Boston Parking
Parking spaces make excellent additions to homes, especially if you want to add to the value of a property. In Boston, the scenario is a little different as the cost of parking space depends on various factors. Back Bay Brownstones real estate experts highlight some of these aspects.
The Type of Neighborhood
While the average parking spot ranges from 170-200 square feet, the price varies from one area to another. A parking spot in Beacon Hill, the most expensive residential neighborhood, charges as much as $390,000 for parking space. Back Bay follows suit with parking spaces located on Marlborough St. that are priced as high as $305,000 or $1,525 a foot. Beacon Hill and Back Bay charge high rates due to the areas' population densities and the residents' propensities to pay for the convenience of parking spaces.
Cheaper condos with parking spaces around Back Bay area include Newbury Street, which goes for $108,500. Downtown, which is located right in the middle of Boston, also provides a more affordable alternative with prices ranging from $105,000 while South End offers the cheapest parking spot, charging between $50,000 and $88,000.
Unit Parking Purchase vs. Independent Purchases
For some condominium buildings, parking is included as a unit purchase while others are characterized by independent parking areas sold separately. In other places, however, the parking space is designated for exclusive use of individual units. As such, users who purchase those units gain exclusive rights to use the parking spots.
Independent parking areas are not included in a conventional residential mortgage. It explains the different charges for parking spaces even when located on the same deed as the condo. As such, if you want to purchase an independent parking space such as that of Brimmer Street Garage, the most recent car condo sale, you should be prepared to pay a higher charge that is exclusive of any mortgage payment; usually as high as $390,000 or $1950 a square foot.
The Kind of Parking Spot
The type of neighborhood you intend to reside in plays the greatest role in determining the parking cost. However, the parking spot you choose also affects the price. People parking in an alley, an off-street spot or a garage, for example, pay different charges. Back Bay is, especially notorious for charging exorbitant prices for parking spaces. In 2013, two tandem parking spaces located at 298 Commonwealth Avenue were sold for $560,000 during a fifteen-minute auction, setting an all-time high record sale. Other pricey parking deals include:
- A parking area sold for $300,000 in 2009 that is located at 48 Commonwealth Avenue
- Two tandem parking spots on the same avenue sold for $200,000 in 2012
- A parking space on Marlborough Street sold for $250,000 in December 2012
- A condo unit located on 409 Commonwealth Avenue listed for $4.35 million in November 2014. The unit included two underground parking spots, which Boston authorities had assessed at $50,060.
- Another record sale was made in 2006 when a buyer paid $250,000 for a parking spot. Initially, the space was set to be an open-air parking area.
The high rates also apply to motorists parking in particular areas during the day. Off-street metered parking, for example, is often limited in most places and almost non-existent in other locations. Most spaces are labeled residents only. In Back Bay, metered parking costs $3.75 per hour; the cost may be lower in other neighborhoods.
It means that while you may be residing in Back Bay, the parking cost can vary greatly, depending on the parking spot you choose and the convenience that comes with the space. A parking spot that allows you to drive into and out of the space easily may charge higher than a tandem spot that requires you to move another car to access your vehicle.
Conclusion
Clearly, there is no defined method to determine the value that a parking space adds to a condo in Back Bay. Factors like the neighborhood that the condo is located in, whether or not the parking space is included in the same deed, and the kind of parking spot comes into play. Owners may find identical condos- one with a parking space and other without- to determine the value of the area. However, aspects like the outdoor space, monthly expenses, and the level of renovation may make it difficult to come up with an actual value.