Pair Of Boston Parking Spaces Sell For $560,000 At Auction

By: CBS/AP (Posted by Kion Hudson)
By: CBS/AP (Posted by Kion Hudson)

(CBS/AP)-- It's exclusive Boston real estate: two rare tandem parking spaces behind a building on Commonwealth Avenue in the Back Bay area.

There's lined asphalt and an alley view, and it sold at auction for $560,000, according to CBS Boston.

With too many cars and too few parking spaces in the wealthy Boston neighborhood, these spaces were highly coveted and the subject of a bidding war that started at $42,000.

The spaces were sold at auction by the Internal Revenue Service, which is using the proceeds to pay delinquent taxes from the previous owner.

"I came in with a strategy to jump out of the box right away and start bidding. I was totally outbid," said Betsy James, who was willing to go as high as $130,000.

James said the convenience right outside her building would have made the purchase worth it, but she couldn't match the price.

"I was looking at the faces around me, and people were astounded," she said.

The sale-price record for a single parking spot in Boston is $300,000 but this could be a new record for tandem spaces.

And Boston is not the only city witnessing a frenzy over parking spaces. In San Francisco recently, a resident paid $82,000 for a 12-by-8-foot parking space at a condominium complex.

Back Bay resident Mike Adams, who owns a space in a garage, says hunting for parking is a frustrating exercise in Boston.

"Parking in the city is tough. When friends visit, we have to find them a space in a garage and the timing has to be right," he said.

But Adams said no level of hassle makes more than a half million dollars for parking worth it.

"That's outrageous," he said.


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