Photo: Vlad B on Unsplash
Owning a car has its upsides. But when it’s time to think about parking… Well, that’s only going to bring drivers a lot of headaches. That is, of course, if they aren’t ready to splurge on a guarded parking space. Take this one, for example – it’s up for grabs at $179,000.
How important is driving in the city for you? Would you consider paying more than what an average three-bedroom home costs in sunny Greece? If the answer is yes, then this parking spot is the right fit for you! It’s situated near Fenway Park, right on 425 Newbury Street. It even offers a good view for your vehicle while it waits for you to come back since the construction is facing the Boylston Bridge.
It also has the advantage of being close to the Massachusetts Institute of Technology (MIT) and a couple of minutes away from the Massachusetts State House. Moreover, the parking spot is situated in a very respectable area – Back Bay is one of the most expensive neighborhoods to rent an apartment in.
But the best bit is that it was first listed for $199,000. Now, there’s a $20,000 discount included! Sadly, that's not all of it. The new owner will have to pay a monthly Homeowner’s Association (HOA) fee of $87 and a yearly tax that amounts to around $1,175.
According to Compass data, this parking space has been off the market for the last 13 years. It was last sold in October 2009 for $70,000. The owner wanted to rent it to someone for $450 a month back in 2017, but there were no takers.
Paying this much for a parking spot might seem like sheer lunacy for some Americans, Canadians, or Europeans, but when we look at the state of the housing market in Boston, we quickly realize why 179 square feet (16.6 square meters) in the Somerset Garage costs this much. Finding a place in which you can comfortably sleep for $179,000 in Boston is impossible. It’s also not doable in Providence, Rhode Island. The cheapest one-bedroom studio we found costs $238,000, and it’s in Hyde Park – around seven miles (11 kilometers) from the parking spot.
So, would you buy it?
It also has the advantage of being close to the Massachusetts Institute of Technology (MIT) and a couple of minutes away from the Massachusetts State House. Moreover, the parking spot is situated in a very respectable area – Back Bay is one of the most expensive neighborhoods to rent an apartment in.
But the best bit is that it was first listed for $199,000. Now, there’s a $20,000 discount included! Sadly, that's not all of it. The new owner will have to pay a monthly Homeowner’s Association (HOA) fee of $87 and a yearly tax that amounts to around $1,175.
According to Compass data, this parking space has been off the market for the last 13 years. It was last sold in October 2009 for $70,000. The owner wanted to rent it to someone for $450 a month back in 2017, but there were no takers.
Paying this much for a parking spot might seem like sheer lunacy for some Americans, Canadians, or Europeans, but when we look at the state of the housing market in Boston, we quickly realize why 179 square feet (16.6 square meters) in the Somerset Garage costs this much. Finding a place in which you can comfortably sleep for $179,000 in Boston is impossible. It’s also not doable in Providence, Rhode Island. The cheapest one-bedroom studio we found costs $238,000, and it’s in Hyde Park – around seven miles (11 kilometers) from the parking spot.
So, would you buy it?
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