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. (Read more real estate stories.)