Would you invest $1m in a parking space? Developers in New York City are banking on a well-heeled buyer deciding that secure parking for their Ferrari is worth the million dollar price tag.
According to a report in the New York Post, the spot at 66 East 11th Street costs six times more than the median priced family home, and buying it would cost as much as paying the city’s $115 illegal parking fine every day for 24 years.
The Post notes that the space is just 12ft wide (3.7m) and 23ft long (7m). It is, however, more than 15ft high (4.6m), which offers some scope to renovate.
“The spot could be “duplexed” if the buyer decides to install an elevator lift so he or she can slide both the Maserati and the Lamborghini in at the same time,” says the report.
But before you start counting the pennies, it's worth noting that the spot has been reserved for the buyer of one of the property's luxury new homes – which could set you back as much as an additional $39m.
What are your thoughts on investing in parking spots? Have your say by commenting below, or joining the debate on our property investment forum.
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