I’m in JP and bought a condo here about 5 years ago for a fraction of this price, and I can take the E train or the Orange Line (when they’re running, we’re coming up on Winter again), I don’t need a $650k parking spot.
Then again with street parking I admit there are days I would be more likely to consider it.
Well, 20 miles outside Boston, sure, but you’re out in Marlborough at that point… You’re out in the sticks!
(I realize that 20 miles is considered a short distance by many people, but by “Boston suburb” I was thinking Newton, Waltham, Medford, Arlington. Then again, I only bike, so what do I know about distances and suburbs…?)
Ok, ok, ok, so they’re not all that expensive, I exaggerated. (Though even in cheap-o Watertown you can still find things like this 1700 sq-foot condo for $769K. And every property > 1500 sq feet in Watertown is being sold for over 450k, except for one being foreclosed on.)
When the garage opened in 1979, spots sold for $7,900. Last month, a spot sold for $390,000. It's a better investment than bitcoin!
$7,900 then is about $26,000 today. That’s about a 7.8% annual inflation-adjusted return on investment over those 36 years.
Not a bad investment, but only in retrospect, since we know the garage didn’t get torn down and the neighborhood didn’t get any less swanky over all that time. If there’s such a thing as parking space insurance (and at those prices, there’d better be) then that’ll pare that ROI back a bit.