Half a million for parking?
Heck, if you own a multimillion-dollar Back Bay mansion, what's another half a million or more for a pair of extra parking spaces?
Well actually $560,000 for a pair of weed fringed spaces behind 298 Commonwealth Ave.
Check out this Globe story about the auction for the parking spots, won by a buyer who owns a $5.8 million home on Commonwealth Avenue and wanted some extra spaces for when guests come over.
Sounds like a lot, especially given the fact you have the Boston Common Garage nearby. It may not win any award for aesthetics, but at $18 for three hours, it's a bargain!
As the story points out, the half a million shelled out for the two Back Bay parking spaces is well more than the median price for a single-family home in Massachusetts, which stands at $313,000.
But, for that matter, it's also more than the median price for a downtown Boston condo, which hit $537,000 in the first quarter.
The crazy prices for Back Bay parking spaces come amid an explosion real estate prices in the neighborhood, from a bevy of deluxe new luxury high-rises to renovated 19th century mansions.
The parking market also mirrors what's happening in the real estate market as well, with a scarcity of spaces in the Back Bay - at least privately owned spaces - helping drive up prices.
Yet another sign that crazy money is starting to flow again in the real estate market.
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