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

Where did this trend of selling/renting individual parking spaces for thousands of dollars emerge from? Does this happen in other cities?

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

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Territory.com’s answer
It is always established by demand. The denser the area > the higher the demand which is why parking spots in Beacon Hill and Back Bay are so expensive compared to say Dorchester. All spots still have value but some areas bring higher prices than others (same as real estate)

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0 votes Thank Flag Link Wed Dec 12, 2012
It happens anywhere parking is limited and in demand.
0 votes Thank Flag Link Wed Mar 4, 2015
It happens in other majors cities where parking is a premium. If you want a deeded spot other than a parking garage I've seen them go as high as 190K!
0 votes Thank Flag Link Sun Feb 9, 2014
It happens in Miami too! It probably makes a lot of sense from an economic standpoint... because many condo owners in dense urban neighborhoods served by public transportation may opt not to own a car when faced with the actual price of owning a place to park the car. Instead, you can take public transit, walk, and rent a car when really needed.

Ann Ryan
0 votes Thank Flag Link Mon Sep 23, 2013
It's been around for decades.

When I bought my first condo in Washington, D.C., back in 1974, garage spaces were available for extra cost. I forget what they were going for at the time--probably around $5,000. When I bought my second condo in D.C., back in 1978, I paid $60,000 for the condo and $6,000 for the parking space.

The practice arose because parking spaces are limited. And a developer can make more money by selling parking spaces separate from the condos.

Hope that helps.
0 votes Thank Flag Link Mon Sep 23, 2013
Don Tepper, Real Estate Pro in Burke, VA
Supply & Demand, little to no parking spaces in highly populated areas. Many of the metropolitan cities charge a premium for parking.
0 votes Thank Flag Link Mon Sep 23, 2013
I think it was about 30 or 40 years ago when the first parking garage went condo in Boston. I was a kid and I told my Dad he should buy a space - they were $8000 as I remember. If only he'd listened to me...
0 votes Thank Flag Link Wed Dec 5, 2012
The trend emerged because of the need. There is little private parking in central Boston. As buildings (with back yards accessed by by back alleys) were developed into condo units these back yards were made into surface parking. As new construction mid-rise and high-rise buildings appeared they all included underground parking. Many of these parking spaces could be bought as individual spaces in addition to the one or two spaces that came with the condo.
0 votes Thank Flag Link Wed Dec 5, 2012
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