Boston parking spaces sold for $560,000 - KTRE.com | Lufkin and Nacogdoches, Texas

Boston parking spaces sold for $560,000

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Two parking spaces in Boston sold for $560,000 Thursday. Two parking spaces in Boston sold for $560,000 Thursday.

It's exclusive Back Bay real estate. Two tandem parking spaces behind a building on Commonwealth Avenue, all asphalt with an alley view.

And they sold Thursday on auction for $560,000.

Too many cars and too few parking spaces make it so valuable.

It's like a diamond that comes to auction that you've never seen before.

They are two spaces in one, and Betsy James was a loser in a bidding war that started at $42,000.

"I came in with a strategy to jump out of the box right away and start bidding. I was totally outbid," James said.

She said she was willing to pay $130,000 for two spaces, which may still seem like a lot of money.

On the street, $560,000 would go a long way.

Think of what it costs to park a car in the area: $1.25 an hour. At that price you could park for 448,000 hours or 18,666 days.

But someone is buying convenience. Mike Adams knows what it's like to hunt for parking in Boston.

"Parking in the city is tough," Adams said. "When people come to visit us, we have to arrange for valet parking, maybe a spot in a public garage."

The record price for a single parking spot in Boston is $300,000. And James has done the math to justify her bid for two.

"A garage space in the Back Bay can run up to $80,000," she said.

Rental or valet parking is $345 a month.

This story was reported by Beth Germano of WBZ News.

Copyright 2013 CBS News and CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

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