In a recent survey conducted, highly urbanized cities such as Boston, New York and San Francisco have a common denominator nowadays. Parking spaces, especially with all the gloss of condo developer marketing, have become luxury amenities and may reach the $1 million mark very soon, according to a report from MarketWatch.
The parking space is now something of an accessory. In previous developments, like the ones in San Francisco, the ratio was one unit one parking slot. Nowadays, after a change in the rules, many central condominium complexes allot half a parking space per unit.
According to Mark Co. President and CEO Alan Mark, prices for parking units have reached $125,000 for a single parking space in prime San Francisco locations. This is nearly a 100% increase from the previous high of $70,000, according to the marketing firm for condos and other developments.
New York is an altogether different story. According to a report from Business Insider, the car is just a small percentage of expenses to be paid for when one wants to drive around New York City. The parking slot has been called the ultimate luxury accessory.
Two of the newest condo developments in the city are charging $1 million for a permanent parking slot for a car. This was confirmed by a report from The Wall Street Journal, which identified the developments as No. 42 Crosby Street, where one of the ten parking spaces located underground is worth a million apiece. The other one is No. 15 Renwick, one of the three available parking slots is also priced at one million.
This isn't the market rate though, according to Miller Samuel President Jonathan Miller. The appraisal firm said that the real market rate, as reported on the same Business Insider article, is around $325,000 per slot.