BOSTON — How much would you pay for a patch of asphalt in Boston?
The going rate is higher than you might expect, with some parking spots being sold at a price you could get a home for, and with some parking spots listed at nearly a half million dollars.
The cost of parking space in the city is higher than ever before and continues to climb.
After a long day’s work, any Bostonian will tell you the grind is far from over.
From getting home, to getting a spot, in the neighborhood where you live.
The scramble to secure resident parking can get more competitive with each passing minute.
“It’s a challenge. Sometimes it can take more than an hour to find a spot,” said Kevin Kelleher, Boston resident.
Christine Wyse, another city resident, said: "Sometimes there’s a real shuffle and people are battling.. and they have their hazards on waiting for spots
Wyse is among a growing trend of residents who pay hundreds of dollars each month to rent a spot as a guaranteed backup.
Boston broker Kevin Ahearn told Boston 25 News others are shelling out hundreds of thousands to buy their parking spaces.
“They need a parking spot whether it’s 250, 300, 400 thousand, whatever it is, within reason. They’re feeling like they’re making a good business decision and a good personal decision,” said Ahearn, CEO of Douglas Elliman Real Estate.
The high demand and limited inventory, he says, have pushed up the price of a patch of Boston asphalt to an all-time high.
A parking space at Beacon Hill’s Brimmer Street Garage currently listed as $460,000.
“All the factors I see and all the data I see, if anything, would say it would continue to push up the pricing with individual parking spots,” Ahearn said.
Ahearn said the soaring prices are connected to a booming real estate market and booming city population, that is expected to grow even more – by at least 15 percent over the next decade.
Creating more housing with only so much space, he said, is shrinking the pool of coveted parking space in Boston.
“You have these active garages and lots that are being repurposed,” Ahearn said.
“There are a number of things minimizing how much parking is available or can be created,” Ahearn said.
Wyse said: “I think in terms of real estate you can think things will always appreciate but who knows what the state of parking will be, what the state of cars will be in 20 to 25 years.”
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