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]
Updated September 28, 2007 and originally published July 12, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.