In some parts of the country, $80,000 will buy you a house. In San Francisco, that same money gets you one parking spot.
That’s right – the San Francisco Chronicle reported last week that realtor Sean Sullivan sold a single parking space in the city’s South Beach neighborhood for $82,000.
The spot is in a prime location: one block away from the waterfront and the Giants’ ballpark. It’s safely tucked away in a private parking garage for an adjacent condo complex. And in a way, it could almost be considered a steal – realtors say a parking spot can add up to $100,000 in value to a unit in that neighborhood.
Realtor Sean Sullivan told the Chronicle’s C.W. Nevius that a parking spot is a good investment.
"With parking rates going up and a sliding scale at parking meters for events, it makes sense," he said.
And $82,000 isn’t even the most expensive spot Sullivan has sold. A couple years ago, he sold one for $95,000.
"It was full size, well-located and was unobstructed with no pillars," he says. "So when this one came up we weren't sure how to price it. We finally decided on $85,000. It seemed like a nice, conservative number."
It was conservative enough for at least one person, who paid cash for the spot.
"No bank is going to finance you for a parking space," Sullivan said.
If it seems like things are getting out of hand, San Franciscans in the market for parking should be thankful they don’t live in Boston. Last week, a double parking spot in the city’s upscale Back Bay neighborhood went for $560,000 in an auction.