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This is the story of the $750,000 Beacon Hill parking spot
Convenience will cost you.
Want to park in the heart of Beacon Hill? It’ll cost you — $750,000, to be exact.
A coveted spot in the Brimmer Street Garage is now up for sale, offering a rare chance to own a piece of prime city real estate.
“It’s a pure luxury purchase,” said Rene Rodriguez, the senior vice president of Cabot and Company, the listing agency. “It’s not for everybody. It’s not like everyone can go shopping at Hermes or take private jet travel.”
“But I get it though, because it is outrageous to a certain extent,” Rodriguez continued. “But, if you have the money to do it, it’s very convenient.”
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Last year, the garage had three to four transfers, with the highest-priced spot selling for around $565,000. However, several transfers were for only $1 because they were tacked onto a house sale, making it difficult to determine their market value.
Often, owners sell the spaces privately, so when they do go to market, “they always create a splash,” said Rodriguez.
Rodriguez said that private transactions sometimes leave money on the table. In this case, the sellers of the parking spot decided to see what they could get on the market.
Many of the homes on Beacon Hill lack parking spaces, leaving residents with few options for covered, off-street parking, creating a competitive market.
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The price of parking at the Brimmer Street garage has consistently increased year over year. Rodriguez said the spots first came on the market in the 1970s, and they were going for $7,500 per spot.
“But a lot has changed since then,” Rodriguez said.
Housing prices have also dramatically increased, with many places going for millions — often without parking.
Rodriguez noted that at those costs, what’s another $750,000 for the convenience of having a parking spot? Plus, it would increase the home’s resale value.
The buyer does get some perks. In addition to being a place to park a car, the parking is all valet, it has a filling and charging station, and attended staff can wash the car.
But there are ongoing costs beyond buying the deeded spot itself. HOA fees apply, and because the spots are categorized as individual condominiums, they incur additional taxes. Altogether, Rodriguez said it’s about $900 a month.
But if you’re not lucky enough to snag a spot at the Brimmer Street Garage, there are the LAZ Charles Street Garage and the Boston Common garages nearby. But both are public, with no valet, and you’ve got to compete with other drivers for limited spaces.
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Or, one can look for street parking.
Either way, “the Brimmer Street garage is in a better location,” said Rodriguez. “It’s a much more exclusive, private parking situation.”
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