An exec in Hong Kong just dropped $660,000 for a spot
Maybe they should hit the brakes on this spending.
A Hong Kong construction boss just shelled out the equivalent of $660,000 to buy a parking spot just outside the Chinese territory’s city center. According to the South China Morning Post, Kwan Wai-Ming is now the proud owner of what the newspaper called the world’s most pricey car parking spot—an 188 sq ft. lot on the first floor of his luxury apartment complex. And it’s not just any space—Lot 14 is apparently 40% larger than the average lot there. Kwan already has two other vehicle spots in the same tower.
Though New Yorkers and residents of San Francisco have long been grousing about real estate prices, Hong Kongers have them beat. Property prices there rose 14.4% between the first quarter of 2016 and the comparable period this year, Knight Frank data show. The United States wasn’t even in the top 10 countries for real estate price growth. Those sky high prices are clearly bleeding over into parking lots now as well.
Aside from the Hong Kong space, here are five other parking lots that came with retail prices that will blow your mind.
1. Even before Kwan purchased his space, Hong Kong was home to the previous record. Last year, a Mainland Chinese citizen paid $619,000 for a 135-square-foot lot in the Chinese city’s tony Mid-Levels quarter.
2. At an auction in 2013, a pair of parking spots in Boston’s august Back Bay neighborhood sold for $560,000, or nearly twice the median sales price of a home in Massachusetts. Bidding originally began at $560,000. “God bless America,” a real estate broker told the Boston Globe upon the completion of the auction.
3. Earlier this year, a lot in Brooklyn’s Park Slope neighborhood went on sale for $300,000. While there’s no word as to if someone actually paid the asking price, a spot in the same garage reportedly went for $280,000 just a few months prior. For that price, you also get full-time attendants looking after your drive.
4. In 2014, 200 sq. ft. parking lots under a 10-unit luxury condo in New York’s chic SoHo district were listed for up to $1 million. The lots at 42 Crosby Street in Manhattan reportedly come with a charging station; at that time, the price was approximately four times that of the median American home sales price. While the listing attracted buzz, it isn’t clear if anyone actually paid seven figures for the space.
5. Two years before the SoHo listing, a private garage in Manhattan’s Union Square neighborhood was also asking $1 million for a 12 by 23 feet spot. The lot is 15 feet high, meaning that the owner could store two supercars at the same time if an elevator list was inspired. Again, no word is someone actually shelled out for it.
© 2017 Dow Jones & Company, Inc. All Rights Reserved