The stately brick homes on Beacon Hill aren’t the only real estate that’s selling for a premium fee.
A single parking spot in a garage on Brimmer Street is on the market for $750,000, according to a real estate listing posted last week. It’s just the latest spot to notch a steep price tag in the neighborhood, where it seems the only thing more coveted than housing is parking.
“It’s a great long-term hold,” said Rene Rodriguez, a realtor for Cabot & Company and one of the spot’s two listing agents. “They’re not going to be building any more parking on the hill.”
The parking space, first reported on by the Boston Herald, is located in a luxury garage just off Storrow Drive that offers refueling, car washing, and other concierge services, according to the listing.
Rodriguez said the spot belongs to a family that recently closed a deal to sell their home in the neighborhood. Some potential buyers have shown interest in the space, but it was still “very much available” as of Thursday, he added.
Brimmer Street Garage, which bills itself as Beacon Hill’s “most exclusive venue to capture a parking space,” operates as a condominium; the spots are sold privately as deeded, taxable pieces of property.
When homes are sold on Beacon Hill, the sellers usually include the value of their parking spaces in the overall sale price. Oftentimes, the deeds to the spaces are transferred by a symbolic payment, Rodriguez said.
“When [sellers] go to record the sale of the house, they also record the sale of the parking because it’s a fully separate deed, and they’ll just record it as $1,” he said. “So we actually don’t know what the true value was … for that parking space.”
But when parking spaces come on the market separately, they can fetch well over half a million dollars.
“The owners of this space thought it made more sense to bring it to market and see what the market would bear,” Rodriguez said.
In 1979, single parking spaces at the Brimmer were being sold for $7,500, or roughly $35,000 in today’s money, according to the garage’s website.
Last year, the most expensive parking spot in the garage sold for $565,000, Rodriguez said.
It’s rare for a parking space at a “full service” garage like the Brimmer to come on the market, he said.
“If you’re spending $5 million, $10 million, $20 million for a house on the Hill and you don’t have any parking — at that point, for purchasing a spot, it becomes splitting hairs whether you pay $500,000 or $600,[000] or $700,000,” he said.
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