A parking space in the Brimmer Street Garage, Beacon Hill, is listed for $750,000, illustrating the extreme costs of urban living. As housing prices rise dramatically in the area, parking becomes a scarce commodity. Senior Vice President Rene Rodriguez of Cabot and Company describes the listing as a luxurious but niche market purchase, highlighting the increasing demand. While sales have previously seen lower amounts, the current listing aims to determine true market value. Offering convenience, this investment not only provides parking but adds value to any home in a densely populated area.
"It's a pure luxury purchase," said Rene Rodriguez, the senior vice president of Cabot and Company, the listing agency. "It's not for everybody. It's not like everyone can go shopping at Hermes or take private jet travel."
Rodriguez said that private transactions sometimes leave money on the table. In this case, the sellers of the parking spot decided to see what they could get on the market.
Many of the homes on Beacon Hill lack parking spaces, leaving residents with few options for covered, off-street parking, creating a competitive market.
Rodriguez noted that at those costs, what's another $750,000 for the convenience of having a parking spot? Plus, it would increase the home's resale value.
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