 Parking Space Sold $1.3M (by W [CA]) Jun 5, 2021 8:13 PM
 Parking Space Sold $1.3M (by Ray-N-Pa [PA]) Jun 5, 2021 10:32 PM
Parking Space Sold $1.3M (by Jerry [MA]) Jun 6, 2021 2:59 PM
Parking Space Sold $1.3M (by Landlord ofthe Flies [TX]) Jun 6, 2021 5:43 PM
Parking Space Sold $1.3M (by W [CA]) Posted on: Jun 5, 2021 8:13 PM
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. . . Citing a report in the Hong Kong Economic Times, Bloomberg reports that Wharf Holdings and Nan Fung Group sold a parking space for HK$10.2 million ($1.3 million) at the luxury Mount Nicholson residential project, according to a source. The price beat the previous record of HK$7.6 million for a spot in an office tower set back in 2019, before Hong Kong's protest movement triggered a crackdown by Beijing that has engulfed the territory's future in uncertainty, especially since China can simply snatch anyone - foreign nationals or otherwise - from Hong Kong's jurisdiction.
As that record-breaking sale might suggest, the parking spot record isn't a total surprise. HK has been seeing a comeback in the luxury home market in recent months, seeing record-breaking transactions as buyer's confidence returns. A house on Hong Kong's famous Peak (a luxury residential area overlooking the rest of the city) just rented for HK$1.6 a month in May . . .
Wonder what the rent is for a $1.3 million parking space should be? Any parking lot LLs here?
--24.35.xxx.xx |
Parking Space Sold $1.3M (by Ray-N-Pa [PA]) Posted on: Jun 5, 2021 10:32 PM
Message:
It has been many decades so I can't recall the neighborhood but I do recall it was in Hong Kong - deemed the most densely populated location in the world.
Over in the US, you can actually buy parking lots via NNN.
Cap rates are only 4-5% --72.23.xxx.xx |
Parking Space Sold $1.3M (by Jerry [MA]) Posted on: Jun 6, 2021 2:59 PM
Message:
Some Boston parking spots have sold for more than $600K in recent years. Not HK prices, but that's a lot of cash for a very small space. I would think that NYC and SF would be even more. --71.233.xxx.xx |
Parking Space Sold $1.3M (by Landlord ofthe Flies [TX]) Posted on: Jun 6, 2021 5:43 PM
Message:
Maybe we should all go into the parking space rental business. Less regulated. Much easier to maintain a parking garage than a house or apartment complex. --108.69.xxx.xxx |
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