Prime parking spaces are right up there with first-born children and Opening-Day Red Sox tickets as far as beloved possessions in Boston go. Unsurprisingly, residents and commuters will pay top dollar for the primest of the prime.
Real estate research site NeighborhoodX analyzed the most expensive Boston parking spaces that sold in 2015 and 2016 so far, and found that they ranged in price from a $50,000 space at 5 Holyoke Street in the South End all the way to $390,000 for a space at 70 Brimmer Street (a.k.a. the Brimmer Street Parking Garage) in Beacon Hill.
Based on these sales, in fact, Beacon Hill is the priciest area for buying a parking space, followed by Back Bay and the South End.
As for that Brimmer Street Garage space that made national news last year when it asked $650,000, it's not included in NeighborhoodX's rundown. Why? Because it never sold. The price came down to $415,000, and then the space disappeared from the market altogether. Generally, Brimmer Street Garage spaces tend to go for $250,000 to $390,000, according to Constantine Valhouli, co-founder of NeighborhoodX.
One note on the chart: It focused on deals for parking spaces that could be traded independently and not as part of a residence.
- Boston Parking Purchase Price, March 2016 [NeighborhoodX]
- The Value of Hub Parking [Curbed Boston]