The asking price for parking spaces in Boston at the beginning of August ranges from just under $39,000 (in the West End) to $250,000 (in the South End).
A number of factors drives this price range. Prices for parking spaces are obviously proportional to the asking prices for residential units in the same neighborhood (more on this in a moment), but they also differ based on whether they are surface parking or garage spaces, single or tandem, heated or not, self-park or valet.
Parking spots in the West End are the most affordable, from $38,500 to $55,000. That said, the West End is also the most affordable neighborhood on the Shawmut Peninsula, in large part because urban renewal destroyed the historic fabric of the neighborhood and replaced it with something higher-density but considerably less beloved.
If we assume 200 square feet per parking space (they tend to range from 170-200 sq.ft., so let's skew more conservatively in the prices), let's compare how parking prices per square foot compare to residential asking prices. Residential asking prices are from our July 2020 market report.
Back Bay: $625/sq.ft. vs. $1,308/sq.ft. (47.8%)
South End: $589/sq.ft. vs. $1,108/sq.ft. (53.2%)
South Boston: $421/sq.ft. vs. $772/sq.ft. vs. (42.2%)
West End: $234/sq.ft. vs. $712/sq.ft. (32.8%)
Now, remember this is a very back-of-the-envelope calculation, as there are only about a dozen parking spaces for sale in Boston right now, so this doesn't represent the range of product and prices in each neighborhood.
Using this (very) limited data set, a starting point for valuing parking spaces might be 44% of the price of a residential square foot, for that neighborhood. From the data above, asking prices for parking spaces seem to increase with the development density of the neighborhood – with the exception of the West End. One possible explanation for this is that the neighborhood was largely developed after World War II, with considerable parking spaces. Parking is considerably more scarce in the historic neighborhoods of Boston, and thus commands a premium there.
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