The Challenges of Parking in BostonDecember 1, 2012
Many of my Boston real estate clients move from the suburbs to enjoy all the energy and conveniences of urban living. Moving to the city means you also have to be prepared to deal with the parking issue. Most buyers have parking on their “must have” wish list when they begin their Boston condo search, and quickly realize that parking is not generally included.
Added Bonus for Boston Condos: A Parking Spot
Many properties in the city do not include one parking spot, much less multiple spaces. It is all a question of habit – what you’re used to and what you’re willing to sacrifice for urban living. Covered parking is obviously more valuable than open parking, and if a spot isn’t included in your contract, you can purchase one.
Parking spots typically range from $150K to 275K to purchase, and I’ve seen some sell for as much as $300,000. The range really depends on whether it is a tandem space or full (meaning you don’t have to move your car every time your neighbor does), outside space or covered garage. Buyers could buy a space from another building nearby or lease a space in a lot or garage close to their Boston condo. The rents vary in different neighborhoods, ranging from $125 to $450 per month.
Most neighborhoods have on street “Permit Parking”, but beware of winter months and snow emergency parking ban notices. The cars have to be moved and put into nearby garages during the snow emergency, or the city will tow.
Given the limited spaces underneath some buildings, many creative parking methods are practiced, such as valet or car lifts that take the vehicles down to the garage with an attendant, or staking lifts (keeping one car above another).
I’ve had buyers who invest in parking spaces in the Back Bay and the South End and have bought several spaces they rent out and can later sell. In short, parking is a rare commodity to have it the city. Some empty nesters opt to sell their car and find it more convenient to walk or take public transportation. Renting a car is always an option for a weekend get-away.
Interested in which Boston real estate properties include parking? Contact me to explore the city’s auto real estate options.