Last month, 2 tandem parking spaces fetched $560,000 in Boston’s Back Bay at auction. The spaces were located behind Commonwealth Avenue and started at only $42,000 but shot to more than 10 times the offer price due to a bidding war between two neighbors. The final price tag edges near DOUBLE the price tag for the median sales price for a single family home in Massachusetts ($313,000).

So parking is obviously valuable in the city…. but how much should one expect to really pay?

To answer the question simply, you should pay what you think the parking is worth for you. In the scenario above, the buyer already owned 3 parking spaces and simply wanted these for guest parking. (But I am sure the investment aspect had something to do with it.) Let’s take a look at some options that are currently on the market in Back Bay and South End to determine what one should expect to pay in different neighborhoods.

Back Bay

There are only a couple parking listings currently on the market in Back Bay – all around the same price tag. Both happen to be located at 425 Newbury Street which is the Somerset Garage. Take a look at one of the listings here (complete with gorgeous asphalt pictures!) Given the offer prices of $85,000 and $79,500, one would expect a garage spot in this neighborhood to set you back between $75,000 and $80,000.

South End

This neighborhood has quite a few more options for parking currently available.

2 sets of Tandem Spots are available at 2 Rollins Street, each priced at $59,900. One of the listing descriptions:

DOUBLE GARAGE PARKING SPACE at Rollins Square on Level 2, nice location. Secure entrance by electronic transponder. Elevator access from entrance. Put an end to the parking tickets & snow bans. Immaculate large garage ~ you must be South End Resident. Enjoy stress free parking & easy winters in Boston. (ACCESS GARAGE FROM SEVERAL STREETS – Harrison St., Waltham St., Rollins St., Savoy St.). Check out the listing here.

There is also an opportunity to obtain 4 consecutive spots in a garage in South End for $120,000… think how popular you would be with your friends! Check the listing out here!

Given these, one should expect a tandem spot in South End to cost you about $55,000 – $60,000.

Want a condo to go with your new parking spot? Check out our home buyer seminar next month. We talk about the ins and outs of buying your first home (with free food!)