Wednesday, February 1, 2017

Home Much Value Does a Parking Space Add to a Home?

There is a lot of
competition for parking
spots in large cities.
How much value does a parking space add to a home in a big city? For instance, in Boston? That's what the website Curbed Boston wanted to know and the answer is flabbergasting. At least to me.

Constantine Valhouli, co-founder of real estate research site NeighborhoodX, says the average parking space is between 170 and 200 square feet and the value depends on what neighborhood it is in. There are also different kinds of parking spots- off-street in a driveway or alley, garages, etc.

But going through data, one of the most expensive sales of a parking space Valhouli quoted was a space at the Brimmer Street Garage, known as a car condo, for $390,000. At 200 square feet, that's $1,950 a square foot. And a lot more than I've paid for any of the three homes I have purchased over the years.

Another spot sold for $305,000 in the affluent neighborhood of Back Bay and in the South End, prices recently have ranged from $50,000 to $88,000. Ouch. Just ouch.

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About SRTC

SRTC is the federally designated Metropolitan Planning Organization (MPO) for Spokane County. Urbanized areas with populations exceeding 50,000 people are required to have an MPO. SRTC was formed to address the county's transportation planning needs. It provides coordination in planning between the public, cities, small towns, the county, the state, transit providers, and tribes.

SRTC offers services including transportation monitoring, transportation modeling, census information analysis, travel demand forecasting, historical traffic count analysis, geographic information systems, and trip generation rates.