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07/12/2007: "And You Thought A Mooring In Avalon Was Pricey ..."

Living in SoCal, it takes a lot to shock me when it comes to real estate prices. I've watched the price of my duplex triple during my decade of ownership while doing nothing more to improve it other than mow the lawn, and seen similar properties torn down to make way for a pair of $1.2 million mansion cubes. Nope, overpriced real estate is nothing new to me.

But even I found this one surprising. In Los Angeles, with space being at a premium in the better areas, the size of a building tends to be dictated by the parking that the builder can offer. As a general rule, planning committees in LA and the various suburbs won't let a developer go any bigger than the amount of off-street parking spaces they can provide to their tenants. Apparently, that's not so in New York (and several other big cities), where that condo you just dropped a bundle on may not come with parking. That doesn't mean parking isn't available - just be prepared to pay more for the concrete you car sleeps on than the bedroom you sleep in.

Manhattan real estate agent Tom Postilio said there is a waiting list of seven or eight people hoping to pay $225,000 for one of five private parking spaces that has been approved in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January.

The developer of that building is seeking permission to add another four spots, and Postilio said the addition spots are likely to cost even more than the current price, although he could not give an exact price.

"Supply and demand being what it is, there's probably going to be an increase."

On the bright side, they'll probably let you chain up your bike for $10 grand ...

Replies: 1 Comment

On Thursday, July 12th, I_drive_an_old_Ford_&_an_old_Chrysler said:

couldn't resist a bit of googling:- At first glance, the price of nearly £100,000 for a property in London may seem unexceptional.

Until you realise that this will not buy you a home - but a parking space.

Nevertheless, there has been no shortage of takers for what are thought to be the most expensive parking spaces in Britain.

Fifty plots in a car park in Knightsbridge have sold for between £45,000 and £95,000.

Despite the sky-high price tags, there are few frills on offer at the car park on Basil Street - apart from being within yards of Harrods.

Even a seasoned estate agent was somewhat at a loss to wax overly lyrical on the charms of a few square feet of concrete.

Richard Stephenson, who has sold the bays for Harrods Estates, said: 'Well, it's a car park. It has CCTV. It's within a Harrods building. You get the benefit of Harrods security, it's underground, dry, warm and incredibly well-lit.'

Under planning regulations, buyers must live within 400 yards of the car park. Mr Stephenson would not be drawn on the identities of those who have parted with their money, but said: 'Some have been film stars, TV stars and international businessmen.'

One purchaser is understood to have bought a bay for her three-year-old son - for when he is old enough to have a car.

Five spaces are left, although they are only available to rent at around £5,000 a year.

Vehicles in the car park include Ferraris, Aston Martins, Porsches and Bentleys, many with personalised plates, as well as, incongruously, a grey Morris Minor.

Plot K36 - which has just sold for £95,000 on a 99-year lease - measures roughly 16ft by 16ft. That is £2.60 per square inch.

The cars jammed into the spot, next to a column, are far from ostentatious - a Mercedes estate and a modern Mini.

Estate agents say similarly expensive bays are becoming the norm in parts of Central London.