A parking space in San Francisco was sold for as much as $82,000. That is almost $1,000 for every square foot as the parking space located in the trendy South Beach neighborhood of the city measures 8 by 12 feet. The price is on the higher side because of its premium location. The space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark.
The transaction is a good indicator of the rising real estate market in the San Francisco area. The real estate agents believe that parking spaces also provide a good investment avenue in the densely populated city. The vehicle spaces also command a premium depending on its location. It adds as much as $100,000 to the purchase price of a property but can be rented out at rates ranging between $400 and $450. The South Beach area commands premium rates. The parking space in question was practically grabbed as soon as it hit the market.