Posted on 09/14/2015 12:31:00 PM PDT by freddy005
In cities like San Francisco, New York and Boston, parking prices have reached an all-time high. At least two new developments in Manhattan are asking $1 million for a single parking spot. Condominium developers are touting parking spaces with glossy brochures and promotional videos, marketing the small patches of concrete as luxury amenities. Price tags are rising as parking options become scarce in major cities. Until recently, the rule of thumb for San Francisco developers in prime, central areas was to build one parking space for every unit, the maximum allowed by the city planning department in some locations, says Alan Mark, the president and CEO of the Mark Co., which handles sales and marketing for condo and apartment buildings. Now, the maximum allowed in many central locations is an average of half a parking space for each unit, after a change in local rules...... For about four times the cost of an average single-family home in the U.S., buyers can purchase a parking space in New York’s Soho. At 42 Crosby Street, a 10-unit luxury building under construction in Soho, 10 underground parking spaces are asking $1 million—more on a price-per-square foot basis than the units upstairs. The building’s developers declined to comment. At 15 Renwick, also in Soho, there are three parking spots priced at $1 million each. Tim Crowley, director of new development at Core, which handles marketing for 15 Renwick, says parking is priced at a premium because developers hope the spots will be sold with the building’s two penthouses, priced between $7 million and $11 million. Jonathan Millr, president of appraisal firm Miller Samuel, says the highest actual sales price he’s seen for a single parking space in Manhattan is $325,000.
(Excerpt) Read more at marketwatch.com ...
$11 million dollar penthouse. Parking extra. What a deal. (Are we in Housing Bubble 2.0 yet?)
Newman was wise to park on the street.
Buy two $5000 parking spots. Hire two drivers for $40,000 each. Savings $910,000/year.
Why would anyone living in NYC have a car?
But if you must, you can rent a space in a near by parking lot for so much less.
That’s what I was thinking. Buy a car. Hire drivers to drive it around the block 24/7. Anytime you need your car, walk outside and there it is!
Reserved for Socialist Masters
Crony Capitalists One Floor Down
That means my house is worth about $10 Million, since I have room for off-street parking for about 10 vehicles.
The problem is, my house isn’t in San Francisco (or California, for that matter).
Lots of parking at this high rise priced a little less than Manhattan.
I have often wondered where people go to buy gas in Manhattan.
Usually....in New Jersey! LOL, it’s always cheaper West of the Hudson River.
If you can afford a $1m parking spot - you aren’t looking to save $910,000.
There have to be times when someone is not going to make it to New Jersey or Brooklyn.
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