Home Selling in Back Bay>Question Details

Back Bay Par…, Home Owner in Back Bay, Boston, MA

How much does a Back Bay tandem parking spot worth? I see asking prices from 50K to 80K, not sure what's realistic.

Asked by Back Bay Parking, Back Bay, Boston, MA Thu Jan 12, 2012

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The Somerset Spaces are separate deeds. They do not go with a condo so they can be sold to the general public.The spaces are full spaces. Owners must pay a monthly condo fee and year taxes. They are full spaces.
Your space is probably an "exclusive right to sell". You need to check your deed and condo documents to determine whether your space is only for your unit, whether it can be sold to another unit owner in your building, or whether it has a separate deed and can be sold to the public.
MOST parking spaces in Back Bay cannot be separated from the condo. I will assume this is the set up you have.
An outside tandem parking space sold at 241 Beacon Street a couple of years ago for $80,000. Your location is further away. I would estimate the value of your space to be around $65,000 assuming you are just trying to add it to the value of what your condo is worth. I have sold several different parking spaces in the Back Bay and there are many variables. I hope this helps!
Maureen O'Hara
1 vote Thank Flag Link Thu Jan 12, 2012
@Back Bay Parking...Historical Boston parking space sales data that may help you specifically can be found at http://bostonrealestateobserver.com/boston-parking-spaces/, and separately, multiple articles specific to Boston parking spaces, including discussions of investment pros and cons, can be found at http://bostonrealestateobserver.com/category/boston-parking-…

I hope this information is helpful to you.

Dean Charles
http://entryonlynewengland.com
0 votes Thank Flag Link Fri Jun 21, 2013
Yea, those prices seem accurate. It can certainly go over $80K depending on location in Back Bay as well. To be honest, it sometimes makes more sense to rent a parking spot!
0 votes Thank Flag Link Mon Jan 23, 2012
If you do the math for how much it costs to park in your area every day, times 365 or some number you're comfortable with, and then add something for the long term ownership and convenience factor, you will have a "reasonable" number. Your price will depend on how fast you want to sell the spot.



(Choosing an answer as a best answer, or at least as a thumbs up, helps those who answer questions.)
0 votes Thank Flag Link Fri Jan 20, 2012
Tandem certainly decreases the value. It also depends if it's garage or outdoor spot. Average garage parking value is around $75K over the last 12 months so if it is tandem outdoors I would say the value is closer to +-$60-65K (and depends on location of spot)

Here are 3 spots currently on the market:
http://goo.gl/UAMa1
Web Reference: http://territory.com
0 votes Thank Flag Link Sat Jan 14, 2012
Here is the link for the Comm. Ave parking space for sale:
http://bostonluxuryresidential.com/property/132-Commonwealth…
0 votes Thank Flag Link Thu Jan 12, 2012
The Back Bay broke the record twice for the most expensive parking space ever sold in the US.
A good answer to your question depends on where your parking space is located,and whether it is a single space or a tandem space. Furthermore, the Back Bay is NOT all the same. Parking spaces vary in prices depending on the attractiveness of the location. There is a parking space right now for sale on Comm. Ave. for over 300K.
Therefore, The worth of your parking space depends on where your BB location.
Good luck.
0 votes Thank Flag Link Thu Jan 12, 2012
You're right! I can't sell it to the public but to another owner in the building. Would it lower the value of the spot because of the restriction? What are the pros and cons of keeping vs selling the spot, apart from the fact that I can rent it out if I don't sell? IF it worths $65,000, do people really add that to the asking price of the house?
0 votes Thank Flag Link Thu Jan 12, 2012
It is on Beacon St between Mass Ave and Hereford, exit to public alley. I don't know about the fees. I saw one on 343 Commonwealth that is listed for $73,000. I'm curious what the actual sales price was for a similar spot because asking price may not mean anything.
0 votes Thank Flag Link Thu Jan 12, 2012
I agree with Ted, it depends on the situation. I did a quick search and there is ONE deeded parking space # 179 located on the roof at 425 Newbury Street @ the Somerset Garage in Back Bay. The Somerset Garage has security and is open 24 hrs. The asking price is $65,000.

I hope that helps.

Scott Beard|Bean Group
617-651-0081
0 votes Thank Flag Link Thu Jan 12, 2012
It really depends on the complete situation. What are the fees? What is the location? Exit to a street or alley? Best to consult with a Realtor to get and accurate assessment. In other words invite a local Realtor over to see what you are going to be putting on the market.
Web Reference: http://www.tedduncan.com
0 votes Thank Flag Link Thu Jan 12, 2012
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