Parking Space…A Hot Commodity

The motor court and ocean view of a Montecito estate.

The generous motor court enjoyed by this Montecito estate means you and your nearest and dearest will be able to park – without a $500K+ fee.

Here in Montecito, it comes as little surprise that a property, or just the property tax, could run a home owner half a million dollars, with home prices ranging from under one million to well over fifty. Fortunately, when you pay a premium for a luxury property, parking is usually included. This however, is not the case in other areas of the country. This morning’s airing of The Today Show ran a segment on parking availability in metropolitan cities, specifically San Francisco and Boston. Shockingly, an 8×12 foot parking space  near the Giants home field in San Francisco sold for a whopping $82,000! According to the segment, local realtors report that a reserved parking space can add up to $100,000 to the value of a home. And if you think $82K is outrageous for a simple convenience such as parking, two tandem spaces in Boston recently sold for $560,000. We’ll let that sink in.

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