A spot in the city’s trendy South Beach neighbourhood sold for $82,000 (Rs 47 lakh) last week.
The 8-by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark.
While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium.
They can add as much as $100,000 to the purchase price of a property. “We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only on the market for two weeks.”
Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.
Rs 5.85 crore for this space!
A 20ft (6m) by 9ft freehold garage sold for £650,000 (Rs 5.85 crore) in January 2006, in London, making it one of the most expensive parking spaces in the world. The property in Egerton Terrace, Chelsea is approximately five times that of the average cost of a first-time buyer’s property, according to the Council of Mortgage Lenders.