Dorchestor and Beacon Hill? Any statistics?

Asked by Hina Tai, Back Bay, Boston, MA Wed Dec 5, 2012

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Territory.com’s answer
They do not compare in terms of value. Parking spots in Back Bay and Beacon Hill are worth a lot of money and big investment opportunities in-and-of themselves. Spots are worth anywhere from $90-150,000 in those areas! Not same in Dorchester. However, if you are wondering if they add value to a property, the answer is a resounding "yes" in each of the areas in question, their worth is just relative to market value.

Hope that helps! Any other questions feel free to reach out ...

Territory.com
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617 - 848 - 5407 x 701
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0 votes Thank Flag Link Wed Dec 12, 2012
Parking is a premium in the back bay. With the limited street frontage deeded spots became high desirable. It's not uncommon to see deeded parking priced 150K plus! Beacon Hill has the same supply and demand situation and Dorchester would have the highest availability out of your three mentioned. If you're considering buying I would park in the desired locations at different times and days during the week and see how available parking is.
I hope this helps!
0 votes Thank Flag Link Wed Feb 12, 2014
The rarer something desirable is the more valuable it is. Parking is extremely valuable in both Back Bay and Beacon Hill. In the Back Bay there are alleys with private parking behind most buildings. In Beacon Hill there are only a few alleys with parking behind buildings. Private parking is so rare on Beacon Hill that it simply is not available for purchase at any price much of the time. The demand for Street permit parking exceeds supply in these areas as well and there is a shortage of monthly garage spaces.

Parking is far less valuable in areas where ample free street parking is available and there is a healthy supply of off street parking.

Other areas with parking shortages and higher parking value also include the South End, North End, and Bay Village.
0 votes Thank Flag Link Tue Dec 3, 2013
Are you asking how it compares in terms of value? It is similar to the residential real estate: properties in back bay and beacon hill are more expensive than areas like Dorchester. Back Bay and Beacon Hill are some of the more expensive neighborhoods and are also more dense (less parking). I've seen arking spaces sell anywhere from $60K - 100K+.

Good luck!

Territory Real Estate
Boston's Destination for Home Buyer's
617 848 5407 ext 704
Web Reference: http://territory.com
0 votes Thank Flag Link Fri Sep 6, 2013
Recent example of Back Bay (but extreme) includes an IRS auction for two spots in tandem location in Back Bay in alley behind Comm Ave. These two spots went for over $560,000. for the two of them.

Beacon Hill is not far behind, especially since they have less available.

As far as other area, the prices tend to drop significantly, except for some places in Brookline. This is due to the fact that you are not allowed to park on the street overnight in Brookline, so people with apartments or condos need a place off street to park if they want to have a vehicle.
0 votes Thank Flag Link Mon Aug 12, 2013
Beacon Hill and Back Bay have very expensive parking - either for rent or for sale. The South End has similar parking but less expensive. Dorchester has little or none - there is no need as many properties have their own off street parking.
0 votes Thank Flag Link Wed Dec 5, 2012
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