$225,000 for a packing lot… errr parking space!

Related: , , , , Posted in random posts on Jul 13, 2007 - comment 0 comments

It’s getting a bit crowded where I live, and real estate is beginning to look pretty much out of reach for young people with an average income.

It could always be worse though…

Hiroko Masuike for The New York Times
Cynthia Habberstad, with her children, Andrew, Brielle and Brooke, said she regretted not buying a parking spot for $165,000 with the apartment she bought on West 28th Street. The spaces are now all taken.

From the NY Times:

In Houston, $225,000 will buy a three-bedroom house with a game room, den, in-ground pool and hot tub. In Manhattan, it will buy a parking space. No windows, no view. No walls.

While real estate in much of the country languishes, property in Manhattan continues to escalate in price, and that includes parking spaces. Some buyers do not even own cars, but grab the spaces as investments, renting them out to cover their costs.

Gotta love NYC!

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