Garage Parking Space for Sale at Boston Ritz Carlton

Perhaps one of the most unique property ownership opportunities in Boston has emerged once again with the listing for sale of a Ritz Carlton self-park secure garage parking space for $110,000.

What’s so unique about a garage parking space available for sale in the middle of downtown Boston?

Well, a lot.

Boston garage parking space B3 16 in the Ritz Carlton garage carries no real estate taxes, no HOA fees, and no expenses of any sort, in perpetuity.

Not your standard piece of land in the middle of Boston, by any stretch of the imagination!

Boston Ritz Carlton Parking Garage Entrance

The Ritz garage offers owners the ability to self-park, something nearby condominium developments like Tremont on the Common or Grandview do not allow, which creates parking spaces that trade for less than $50,000, but carry exuberant monthly expenses (as an investor, it’s really hard to make the numbers work).

The Ritz Carlton garage has no residency requirements, so while it makes sense for a building resident to marry another parking space to their condo, investors, and even commuters can get in on the action at the Ritz.

Ritz parking space B3 16 is a reserved parking spot located near the garage elevator on level B3, and is a single non-tandem space.

The secure Ritz Carlton garage is located east of the intersection of Boylston and Tremont Streets, available to enter by vehicle on the north side of Boylston Street, while also accessible by foot via elevator off Avery Street. An Orange line T stop is adjacent to the garage.

For more information regarding this Ritz Carlton parking space for sale, listing your parking space for sale, or buying a downtown Boston garage parking space, contact us today.

2 Avery Street Ritz Parking Garage

New Tremont Street Boston Parking Space for Sale

Finding a place to park your car in downtown Boston can be difficult and expensive.

First, you have to locate a space. Then you have to deal with parking tickets, street cleaning, expensive meters, drivers bumping into your car, not to mention winter weather.

This is why more and more people are investing in Boston parking spaces. Not only will you avoid all these aggravations, owning a parking space in the city center of Boston can also be a great investment opportunity.

Boston Parking Spaces on Tremont Street

If you are looking to buy a parking space located in the heart of the city, the space located at 170 Tremont Street, inside the Parkside condominium development, offers a secure designated spot with 24 hour security and valet service. Compared to other parking facilities, the valet service at 170 Tremont Street provides flexibility to retrieve your vehicle; you can either call ahead to request your car or set up a parking schedule with the valet service.

Tremont Street Boston Parking-Space for Sale

Additionally, you do not need to own a condo in the Parkside condo development to purchase this parking space. Contact us today regarding Boston parking spaces – we work with local residents looking to buy and/or sell, as well as investors all over the US and abroad who are interested in leveraging parking spaces in Boston as an income producing asset that can diversify their investment portfolio.

This space is conveniently located a short distance to the Back Bay, Financial District, Beacon Hill, Faneuil Hall, and the Theater District. This is an ideal parking space for current owners in the Parkside condominium complex, students, investors, renters / homeowners at the Tremont on the Common, Ritz Carlton Towers or The Grandview or nearby neighborhoods.

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.

Boston Ritz Carlton Parking Space for Sale

One of downtown Boston’s most recent listings is at the Ritz Carlton Boston. Not a condo, but a parking space for sale in the exclusive Ritz Carlton Millennium Tower.

Own a piece of the highly sought after Ritz Carlton, free and clear by purchasing a Ritz Carlton garage parking space that can be for personal use or as an investment tool. Many garage spaces in Boston require that you pay a monthly HOA fee and real estate taxes, not the case here. The new parking space listing at 2 Avery Street, parking space B2-#6, does not carry any corresponding HOA fees or real estate taxes.

The garage is secure and conveniently located in downtown Boston behind the Ritz Carlton residence entrance. The Ritz Carlton space is self-park, so when it is time to leave ,no need to call ahead just drive out of the garage.

If you already own a condo residence at the Ritz Carlton this would be a great addition to your existing condominium. The list price of the Ritz parking spot is $93,000. For those looking for an investment, the space is currently rented for $375 per month, with the tenant able to vacate in 30 days.

For more information regarding the Ritz Carlton parking space for sale, listing your parking space for sale, or buying a downtown Boston garage parking space, contact us today.

