Would you Park your $$$ here?

[Kevin Barrett]

Has anyone invested in a parking spot? With the growing population and influx of people coming into the city I thought it might be worth exploring this topic. In fact, about a month ago 2 tandem parking spots sold in the Back Bay in Boston, Mass for $560,000 (see article below). I understand this is not the norm and not a great data point, but decided to mention it purely as a fun fact. Anyways, in scanning the inventory of parking spots in Boston it appears that a few spots could produce a small cash flow. Are there factors that should be considered that aren't so obvious in buying a space? Condo fees definitely eat into profit, but not all spots have fees. How do taxes work? I haven't tried to look up parking on the Registry of Deeds, but I wonder how difficult that would be. I'd love to view a chart of parking spot prices in the past 20 years.

http://www.boston.com/businessupdates/2013/06/13/tandem-parking-spots-sell-for/tsdqLBPRmQFEojy2US5vXO/story.html