With congestion in human settlement, it is plausible to expect higher returns on real estate. But defying logic, the housing sector is losing ground against the vehicle parking space, which is hitting new heights. According to Real estate tracker, Listing Information Network, an unidentified buyer yesterday, paid $300,000 for a private parking space in the Back Bay, making it the most expensive parking space in Boston. Apparently, several residents at 48 Commonwealth Ave. kept a bidding war for the invaluable parking space, hauling up the asking price from $250,000 to a screeching $300,000. The bidder, who did not want to be identified, was one of the lucky residents to be potent enough to have paid a price that is more than what many people pay for a house.
The lofty price of the parking spaces near the Public Garden accords to the acute shortage of space in these areas. Last year, Back Bay and Beacon Hill have fetched an average selling price of $134,000 and the preceding year, it summed up to $127,000, which means that the numbers of parking space sales have gone up in the last two years. What is surprising is that the $300,000 space is outdoors, uncovered and came with fewer amenities other than the prime location. The $300,000 price breaks the previous record of $250,000 paid for a space behind 31-33 Commonwealth Ave in 2006.