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Would you pay $100,000 for a parking space in the North End?

By adamg on Mon, 08/18/2008 - 8:17pm

Somebody thinks you would (scroll down a bit).

Neighborhoods: 
North End
Topics: 
Driving
Free tagging: 
Prince Street


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Comments

By Will LaTulippe on Mon, 08/18/2008 - 11:25pm.

We should just build more garages.

Of course, that makes perfect sense, which is against the law in Massachusetts.

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By adamg on Mon, 08/18/2008 - 11:29pm.

But it's the result of a ruling by the federal EPA, quite possibly from the Reagan era (anybody know for sure?).

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By treemont on Tue, 08/19/2008 - 1:15am.

look at it this way...
you got $100K to invest (LOL - cuz I sure dont, but go w/ me for a sec)...

So, you got a $100K to invest ---
At a MERE 4 points per year interest...
after 10 years you'd have...
>>>>> cah-ching <<<<<<
over $40K net (without paying taxes/ insurance/ interest/ finance etc -- of course)

Now...suppose you buy a $100k parking space in the North end??? and rent it out at a mere $700/ month (yes, i know -- dat's loco, but go with me for a sec)

At $7 bills/ month -- it would take you 12 friggin years TO JUST BREAK EVEN -- W/O taxes/ insurance/ interest...etc???

WTF?
Does it have a gas station on it? A nuclear power plant --- Free food at Strega?

shoot, that would ALONE kill you before breakin even...

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By merlinmurph on Tue, 08/19/2008 - 7:39am.

Suppose you rented it for $500/month (I have no idea what these things rent for). That's $6K/year. That's a 6% annual return - pretty good. Actually a bit more because you can take that money, put it in the bank and get interest.

At your $700/month, that's $8400/year, or >8.4% return.

I think your numbers are missing the fact that you can take that $700/month, invest it, and have it compound.

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By Gareth on Tue, 08/19/2008 - 8:57am.

Also missing the part where the value of the property itself presumably appreciates. After you're done renting it, you can sell it again.

Not that I want to buy a parking space.

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By adamg on Wed, 08/20/2008 - 10:31am.

Not much, Boston Daily discovers:

... The floor is concrete, there are three white lines painted on it for hemming in vehicles, and each space is numbered. ...

Photo and details, along with this enticement:

So, while other North End residents fight the snow, 44 Prince Street condo owners can take the elevator directly from the garage to their hallway.

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