Monday, February 22, 2010

Would you by a parking space for $25K?

Seeing parking spaces for sale is not a new thing, but I was very surprised by the cost of this 96 sq. ft. spot at 11th and Columbia? So, would you purchase this parking spot for $25,000?


Lane said...

Actually, that price is right in line with the cost of spaces at other condo buildings in North Columbia Heights. I wouldn't purchase that spot, but I bet someone will.

Alex said...

If you imagine a space costing 100 a month to rent, that deal would pretty much break even in a couple of years.

Anonymous said...

Alex you mean in a couple of decades dpn't you? Thats $25,000 not $2,500.

Jamie said...

It's not so far off.

Look at it like a mortgage. If you pay $2000 a month in mortgage for place you can rent for the same, you wouldn't think it a rip off. You'd think you were silly not to buy it!

$25,000 is about $150 a month on a 30 year mortgage.

If you think $150 a month is about the going rate for a spot at 11th and Columbia, then it's a fair deal.

Alex said...

And now you know why I never pursued a career in mathematics!

But yeah, if you think of it in terms of a mortgage it could be a decent investment.