Real estate reality: Parking spots sell for $560,000

Anyone who’s owned a car in a city knows how frustrating it can be to find a parking space on the street. After a few loops around the neighborhood, you start wondering, “What I would give for a parking spot!”

Apparently, some are willing to give more than others — a lot more.

In Boston's affluent Back Bay neighborhood, two side-by-side spots just sold for $560,000 in an auction on Thursday. "It was a little more heated than I thought it would have been," the winner, Lisa Blumenthal, told the Boston Globe. She said she bought the spots to have more room for visitors and workers near her home, which the paper reported is worth more than $5.8 million.

New York's first $1 million parking space hit the market last year in Greenwich Village.

And one San Francisco resident recently paid $82,000 for an 8 x 12-foot space. While the price tag may seem steep to some, real estate experts say a parking space there can add as much as $100,000 to the price of a home in the area – near the Giants’ home field.

What would you pay for a prime parking post? Let us know in the comments below.


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