How much would you be willing to pay for a parking space you badly need? We’re guessing that, for most people, it can’t be $280,000 (€209,770). Yes, you read that right, a man in Boston paid $560,000 (€419,760) for two tandem parking spots located in an exclusive neighborhood in the Back Bay area of the city!
According to a Boston.com report, the initial auction from the IRS started at $42,000. So how did they end up costing more than thirteen times that amount? Well, it was all caused by a bidding war between two neighbors. Both wanted the parking spots behind 298 Commonwealth Ave. so badly that they were carried away with the bidding.
Actually, too carried away, we would add, as they went from $42,000 to more than half a million dollars in less than 15 minutes. Not to mention that the two spaces aren’t even in a closed garage and the cars that will park there will be exposed to nature’s (and human…) elements.
To put things into perspective, you should know that the average single family home in Massachusetts costs $313,000. The neighborhood is home to the most valuable parking spots in Boston, with the record for a single spot being $300,000, set in 2009 for a space behind 48 Commonwealth Ave.
Even with these mind-boggling prices, the auction venue was packed with dozens of local residents, business owners, real estate agents and lawyers, all of which were complaining of the difficulty to find a place to park in the area.
By Dan Mihalascu
Thanks to Maria for the tip!
Photo Credits: Google Maps