A coveted parking spot at the Brimmer Street Garage in Beacon Hill is on sale for $750,000, emphasizing the high costs of urban real estate. Rene Rodriguez of Cabot and Company calls this investment a luxury purchase, available only to those with significant disposable income. The parking market is competitive due to the scarcity of parking in the area, and historic prices have drastically changed since the 1970s when spots were much cheaper. The allure of convenience and potential property value increase makes such investments attractive to wealthy buyers.
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.
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.
The price of parking at the Brimmer Street garage has consistently increased year over year.
But a lot has changed since then,” Rodriguez said.
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