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For Sale: $50,000 Parking Spot

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Although you’re probably not going to sleep in your parking spot, it might cost what you’d pay for a small home in other areas of the country.

By Lynne Shallcross   Published Wednesday, February 27, 2008

Last summer a garage spot in a condo building on Kalorama Road in Northwest DC sold for $50,000. At Rosslyn’s Turnberry Tower, each condo in the new, 26-story building comes with one spot. Want to buy another? It will set you back around $50,000.

At Bethesda’s Lionsgate, a luxury-condo building opening later this year, prices aren’t much better. Eighty-five percent of the units come with two parking spots. But if you should want to buy another—or sell one of yours—you’re looking at about $40,000.

Prices are steep on the rental side, too. A scan through Craigslist’s parking and storage page showed that Georgetown, Dupont Circle, U Street, and Adams Morgan are the priciest, with spaces listed for up to $250 a month. If you’re a Nats fan, you can rent a spot near the new stadium for the not-so-bargain price of $2,000 for the season.

If this is all a little heavy on your wallet, you might want to check out Zipcar. Even if you rented one for 24 hours every day of the year, it would only set you back $21,500. That’s getting not only a car, but also gas, insurance, and yes, reserved parking.

Comments

Are you kidding me?

Zip car is the biggest waste of money. When you buy the parking space, it’s probably worth the same at the end of the year, meaning you’re not out anything but the lost opportunity on the space.

If you spent $21k on a zip car, you’d be out $21k dollars.

Posted by: Jason R. Coombs, Sep 03, 2009 03:06:17 PM

This issue of parking continues to grow in importance for any urban dweller or commuter into urban cities. Came across a site recently that’s trying to change that - making monthly parking a manageable and affordable process. Seems to be primarily Canada but they apparetnly are also beginning to see traction in the US - www.parkingspots.com. It’s a pretty neat little concept.

Posted by: Shelley, Apr 20, 2008 02:37:45 PM

"At Rosslyn’s Turnberry Tower, each condo in the new, 26-story building comes with one spot. "

Construction has barely started on this "new" building.

Posted by: ld, Feb 29, 2008 07:59:18 AM

Even though zipcar prices just went up, that seems totally reasonable compared to these parking spaces. How can $40,000 be worth it?! Sell the car, buy a bike and use the metro.

Posted by: Catherine, Feb 28, 2008 07:21:44 AM

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