Boston Parking Availability and Value
David Bates / June 15, 2013-11:13 pm
The price of pahking a cah in Bahston has once again made headlines.
I guess another six months has gone by.
Maybe, my post of May 24 should have been entitled, “Buy the Parking, Get the Car for Free”? LOL.
More seriously, for local condo buyers unsecured parking can be a cause for concern. To find out how prevalent secured parking is in Boston neighborhoods, check out my chart. I reviewed condo sales from 2005-2012 to see what percentage of condos for sale offered parking. The parking offered could be rental, assigned, an exclusive use area, or deeded, just so long as it was offered as transferable with the sale. Due to the fact that many listing agents may have included garage parking in both categories, the two categories were not mutually exclusive.
|Area||1+ Parking||Garage Parking|
(Source: Bates Real Estate Report Analysis of MLS data)
Additionally, about two years ago, I had three revealing posts about the cost of parking in Boston and now is a good time to revisit them. One explored the median sales price of condos which offered parking versus condos without parking. Before you say $560K was too much to pay for that parking behind 298 Com Ave, or even that such a purchase should be expected from someone owning a nearby townhouse, you should definitely check out this post. It will give you an idea of the real value of the parking in Back Bay.
I gotta go now, a space just opened up on Newbury Street.