Photo: Christopher Spagnuolo, Coldwell Banker Homes Real Estate Agent
BOSTON (WBZ NewsRadio) — For a mere five to six figures, Bostonians can say goodbye to the chaos of finding parking in neighborhoods like Beacon Hill, South End, and Back Bay.
A private parking spot on Newbury Street, near Mass Ave., is currently on the market for $160,000. Chris Spagnuolo, a realtor at Coldwell Banker Homes, said these spots are a hot commodity, as parking has become sparse in the area.
"We have noticed over the past few years that parking spots have been shrinking drastically."
As prices for real estate in Boston continue to climb, the cost of parking is also going for a premium.
"Beacon Hill is very tight for parking spots," Spagnuolo remarked." So you know, some people purchasing a two-bedroom condo for a million to a million and a half, $75,000 for a parking spot is a pretty good deal."
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Boston is known for its historic homes built in the 1800s and early 1900s, before the car boom, leaving little space for vehicles at an abode. While public transportation is ample and Boston is considered a walker's paradise, Spagnuolo says more home buyers are looking to purchase parking spaces as well. He has another spot on sale for $159,000 in the Somerset garage on Newbury Street.
"You can walk right down the COM Ave mall. You've got the marathon that ends close by. You've got Kenmore Square. You've got access to the South End, right down Mass Ave. If you want to cross over Mass Ave and get into Cambridge, you're two blocks away from the Charles River."
Earlier this year, a parking space on Beacon Hill hit the market for $750,000.
WBZ NewsRadio's Kyle Bray (@KyleBrayWBZ) reports.