The National Association of Realtors claims that the median price for sold homes in May was $223,700. Would you pay more than that for a parking spot? Perhaps this is an indication of how crazy the market is in Manhattan, where a parking spot at 246 West 17th Street is fetching $225,000 — and has a waiting list.
For comparison, the parking spot works out to $1,500 per square foot, while the units in the building above the spot are valued at “only” $1,281 per square foot.
Living in Manhattan, it may be more sensible not to own a car. If you need one for the weekend, rent. If you can afford a parking spot like this, perhaps you might do better with a personal driver from a car service.
Yours for $225,000: A Place to Park [CNN Money]
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{ 2 comments… read them below or add one }
$225,000 is a lot of cab rides. Speaking of which, my friends were visiting DC from NYC and had no idea that zones were the norm here. They overspent on cab rides around town. I felt so bad I drove them from Arlington back to their hotel and to the train station so they wouldn’t have to catch a series of cabs. (ok really I just wanted to squeeze in some more time with them.)
$225K sounds like a bargain… A parking spot sold for $250K in Boston (link)