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]

 Email this article  Print this article
Share this article: Twitter | Tip'd | Facebook | Delicious | Reddit | Digg

About the Author

Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

If you enjoyed this article, get the free RSS feed or get daily emails.

Join the free Consumerism Commentary newsletter. Enter your email address here to receive weekly emails with behind-the-scenes information, exclusive giveaways, and money tips.

Related Entries on Consumerism Commentary

• 10 Tips for Buying a Residential Rental Property, Part 4: Ensure Proper Parking is Available: In my last entry in this series, I discussed local...
• Parking at Newark Liberty International Airport: I arrived back to New Jersey last night to the...
• Thieves Smashed Into My Car and Stole $700 Worth of Stuff: While staying in Queens, New York a week ago, I...
• The Cost of Buying a Home: Projected Improvements: Last week, I cited an article in the Wall Street...
• The Cost of Buying a Home Over 30 Years: So you think it's such a great decision to buy...