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.
Rich and fabulous: Australia's most expensive houses
Is this Australia’s cheapest house?
How to find a bargain investment property
Do you have more than $120k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
tweed heads south
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out