South End Boston Parking Spaces

Hard to imagine that Boston is poising itself for another winter season. Invariably, as the thought of snow and ice, digging through snow, and saving parking spots enters the minds of car owners, parking spaces listed for sale seem to increase in velocity on the Boston MLS. For a complete view, evaluate all Boston parking spaces for sale that are currently available.

Some of the most attractive parking spots continue to be those that are found at Wilkes Passage and Rollins Square in the South End. Prices in these buildings are quite competitive, the velocity is rather steady, and HOA fees are relatively low for garage parking. The one thing to keep in mind when considering Wilkes or Rollins is that you do not need to live in either complex to purchase a parking space in the building, however, you do indeed need to be a resident of the South End neighborhood. This combination of information is not always entirely clear in listings, yet, critical to know especially if you are an investor looking to make an investment in parking spots.

No One Should Park for Free

With UCLA professor Donald Shoup continuing to garner further exposure for his ideas around the perils of free parking and what it costs residents of cities across the US, the merits of parking spot ownership also continue to gather steam.

In a recent NY Times article, Shoup states that 99% of automobile trips end in a free parking space.  The law of averages is no doubt in play here, as Boston has little to no free parking if you consider neighborhood resident parking areas “paid” parking.  The South End neighborhood is a good example of Boston’s lack of free parking spaces, where perhaps the only free parking available is on Columbus Avenue in between Massachusetts Avenue and Dartmouth Street.  Residents and visitors alike in this area circle Columbus Avenue like hawks pouching on available spots, only to many times leave cars sitting until they must be moved several days later for street sweeping.

Beacon Hill, similar in nature, is made up almost entirely of resident parking spaces, and the significant demand, outstripping supply by leaps and bounds, has continued to push up average resale parking space prices at the exclusive Brimmer Street Garage to approximately $250,000 per space.

Beacon Hill Resident Parking Boston

The heart of this topic is the concept that the availability of free parking spaces propagates the use and possession of cars, driving, congestion, and pollution. Shoup suggests that a free parking space is in essence a subsidy.  The trend towards decreasing congestion and cars in city centers, and increasing the use of public transportation, is not new.  London serves as a great example of a city that has taken significant and proactive steps to curb automobile use in its city center through the use of economic means, a traffic congestion charge.

These trends place increasing amounts of wood behind the arrow of Boston parking spot ownership.  An increasing number of investors and analysts are digging deeper into the concept of leveraging Boston parking spaces as investment vehicles by assembling a portfolio of income producing parking spots.  Boston has been ahead of the curve in this realm, and should the trends evangelized by Shoup continue to gain steam, the economics of supply and demand will move even further in favor of owning a parking space in downtown Boston.

2009 Downtown Boston Parking Spot Sales

The 2009 downtown Boston parking space sales numbers have been compiled, and year over year, while volume was down, average and median sales prices have remained stable.

According to LINK (one of two Boston MLS systems), the number of parking spaces that sold in downtown Boston during 2009 was 65, down from a 2008 volume of 97. Average sales price fell slightly to approximately $94,000, and median sales price rose slightly to $67,000.

2009 Boston Parking Space Sales Statistics:
Number Sold: 65
Average: $94,420
Median: $67,000
Average DOM: 132 days

2008 Boston Parking Space Sales Statistics:
Number Sold: 97
Average: $99,641
Median: $65,000
Average DOM: 136 days

The economics (i.e. supply and demand) behind parking spaces in the heart of the city continue to bolster the appeal and stature of owning a space outright, for those who simply need a place to park a vehicle either inside or out, or those looking to build a stable and diversified investment portfolio.

2010 is off to a quick start, with the latest Boston parking spot sale taking place at the Ritz Carlton (2 Avery Street) in Boston’s Midtown neighborhood – the space in the self-park secured Ritz Carlton garage sold for $88,000.

For more information on deeded parking spaces in Boston, see our comprehensive page of Boston parking space listings.

