A Parking Spot Is Selling for $125K: Outrageous or Understandable?
SodaHead Living
2011/09/02 19:33:17
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If you've ever lived in a metropolitan city like New York, Los Angeles or Boston, you know that finding a primo parking spot is pretty hard to come by.
But selling a parking space for six figures?! That's pretty ridiculous. But, lo and behold, it's what Helen and Bob Alkon are doing.
Two years ago, the Alkons bought a condo in downtown Boston for $1.3 million, along with a nearby parking spot for $100,000.
Now, they're glad they did, because the spot has actually increased in value -- to 125K.
That price may seem pretty outrageous to us common folk, but Jon Gollinger, a condo broker and real-estate consultant, says that it's all about convenience.
"You're dealing with the elite," Gollinger told The Wall Street Journal. "Someone who has money and is willing to spend a million, million and a half on a unit, you're not going to park your car in a building that's half a block away. That's just not going to happen."
We're not sure if the Alkons have sold their parking spot yet, but something tells us that in downtown Boston, that price is a steal for the wealthy.
Do you think a $125K parking spot is outrageous or kind of understandable?
But selling a parking space for six figures?! That's pretty ridiculous. But, lo and behold, it's what Helen and Bob Alkon are doing.
Two years ago, the Alkons bought a condo in downtown Boston for $1.3 million, along with a nearby parking spot for $100,000.
Now, they're glad they did, because the spot has actually increased in value -- to 125K.
That price may seem pretty outrageous to us common folk, but Jon Gollinger, a condo broker and real-estate consultant, says that it's all about convenience.
"You're dealing with the elite," Gollinger told The Wall Street Journal. "Someone who has money and is willing to spend a million, million and a half on a unit, you're not going to park your car in a building that's half a block away. That's just not going to happen."
We're not sure if the Alkons have sold their parking spot yet, but something tells us that in downtown Boston, that price is a steal for the wealthy.
Do you think a $125K parking spot is outrageous or kind of understandable?
Top Opinion
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activ1 2011/09/02 22:33:11
Even in land-surfeited Australia, there are many places in the cities with permanent parking, where people pay for parking rights over a long period of time, most often quarterly. So if they are paying for a parking spot for a very long period it would be very easy to see.
Why do people pay hundred of dollars for a pair of sneakers?
WHY do people pay hundreds of dollars to go to a concert (and listen to the CROWD singing [badly] over the top of the people you [allegedly] paid to see/hear)?
WHY do people pay thousands of dollars for Season Ticket to watch men playing ball games?
It's a matter of what people are willing to PAY for some perceived VALUE.
Personally, I don't get the parking space (NOR, do I get people wanting to live in New York, and spending a fortune to live in a closet), but, hey, if that's what YOU like, and you're willing to pay for it... Knock yourself out!
cause.
Not everybody has driveways or lots where they live.