Be ready to drop a pretty penny — up
to $750,000 — just to park in the posh Beacon Hill neighborhood of
Boston. The elite 105-acre neighborhood has some of the most exclusive
parking options in the country. The Brimmer Street Garage features
coveted parking spaces that are regularly sold for $500,000. Eager
buyers often pay for their parking spaces entirely in cash, given the
fact that most of the homes average $4 million and up. Because parking
in the historic neighborhood is extremely limited, wealthy locals are
willing to drop huge sums of money for the sake of convenience. Tracking
sales of parking spaces is difficult, because many are included in the
sale of condos and homes. Homeowners say you have to look at parking
spaces as though they are a piece of land. Spots in the garage are sold
privately and their owners are required to pay association fees as well
as property taxes on the spaces. Owners of the parking spaces also enjoy
round-the-clock valet service, as well as services like having their
cars washed, detailed, and filled with gas. There is currently a waiting
list for purchasing parking spaces in the garage.
