Boston Parking Space Sales Heat Up

During a heat wave you are probably not thinking about New England winters, but perhaps you should ponder it a little – do you remember how difficult it was to find a parking space in December during a New England nor’easter?  Remember the snow bans, spending hours digging yourself out of your on-street parking space and then having to worry about if it would be available upon your return?

Be proactive this summer, and purchase piece of mind by acquiring a Boston parking space in a secure and covered garage.  You will thank yourself come the dead of winter when you are driving your car out of the garage!

Recent Boston Garage Parking Space Sales

I have recently sold two parking spaces in both downtown and the South End areas of Boston.  My clients purchased parking spaces because they have seen the population growth in their living areas, found finding a place to park in the evening increasingly more difficult and have experienced car vandalism when parked on the street.  Now, with their covered and secure garage parking spaces, they can enjoy city living with more ease and not be burdened with the parking hassles and owning a car.

Boston Parking Space Investments

Parking spaces can also serve as great investment tools for those people looking to purchase real estate but do not want the headaches of being a landlord of homes.  Parking spaces can appreciate much in the same way as other property with lower entry costs and lower maintenance expenses.   Parking spaces are investments that do not require much intervention once you own them; find a renter and then begin collecting the rent checks.

Parking spaces can be found in various parts of the city including the West End, South End and Downtown Boston.  Some spaces require you to pay real estate taxes and garage fees also called HOA fees.  Taxes range from $800 to $1000 per year and garage fees can range from $60 to $300 a month.  However, there is at least one unique space in downtown Boston at the Ritz Carlton Millennium Tower garage that does NOT have real estate tax or garage fees associated with it – the Ritz Carlton garage parking space is a new listing of mine.  No monthly fees along with a current tenant leasing this space makes this Boston Ritz Carlton garage parking space highly attractive to potential buyers looking for a solid investment.

If you have interest in either buying or selling a garage parking space and want to speak more about what I’m seeing in the market right now, contact us here on the Boston Real Estate Observer.