Parking Spot for Sale: $225,000

Manhattan drivers pay house rates to stash their cars
By Peter Fearon,  Newser Staff
Posted Jul 12, 2007 7:28 AM CDT
'   (Associated Press)

(Newser) – The price of New York City parking has doubled in five years, with some drivers currently vying for the chance to pay an astronomical $225,000 for one of five private parking spaces in the basement of a Manhattan condo, the New York Times reports. That's the price of a three-bedroom house with pool and hot tub in Houston. 

Some buyers who don't own cars buy spaces as investments.Yet despite the parking shortage, only 1% of developments include private parking. Buyers are confident prices have only one way to go: up. “There are people who have the attitude, ‘Love me, love my car,'" said one broker. For them, it's "practically a deal" to pay $225,000.