Pricey Pavement: Parking Spaces Hit $500K Mark, Outstripping Home Values [Yahoo! Finance]
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Source: Yahoo! Finance
Real estate agent Betsy Herald, who has sold three spots for around $500,000 each in the past year, said buyers who are purchasing pricey homes like that don't balk at spending $500,000 for a parking space — they're paying for convenience. "You have to look at it as a piece of land," Herald told The Boston Globe. "If you look at that parking space and multiply it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money." Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. But it's places like Boston, where parking comes at a premium, that it's easiest to live without a car in the first place. And many cities are reforming their parking policies to eliminate mandates requiring parking spaces in new buildings. Parking reforms are geared toward making housing more affordable, creating walkable neighborhoods and
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