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Just how much to park a car

Posted in Cars by davidallen | July 13th, 2007 | 4 Responses |

Well if you live in Manhattan it could be as much as $225,000! Which is enough to buy a fairly decent three bed roomed family home in most States.

parking problems

However for the residents of Manhattan, car parking spaces have become a rare and much sort after commodity, for many of the few available there are waiting lists. One case is that of a new condo development on 246, West 17th Street, there are 34 units in the development, with five car parking spaces in the basement. So far there are eight people hoping to be the lucky purchaser of the $225,000 spaces. This has prompted the developer to seek approval from the City to add four more spaces, and who could blame them at that price!

car parking costs

This concept is not just a Manhattan phenomenon for parking is also expensive in Boston, $175,000, and Chicago $75,000, although the cost is not as high, compared to the property price it is. In other areas like LA and Dallas, car parking spaces are included in the price, so it varies from place to place, but depending on the building space available at the time.

It would appear that people who have no cars are buying car parking spaces; they are bought as investments and are rented out in order to cover the management costs of the condos. Not bad for a piece of concrete with just two white lines painted on it!

Source [NY Times]

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4 Responses

  1. Dee says:

    Holy &%$#! That’s alot of money.

  2. It amazes me time and time again. It seems like the more ridiculously priced something is, no matter the value, the more people want to buy it.

    The $75 per bottle “bling water” for example, the $1200 Optimus keyboard, the Bugatti Veyron (although that’s a little bit different,) $250 computerized running shoes, diamond-encrusted rims for you Caddillac. All of these items are ridiculously priced, and yet they sell out over and over. Maybe I’m going about this money-making thing all wrong.

  3. On a side note, I consider anyone who buys one of these spots a moron, unless of course they’re somehow making money from it.

  4. Spell says:

    It’s “sought” after, not sort after.