NOWCAST NewsCenter 5 EyeOpener

Advertisement

Why is a coveted Beacon Hill parking spot going for $750,000?

Why is a coveted Beacon Hill parking spot going for $750,000?

Video Player is loading.

Current Time 0:00

Duration 0:00

Loaded: 0%

Stream Type LIVE

Remaining Time 0:00

✕

HOUSE IN MASSACHUSETTS. YOU GOT IT RIGHT. ED AND ERIKA. THE AVERAGE HOME HERE IN MASSACHUSETTS WILL COST YOU $600,000. A SINGLE STANDARD PARKING SPOT INSIDE THIS PARKING GARAGE, WHICH IS PRIVATE HERE IN BEACON HILL, WILL SET YOU BACK 750,000. BOSTON’S HISTORIC BEACON HILL IS A COVETED PLACE TO LIVE AND PARK, WITH LIMITED SPACE ALONG ITS NARROW STREETS. DRIVING AROUND FOR HOURS, I WOULD SAY I’VE GOTTEN TOWED. ALEXA FITZGERALD LIVES ON THE HILL AND IS NOW EYEING A CONDO TO BUY. IT’S $750,000 JUST DOWN THE STREET. ANOTHER PROPERTY IS LISTED FOR THE SAME PRICE, WITH FEWER AMENITIES. A SINGLE PARKING SPACE INSIDE THE EXCLUSIVE BRIMMER STREET PARKING GARAGE. IT’S HARD TO UNDERSTAND, AND THAT’S WHY WE’RE TALKING ABOUT IT. LISTING AGENT RENE RODRIGUEZ SAYS THESE SPACES RARELY COME ON THE MARKET. THE APPROXIMATELY NINE FOOT WIDE, 24 FOOT LONG PARKING SPACE, WHICH INCLUDES VALET SERVICE, ALREADY HAS A FEW OFFERS. IF YOU’RE BUYING A HOME FOR MILLIONS AND MILLIONS OF DOLLARS ON THE HILL AND YOU HAVE NO PARKING, AND IF YOU CAN GET A SPACE FOR 500,000 OR 700,000, IT’S ALMOST SPLITTING HAIRS AT THAT POINT. IT’S A VERY GOOD LONG TERM INVESTMENT. THE SPACE IS CONSIDERED AN INDIVIDUAL CONDO AND COMES WITH A DEED, MEANING ON TOP OF THE $750,000 PRICE TAG, THE BUYER WILL PAY PROPERTY TAXES AND A 400 A MONTH HOA FEE. COMPARE THAT WITH THIS 326 SQUARE FOOT CONDO ON THE HILL, LISTED AT 499,000 WITH A $229 HOA FEE. MONEY IS VERY DIFFERENT FOR PEOPLE HERE IN THIS AREA VERSUS IN SOMERVILLE, WHERE I LIVE. LIKE IT’S CRAZY. IT’S ALL ABOUT LOCATION, CONVENIENCE AND PERSPECTIVE, SAYS RODRIGUEZ, FLYING A PRIVATE JET. IF YOU HAVE THE MONEY TO DO IT, IT’S GREAT. THE SPACE IS BEING SOLD BY TWO BROTHERS WHO INHERITED THE PARKING SPOT. NOW, THESE SPACES HERE AT THIS PRIVATE PARKING GARAGE FIRST WENT ON THE MARKET BACK IN THE 1970S AND SOLD AT $7,500. WE’RE LIVE IN BEACON HILL TONIGHT. JENNIFER AT THE WCVB NEWSCENTER 5 7500. WHAT A CHANG

Advertisement

Why is a coveted Beacon Hill parking spot going for $750,000?

Massachusetts Gov. Maura Healey has called housing the biggest challenge the state faces. However, for some in Boston, parking spots are also a high-priced commodity.In Boston's Beacon Hill neighborhood, one parking spot costs more than the median price for a home in Massachusetts.Alexa Fitzgerald lives on the hill and, despite the parking hassle, is now eyeing a condominium to buy for $750,000. Just down the street is another property listed for the same price — a single parking space inside the private and exclusive Brimmer Parking Garage."I would say it might be worth it to the right person," Fitzgerald said. "It's hard to understand, and that's why we're talking about it."The parking spot is big enough for a small SUV and comes fully staffed, with valet parking and options to have your car re-fueled or re-charged and even washed at an extra cost."If you're buying a home for millions and millions of dollars on the hill and you have no parking and if you can get a space for $500 to $700,000, it's almost splitting hairs. It's a very good investment," said listing agent Rene Rodriguez. "They're not building any more garages in Beacon Hill."The 9-by-20-foot parking spot is a rarity, Rodriguez said, and it already has a few offers. "I live in the neighborhood, and I parallel park once a week, so I can see why someone would want to pay that much to park here," Fitzgerald said.The parking spot is considered an individual condo and comes with a deed. "So you purchase it, you get a deed for the property just like a condo. You pay a property tax for it to the city of Boston and an HOA fee to maintain the garage."So, on top of the $750,000 price tag, the buyer will pay property taxes and a $400 a month HOA fee. You can compare that to a 326 square-foot condo in Beacon Hill listed at $499,000 with a $229 monthly HOA fee."These spaces don't come to market in Beacon Hill very often," Rodriguez said. "The sellers of this parking space inherited it from their mother. It's for the convenience, and I know they're not building more parking on the hill, so for the long-term, I think it's a great investment."

BOSTON —

Massachusetts Gov. Maura Healey has called housing the biggest challenge the state faces.

However, for some in Boston, parking spots are also a high-priced commodity.

Advertisement

In Boston's Beacon Hill neighborhood, one parking spot costs more than the median price for a home in Massachusetts.

Alexa Fitzgerald lives on the hill and, despite the parking hassle, is now eyeing a condominium to buy for $750,000.

Just down the street is another property listed for the same price — a single parking space inside the private and exclusive Brimmer Parking Garage.

"I would say it might be worth it to the right person," Fitzgerald said. "It's hard to understand, and that's why we're talking about it."

The parking spot is big enough for a small SUV and comes fully staffed, with valet parking and options to have your car re-fueled or re-charged and even washed at an extra cost.

"If you're buying a home for millions and millions of dollars on the hill and you have no parking and if you can get a space for $500 to $700,000, it's almost splitting hairs. It's a very good investment," said listing agent Rene Rodriguez. "They're not building any more garages in Beacon Hill."

The 9-by-20-foot parking spot is a rarity, Rodriguez said, and it already has a few offers.

"I live in the neighborhood, and I parallel park once a week, so I can see why someone would want to pay that much to park here," Fitzgerald said.

The parking spot is considered an individual condo and comes with a deed.

"So you purchase it, you get a deed for the property just like a condo. You pay a property tax for it to the city of Boston and an HOA fee to maintain the garage."

So, on top of the $750,000 price tag, the buyer will pay property taxes and a $400 a month HOA fee. You can compare that to a 326 square-foot condo in Beacon Hill listed at $499,000 with a $229 monthly HOA fee.

"These spaces don't come to market in Beacon Hill very often," Rodriguez said. "The sellers of this parking space inherited it from their mother. It's for the convenience, and I know they're not building more parking on the hill, so for the long-term, I think it's a great investment."

Top Picks