If you live in a big city, chances are that you seem to spend half your life looking for a parking space. Consequently, moneyed London-dwellers have been known to splash up to £400,000 for a parking space – albeit a double one.
This is all small-fry compared to prices in New York though, with one new Manhattan apartment block being sold with parking spaces costing an additional $1 million – a whopping £620,000 – each. Far more than the paltry £385,000 you can expect to pay for a parking space in London’s Mayfair.
While a central London parking space could cost you more than twice the price of the average house in the UK, its $1 million counterpart costs a whopping four times more than the average $250,000 American home.
Staggeringly these spaces work out as more than twice as expensive per square foot than the nine three-bedroom luxury flats they serve, which are being sold for up to $10.45 million (£6.47 million) each. Despite this, estate agents have no doubts that these 10 spaces will all be snapped up, reports the Telegraph. Shaun Osher, from the broker managing the sale of the property says that the chronic lack of parking in SoHo means that the spaces are sure to sell quickly.
In real estate, location defines value and parking is no exception to that rule.
The story gets worse when you consider that the underground parking spaces in the SoHo area of Manhattan only come with a meagre 99-year lease, which is only valid while they live in one of the apartments, compared to 900 years for its £385k London equivalent. Ironically, these parking spaces have been constructed on the site of a former car park…
Mr Osher continued: “In real estate, location defines value and parking is no exception to that rule.” The spaces also include electric car charging points and storage space.
Should the spaces sell for $1 million they are thought to be the priciest spaces in the world. Though a two-car garage in New York’s East Village was listed for $1 million last year, it failed to sell.
Have you had parking difficulties around your house or had to pay many thousands of pounds for a parking space? Or have you ever thought about renting a driveway from a homeowner? Let us know in the comments below.
September 11, 2014