A Boston Woman Dropped $560,000 For Two Parking Spaces In A Trendy Neighborhood

Google MapsBoston's Back Bay.Manhattan may boast the highest monthly parking rates in the U.S. ($6,744/year for a coveted midtown spot), but that's pocket change compared to the $560,000 one woman plunked down for two parking spots in Boston's Back Bay.

That's double the city's median home price.

The spaces were up for grabs at public auction last Thursday after the IRS seized them from their previous occupant, the Boston Globe's Katie Johnston reports.

Bidding for the rare tandem parking spots jumped by $10,000 increments until Lisa Blumenthal wiped out the competition.

So, what exactly does she get for $560,000?

Forget the lot; it's all about location. The Back Bay is home to many Boston hotspots like Copley Square and Newbury and Boylston Streets – all major shopping destinations. It's also notorious for expensive parking, costing as much $300,000 for a single space in 2009. Blumenthal's parking purchase set a new record.

She already owns three spots adjacent to her single family home in the area, but the extra spaces will allow friends and guests to park with ease.

Boston is No. 3 on the list of most-expensive monthly parking rates in the U.S. at $405/month — more than double the national average of $166.

According to a study by Colliers International, parking costs are on the rise as office leasing increases; up 2.5% on average for a monthly unreserved space.

A majority of the 45 U.S. markets surveyed have fair parking availability, or 60-80% full on weekdays. One-third have a waiting list for their spots, with an average wait time of 9.3 months.

But rising gas prices may affect parking prices for the coming year, as the higher gas cost persuades more commuters to use public transportation.