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Thread: Boston parking spaces auctioned off for $560,000

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    Default Boston parking spaces auctioned off for $560,000

    Parking tickets can add up in Boston, and spaces are hard and expensive to come by. But how much would you pay to own two tandem spaces in the heart of Back Bay?

    "It's a premium property space. It's a great opportunity. I work in the area and having access to Back Bay seems like a good investment," said Sophia Lingos-Papaliodis, who attended an auction where two parking spaces were on the block.The IRS seized the property from a tax delinquent owner. The starting price was $42,000.
    "These are the two prettiest parking spaces I've ever seen," said IRS auctioneer Tim Smith.
    With 22 bidders, the battle for premium parking took off fast into six figures. But it quickly became a battle between just two people. The offers were staggering.

    Within five minutes, the bids skyrocketed to $560,000. Bidder number 9 was the winner. She said she owned the property next door, making money no object for the convenience.
    "We are dealing with a very small percentage of people. Money is not an issue. It's more about convenience. Parking is a convenience and a limited resource." said Mark Ruane of Otis and Ahearn Boston Real Estate.
    People have paid a fortune for just one space in Boston, from $80,000 to $300.000 -- and those are market prices, not at auction.
    "It's a piece of land that's never going to depreciate. It's the nature of the beast in this market," said Ruane.



    I know trying to find a parking space in a large city can be frustrating, but is it worth half a million dollars?

    Link to story: http://www.wcvb.com/news/money/bosto...tml?hpt=us_bn7
    When things go wrong in your command, start searching for the reason in increasingly larger concentric circles around your own desk.
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    Default Re: Boston parking spaces auctioned off for $560,000

    Quote Originally Posted by efmbman View Post



    I know trying to find a parking space in a large city can be frustrating, but is it worth half a million dollars?

    Link to story: http://www.wcvb.com/news/money/bosto...tml?hpt=us_bn7
    I used to complain about paying 125.00 per month for a secured parking space in Baltimore. However, it was that or risk looking for a spot for 30 minutes and then walking blocks back home if you got in late at night.

    I don’t know much about Boston but that sounds like people who are so rich that money isn’t a large part of the equation.

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    Default Re: Boston parking spaces auctioned off for $560,000

    San Fran has the same thing going on. I wish I made enough to have parking problems.

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    Default Re: Boston parking spaces auctioned off for $560,000

    Exactly, which is why I take the bus.

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    Default Re: Boston parking spaces auctioned off for $560,000

    It's a piece of land that's never going to depreciate.
    I'll beg to differ. That's one extremely dangerous line of thinking.
    Beer is proof that God loves us.
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    Default Re: Boston parking spaces auctioned off for $560,000

    Quote Originally Posted by Mr. Squid View Post
    I'll beg to differ. That's one extremely dangerous line of thinking.
    "Yea, kinda like putin' all your 'eggs' in one basket 'SQUID'!!"

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    Default Re: Boston parking spaces auctioned off for $560,000

    supply and demand. As long as there is someone who will pay that, they'll get the money. Same logic applies to paying millions of dollars for a sub-1000sf apartement in the city.
    "If a man is called to be a street sweeper, he should sweep the streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep the street so well that all the hosts of heaven and earth will pause to say, here lived a great street sweeper who did his job well. "

    Dr Martin Luther King, Jr.


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