Parking space sells for $300,000
Umm. Err. What to say to that one?
I guess the ultimate irony would be parking a Ford Pinto in it.
The fat that there are still rich people does not mean the economy is OK.
I could buy it, but I’d have to live in it.
It’s kind of like on Gilligan’s Island…
Professor) What did Mr Howell do during “The Depression.”
Lovie) Oh yes, that was when Thurston lost most of his money and became an ordinary millionaire.
Funny, I knew exactly where they were talking about just by the title in the link. My (ex) in-laws are multi-millionaires and they live in the Back Bay of Boston. They have to take their cars to a parking facility every night and have them put up on lifts. I don’t know exactly how much it costs but it is pushing $1000 a month. You can’t count on consistent parking in the area so parking spaces go for a huge premium. If the person in question can sell the spot later, it may not be such a bad investment.
I worked in that neighborhood for 10 years. I can understand why someone would pay that much for a dedicated parking space, if they could afford it.
I live in a condominium building that–when the market was good–the units sold for roughly 75% the value of similar condos nearby just because there was no parking. My building has now all but been vacated because everyone who lived here decided to trade up while the buying’s cheap. They can buy a condo with parking at the same price they bought a place here, and sell the place here in a year or two at a profit or break even.
Economies stay bad when people refuse to do anything about it or simply have no idea how to right things. We’re not in the position, so if anything the cheap prices are probably going to propel us back just as much as anything else.