Boston woman wins bid for two parking spaces; pays $560,000

| June 24, 2013
Parking spaces in Back Bay

Bid for tandem parking in Back Bay, one of the most parking-challenged sections of the city, began at $42,000 (image by The Boston Globe).

In a city where a single-family home costs nearly $320,000, a Boston woman has bought two parking spaces for hundreds of thousands more. She bid an astonishing $560,000 for two parking spaces next to her multi-million dollar home where she already owns three parking spots.

The parking spaces for two cars, one behind the other, were auctioned on June 14 after the spots were seized by the IRS from a man who owed $600,000 in unpaid taxes. The bid started out at $42,000 and ended 15 minutes later at $560,000. As the winning bidder, Lisa Blumenthal, says, “It was a little more heated than I thought it would have been.” She plans to use the additional parking for guests and workers.

The parking spaces are located in one of the costliest neighborhoods, behind 298 Commonwealth Avenue in the Back Bay, and brokers expected the bidding to stretch up to $300,000.

Reserved Parking Sign

View this sign here.

Real estate rates have peaked in Boston, and parking spaces are hard to find. Steven Cohen, a Boston based principal and broker says, “in high-value markets, parking prices are driven by supply and demand and wealthy people will pay extraordinary prices for a nearby spot, for the convenience.”

Bidding for parking spots is not the only unusual parking-related activity Bostonians participate in. Another infamous tradition among city residents involves earning a parking spot by shoveling the snow out of it after snowstorms. This is often the subject of heated debates and has historically caused neighborhood violence.

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