Boston parking spaces auctioned off for $560,000

Published On: Jun 14 2013 08:35:14 AM HST   Updated On: Jun 14 2013 04:26:07 PM HST
BOSTON, Mass. -

Parking tickets can add up in Boston, and spaces are hard and expensive to come by. But how much would you pay to own two tandem spaces in the heart of Back Bay?

"It's a premium property space. It's a great opportunity. I work in the area and having access to Back Bay seems like a good investment," said Sophia Lingos-Papaliodis, who attended an auction where two parking spaces were on the block.

The IRS seized the property from a tax delinquent owner. The starting price was $42,000.

"These are the two prettiest parking spaces I've ever seen," said IRS auctioneer Tim Smith.

With 22 bidders, the battle for premium parking took off fast into six figures. But it quickly became a battle between just two people. The offers were staggering.

Within five minutes, the bids skyrocketed to $560,000. Bidder number 9 was the winner. She said she owned the property next door, making money no object for the convenience.

"We are dealing with a very small percentage of people. Money is not an issue. It's more about convenience. Parking is a convenience and a limited resource." said Mark Ruane of Otis and Ahearn Boston Real Estate.

People have paid a fortune for just one space in Boston, from $80,000 to $300,000 -- and those are market prices, not at auction.

"It's a piece of land that's never going to depreciate. It's the nature of the beast in this market," said Ruane.


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