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Half a million for parking?

Posted by Scott Van Voorhis June 14, 2013 07:09 AM

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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.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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