Imagine paying for a house and getting a single parking spot in return.
That’s what Boston residents living or working in the downtown area are being pushed to do.
Parking your car in a convenient, safe, and central location can cost as much as $750K.
What’s worse are the hidden costs and restrictions that come with it.
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What’s so special about this parking spot?
Over the past few years, the price of parking spots in Boston,MA, has shot through the roof.
The area is small and dense, leaving little room for parking and making spots rare and desirable.
Plus, there are limits to how many parking lots can be built, with the hopes that this scarcity will encourage people to use public transport instead.
But some would rather pay the price of a small suburban home than ride the bus.
Brimmer Street Garage is one of Boston’s most central spots, around the corner from Boston Public Garden and a short walk from the esplanade.
While it’s not known for being full of supercars, like some Los Angeles parking lots, it’s expected the drivers who can afford to park here have some nice rides.
And while other notable garages can fit as many as 20,000 vehicles, there are only 110 spots here, making them highly sought after.
When the garage first opened in 1979, a spot cost just $7,500.
That price has ballooned to $750,000 today.
In return, car owners get a great parking spot and concierge services, however there are also several catches.
The restrictions of Brimmer Street Garage
For that price, you’d hope you could do whatever you like in this parking garage, but that’s not the case.
You’re not allowed to park your car yourself, and the valets are only available during certain hours.
No spontaneity allowed: if you want to access your vehicle after hours, you’ll need to let them know well in advance.
Trucks are not allowed, nor are cars with any roof attachments.
Bad news for the guy who put a solar roof on his Tesla Model Y.
Also, there are a few extra costs, including monthly owners fees, property taxes, and homeowners insurance, which amount to around an extra $858 a month.
For this price, you could easily buy a family home in the suburbs.
But, as Rene Rodriguez, senior vice president at Cabot & Company realtors, told Boston, it’s worth it for some.
“It’s a pure luxury purchase. It’s not for everybody,” she says.
“If you have the money to do it, it’s very convenient.”
Plus, who doesn’t want valet parking?
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