- Downtown parking spot listed for $750K, nearly matching Boston’s average home value.
- Owner must also pay $900 monthly fees covering taxes, HOA dues, insurance and services.
- Boston parking space prices have skyrocketed significantly over the past few decades.
In Boston, real estate prices have long been the stuff of legend, but it’s not just homes soaking up absurd amounts of money. Even the humble parking space is getting in on the action, fetching prices that rival suburban single-family homes.
Owning an enclosed parking spot downtown is undoubtedly convenient, but if you’re eyeing one in downtown Boston, prepare to empty your bank account. A single space in Beacon Hill’s Brimmer Street Garage is currently listed for an eye-watering $750,000.
More: This On-Street Boston Parking Spot Costs Nearly As Much As A House
And before you assume this princely sum buys unlimited, anytime access to your car, think again. The Brimmer Street Garage keeps staff on hand from 6 a.m. to 10 p.m. on weekdays and from 6:30 a.m. to midnight on weekends. Want to leave in the middle of the night? You’ll need to make arrangements ahead of time so your vehicle can be placed in a “designated space accessible at all times.”
Prime Location, Premium Price
The garage is located just a block from the Boston Public Garden, half a mile from the State House, and only a seven-minute stroll to the esplanade and the Charles River—so yes, location-wise, it’s about as desirable as it gets.
Besides having enough room to safely park your vehicle in a very convenient location, available services include refueling, charging, car washing, and a few “other concierge options”. Unfortunately, trucks of any kind are not welcome in the garage, meaning that your friend’s F-150 can’t park in your fancy spot. Guests with more modest vehicles, however, can use the space if it’s unoccupied or rent a nearby spot for an added fee.
Tack On About $900 In Monthly Fees
On Reddit, one user pointed out that a nearby garage charges about $400 per month, meaning $750,000 could theoretically cover over 150 years’ worth of parking fees. But the costs don’t stop there. You see, according to the Redfin listing we looked up, the Beacon Hill spot also comes with approximately $400 in monthly HOA fees, $291 in property taxes, and $238 in homeowners insurance—though other sources like Zillow suggest insurance could be as low as $167. Even using the lower estimate, you’re still looking at about $858 per month, or about $10,300 a year in overhead.
From $300,000 to $750,000 In 12 Years
While it sounds outrageous, the price isn’t without precedent. This particular space was sold for $300,000 in 2013, jumped to $400,000 by 2016, hit $460,000 in 2020, and sold again for $500,000 in 2023. The current listing suggests the owner is banking on a tidy 50% return, before factoring in years of HOA fees, taxes, and possibly loan interest if financing was involved.
For anyone not looking to spend a house’s worth of cash on a parking space, alternatives include the LAZ Charles Street Garage and the Boston Common Garage. These are open to the public, though they lack valet service and spots aren’t always guaranteed, depending on timing.
Boston’s Parking Spaces Have Gone Up In Value
Paying three-quarters of a million for a single parking spot might sound wild, but that figure isn’t new territory for Boston. Back in 2022, a couple reportedly turned down a $750k offer for an enclosed parking space attached to their $10.5 million condo.
Brimmer Street Garage has seen its fair share of six-figure transactions. Real estate agent Betsy Herald mentioned she’s sold three spots there for around $500,000 apiece. And if you think that’s extreme, consider that in the 1970s, the same spaces were reportedly selling for just $7,500.
More: Car Racks Up $208,000 Parking Bill After Year-Long Airport Stay
According to Rene Rodriguez, senior vice president at Cabot & Company, buyers are already showing interest after only a week on the market. He doesn’t anticipate prices coming down anytime soon, calling the space a “pretty good investment.”
Speaking to Boston, Rodriguez summed it up neatly: “It’s a pure luxury purchase. It’s not for everybody. It’s not like everyone can go shopping at Hermes or take private jet travel. But I get it though, because it is outrageous to a certain extent. But, if you have the money to do it, it’s very convenient.”
