Tags: 560000 | parking | spot | boston

$560K Parking Spot: Boston Bidder Drops Half a Million for 2 Spaces

Image: $560K Parking Spot: Boston Bidder Drops Half a Million for 2 Spaces The two open parking spaces behind 298 Commonwealth Avenue in Boston, seen at right, front and back, were sold at auction on Thursday, June 13, 2013.

By Clyde Hughes   |   Friday, 14 Jun 2013 01:27 PM

Parking spots are hard to come by in Boston, but a woman shelled out a shocking $560,000 for two parking spaces in the Back Bay area of the city during an auction Thursday.

Lisa Blumenthal, who lives in a multimillion-dollar home near the spaces on Commonwealth Avenue, won the bid. Blumenthal told The Boston Globe the auction was a unique opportunity to get more parking places for guests and workers, but said she didn’t expect the bidding to go so high.

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“It was a little more heated than I thought it would have been,” she said.

Bidding began at $42,000 and quickly reached the six-digit mark. Betsy James told WBZ-TV she was prepared to pay $130,000 for a spot but quickly realized that she didn't have nearly enough money.

The median sales price for a single-family home in Massachusetts is $313,000, the Boston Globe pointed out.

Because the population density is so high, parking spots are few and far between and cause a frenzy when available.

"It's like a diamond coming to auction that you've never seen before," Coldwell Banker Ken Tutunjian realtor told WBZ-TV.

Mike Adams, Blumenthal's neighbor, said arranging for when friends and family visit is a challenge.

"Parking is this city is tough," neighbor Mike Adams said to WBZ-TV. "When people come in to visit, we have to arrange for valet parking or a spot in the public garage."

The Internal Revenue Service put the spots up for auction. The IRS seized the parking spots from a man owing $600,000 in back taxes, according to the Boston Globe. The Globe reported the man bought the spaces for $50,000 back in 1993.

The Globe reported the neighborhood where the parking spaces were purchased is already home to some of the most coveted parking spots in the city. In 2009, someone paid $300,000 for a spot, a record that has now been broken, at 48 Commonwealth Ave.

Tandem spots, a block from the Public Garden on Commonwealth Avenue, sold for $200,000 in 2012, the newspaper reported. Another space, on Marlborough Street, went for $250,000 in December, according to the real estate firm Cabot & Co.

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