See It to Believe It: The $100K Parking Spot That Costs More Than a House

Compass

You can buy a whole house in some parts of the country for $100,000. In notoriously unaffordable San Francisco, it will get you a parking spot.

The $100,000 spot is located in a covered garage attached to a luxury condo complex in San Francisco’s ultrapricey South Beach neighborhood. Buyers do not need to live at the 88 Townsend complex to use it.

“It’s a safe place to park your money,” says Compass real estate agent Bill Williams, who’s representing the parking spot. Yes, Space 140 has its own real estate agent. “It could be a nice hedge against the stock market dropping.”

New owners can either use the space themselves or rent it out, as there’s a dearth of available parking in the area. The current owners are doing just that for $300 a month. And the spot is roomy.

“I don’t know about a Hummer or a tank, but pretty much any vehicle would fit,” says Williams.

While dropping six figures on a place to park your car may seem insane, we’re talking about a city where the median home price was just shy of $1.5 million as of December, according to the most recent realtor.com® data. It’s even higher in the South Beach neighborhood, where the garage is located, at just under $1.6 million.

The spot is on the ground floor of the parking garage, near the entrance to the condo complex’s lobby. Williams touted the garage’s prime location in the neighborhood, just a block away from Oracle Park baseball stadium on the water.

And it’s not unheard of for someone to spend that much on a parking spot. Another space in the same garage was sold for $90,000 in late November, says Williams.

The post See It to Believe It: The $100K Parking Spot That Costs More Than a House appeared first on Real Estate News & Insights | realtor.com®.

source https://www.realtor.com/news/trends/see-it-to-believe-it-the-100k-parking-spot-that-costs-more-than-a-house/