CBT
06-11-2009, 07:58 AM
BOSTON -- It's more than many people pay for a house. An unidentified buyer paid $300,000 for a coveted private parking space in Boston's Back Bay Wednesday.
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It is the most expensive parking space in the city's history, according to Debra Sordillo of Coldwell Banker Residential Brokerage, who brokered the deal.
Sordillo said that several residents at 48 Commonwealth Ave. engaged in a bidding war for the space, driving the original asking price of $250,000.
The prime space is in a neighborhood just a block from the Public Garden, where parking spots are in short supply.
"There's only so many parking spaces in the city," Sordillo said. "And in this part, there's very few. It’s all a question of supply and demand."
While the Back Bay is one of Boston's most affluent neighborhoods, the median sale price for a house in Boston is now $365,000 according to the Web site housingtracker.net
The $300,000 parking space is outdoors and uncovered. One condominium in the building is currently for sale at $2.5 million.
The previous record for a parking space was set in 2007, when a buyer paid $250,000 for a spot at 31-33 Commonwealth Ave, according to Debra Taylor Blair of Boston’s Listing Information Network.
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It is the most expensive parking space in the city's history, according to Debra Sordillo of Coldwell Banker Residential Brokerage, who brokered the deal.
Sordillo said that several residents at 48 Commonwealth Ave. engaged in a bidding war for the space, driving the original asking price of $250,000.
The prime space is in a neighborhood just a block from the Public Garden, where parking spots are in short supply.
"There's only so many parking spaces in the city," Sordillo said. "And in this part, there's very few. It’s all a question of supply and demand."
While the Back Bay is one of Boston's most affluent neighborhoods, the median sale price for a house in Boston is now $365,000 according to the Web site housingtracker.net
The $300,000 parking space is outdoors and uncovered. One condominium in the building is currently for sale at $2.5 million.
The previous record for a parking space was set in 2007, when a buyer paid $250,000 for a spot at 31-33 Commonwealth Ave, according to Debra Taylor Blair of Boston’s Listing Information Network.