Talk about real estate bubbles.
A parking space just sold for $300,000 in Boston.
Today, a buyer paid $300,000 for a private parking space in Boston’s Back Bay section, making it the most expensive parking space in the city’s history, according to Coldwell Banker Residential Brokerage.
Seems excessive to me. I wonder why a parking space would be so expensive? If parking spaces command that high a price, I would expect some industrious person to build new parking accommodations to take advantage of the demand.
Though the price is more than what many people pay for a house, Sordillo said prime parking spaces in a neighborhood just a block from the Public Garden are in short supply.
“There’s only so many parking spaces in the city,” said Sordillo. “And in this part, there’s very few.”
In other words, artificial scarcity caused by misguided government policy.