Finding a good parking spot – or even a somewhat decent one – can be akin to Mission Impossible or depending on where you live or work, the bane of your existence. So you might be able to understand the motivation behind the reasons some of the people you’ll read about here shelled out big bucks to own prime parking spaces.
It means a lot to not have to worry about finding a spot in a crowded city, not having to fret about having your car towed or even vandalized, and not to mention forgetting about the constant fear of those “evil” parking enforcement officers. Imagine – all of those headaches instantly eliminated… for the price of a VERY hefty real estate transaction!
10 $1 MILLION FOR THE ULTIMATE SPOT
Well, what exactly can you expect from a parking spot where the shower water in the home is pumped full of aloe and vitamin C? 66 E. 11th Street is a private garage which naturally costs six times more than the national average price of the median single-family American home. Remember now, we’re just talking about the parking space. It’s the ultimate luxury spot for someone who wants privacy.
Paparazzi can eat their heart out once the driver has pulled in to the 12 ft. wide, 23 ft. long and more than 15 ft. high parking space. Seeing as how the parking space leads to an 8,000 sq. ft. luxury condo full of the finest amenities … we’re pretty sure the driver can’t wait to get out of the parking spot.
9 $1 MILLION FOR 200 SQ. FT.
In 2014, a 10-unit luxury condo New York City’s Soho district had exclusive listings for 200 sq. ft. lots under the building. Reportedly, each space was listed for a whopping million dollars.
The lots are located at 42 Crosby Street in Manhattan and come with a charging station. In 2014, the price was about four times the price of the median American home sales price. Ouch. Surprise, surprise, we weren’t able to find out if anyone actually parted with that kind of money for a parking spot.
8 $1 MILLION FOR 2 SUPERCARS
Here’s a bit of an unusual one. Approximately two years before the SoHo listing above, in a Manhattan Union Square neighborhood, a private garage was asking $1 million for a 12 x 23 ft. spot. The spot was ft. high which would have allowed the car owner to store two “supercars” at the same time if an elevator lift was put to use.
No word on if there were any takers on the unique car storage unit but we think not because we have an idea that if there were, we would have heard about it or seen something about it… it’s kind of a shame.
7 SEVEN FIGURE CELEB SPOT
Reportedly, New York City has seen too many million-dollar parking spaces come and go to count. The first is said to have been in 2012 and was in the very same downtown condo complex that Leonardo Dicaprio lives in, one of the celebrated actor many homes of course.
Prices for parking spaces have exploded since N.Y.C.’s housing boom has continued to rise and N.Y.C. residents have increased their love of automobiles.
6 $765,000 FOR 88 SQ. FT.
Again, over in Hong Kong, a single parking space boasting a solid 88 square foot of car coziness sold for $765,000 U.S. which translates to approximately $6 million for the resident in Ho Man Tin who parks his or her vehicle in the second level housing estate which is said to be owned by Sun Hung Kai Properties.
This price would allow residents to purchase a three-bedroom flat in a private housing estate. But alas, parking spaces are hard to come by. They can also be rented out if the owner isn’t using them so there is income potential.
5 $660,000 FOR 188 SQ. FT.
Kwan Wai-Ming, a construction boss based in Hong Kong, paid the U.S. equivalent of $660,000 to purchase a parking spot that South China’s Morning Post newspaper is calling “the world’s most pricey car parking spot.” (Obviously, they hadn’t heard about the parking spots above.) The 188 sq. ft. lot is on the first floor of Wai-Ming’s luxury apartment complex.
His parking spot is considered the most coveted in the whole building because it is 40% larger than the average parking space (imagine the luxury of opening your doors at ease!). In fact, Wai-Ming owns two other, smaller parking spots in the very same building.
4 $619,00 FOR 135 SQ. FT.
Word on the (underground parking structure) street is that before Wai-Ming landed the record for purchasing the world’s most expensive parking space, an unnamed Hong Kong citizen was the previous record holder. The Mainland Chinese resident paid $619,000 for a 135 square foot parking space in the city’s Mid-level area.
The exact location is not known just as the identity of the owner. Though the price of the space and the square footage is smaller than Wai-Ming’s, you’ve got to admit, it’s still not bad for the runner up in China!
3 $560,000 FOR GOD BLESS AMERICA
It was 2013 when an auction opened up in Boston. Bidding began quickly and fiercely but not for a priceless painting or a precious antique; not even for a yacht or a home but a pair of parking posts in Boston’s Back Bay neighborhood. The two back to back spots sold for $560,000 which is near twice the median sales price of a nice home in Massachusetts at the time of the sale.
Now, you might be able to understand which the real estate broker was reportedly heard to have said, “God bless America” when the auction was over.
2 $430,000 FLIPPED FOR $760,000!
In September of 2017, a husband and wife in the Kowloon district of Hong Kong decided to purchase a parking spot in the ultra-swanky development of Ultima. The couple paid $430,000 for space and in the true trendy spirit of flipping, this couple flipped their space for a sweet selling price of $760,000 when they sold it to another couple!
It isn’t clear what exactly caused the profit to skyrocket for this Tarek and Christina El Moussa of Hong Kong parking spaces but we’re certainly happy for their good fortune.
1 $300,000 FOR FULL-TIME CARE
Recently, a neighborhood in Brooklyn called Park Slope offered a parking space for $300,000. While there is no official word for what space actually sold for, there was a spot in the same exact parking garage that went on sale for $280,000 just months before the one for $300,000 was listed.
It should be noted that to sweeten the pot, included in the price is a team of full-time attendants to look after and essentially “babysit” your precious car while you’re apart. Not too shabby!