Snowed In? Garage Parking Spot Investment Looks Clear

While supply and demand is the economic concept that resonates with most people, drilling further into that cornerstone of economics and looking at  economic scarcity, when availability is not enough to meet demand, is becoming more poignant in light of Wall Street’s meltdown, as well as the lack of melting snow. The investment merits of garage parking spaces to diversify and stabilize your asset pool, and prevent a complete time sync of shoveling your car out of a giant snow pile, is on the rise in Boston and across the country.

A cornerstone of finance is the concept of diversification, and with the S&P 500 down almost 40% in 2008, consumers and investors are on the lookout for assets that will simply hold their value, let alone appreciate.  Garage parking spaces have have become more attractive in the current financial market, and provide the diversification and potential future appreciation for several reasons.

Too many, or too few, parking spaces in Boston?

Looking at supply and demand, at the condo development level, it’s important to note that not all condo developments have parking garages (take Broadluxe for instance) and many condo developments have more condominiums than parking spaces in their garages (take Strada 234 for instance).  At the rowhouse level, say, in the South End, you typically see two outdoor parking spaces assigned to each address, but sometimes none, that being a function of rowhouses at one time serving as single family townhomes, and the availability of street parking (for residents) in some neighborhoods. That said, excluding the transient influx of parking demand for city employees and college students, parking spaces, especially garage parking spaces, are a scarce resource in Boston.

Do Boston Parking Spots Appreciate in Value?

Back in 2004, the Boston Globe put together an article (see Value soars on choice Hub parking spots) about parking spots at the Beacon Hill Brimmer Street Garage that were fetching $160,000, which at the time was quite monumental.  In 2008, parking spaces at the Brimmer Street Garage were selling for $250,000.  From 2006 highs, both median and average prices for deeded parking spots in Boston are again on the rise.  With the volatility in the financial markets, appreciation appears to be somewhat of a (bonus) afterthought notes a recent Wall Street Journal article (see When Stocks Tank..) that highlights consumers abandoning stocks and bonds and seeking refuge in unusual alternatives, including, parking spaces.

Snowed In Boston Parking Spot

And then there’s the convenience factor.  Regardless of whether you have direct access garage parking in your building, or if you have to walk outside to get to a garage parking space, finding your car cozy and warm with no snow, and no snow plow drifts, on your car is a nice feeling.

How to pick a garage parking spot?

Even within a parking garage itself, there are several factors that contribute to a parking spot’s value, namely, is it a corner or end spot, which increases the number of resale Buyers who would purchase the spot, especially those with high end automobiles.  Additionally, security, heat, level / floor (specific to multi-level garages), and proximity to an elevator all factor into the value. Finally, consider the popularity of the condo development (if applicable) associated with the garage, a popular location and building only increases the value of an investment in a parking space, versus making a purchase in a building not yet completely sold out or rented.

Snowed In Boston Parking Spot

2008 Boston Parking Spot Numbers

With the start of a new year, we now have visibility into summary statistics for deeded parking spaces that sold in downtown* Boston during 2008.  Both average and median sales prices for Boston parking spots increased in 2008 over 2007 numbers.

Number Sold: 93
Average: $80,459
Median: $65,000
Average DOM: 112 days

Approximately 20 $100,000+ parking spot sales in the Back Bay, Beacon Hill, South End, North End, and Waterfront bolstered sales figures in 2008.

Number Sold: 117
Average: $71,865
Median: $40,000
Average DOM: 73 days

Number Sold: 53
Average: $93,225
Median: $75,000
Average DOM: 202 days

*Downtown Boston includes the following neighborhoods: Back Bay, Beacon Hill, Chinatown, Fenway, Financial District, Leather, Midtown, North End, Seaport, South Boston, South End, Theatre District, Waterfront, West End.

Record Setting North End Parking Spot

Back in mid June (see Boston Real Estate Under $100K), we briefly covered an available garage parking spot at 44 Prince Street, a relatively new higher-end condo development in the heart of the North End, that was listed for sale at $100,000.  Our friends at Universal Hub even caught wind of it and were entertained, to say the least.

After being on the market for 17 days, the parking space went Under Agreement, and the piece of property closed on September 2, 2008, for…$100,000 – perhaps setting a new record for North End parking spaces.