A parking space at the new Four Seasons Hotel that costs more than most cars (hint: we’re talking six figures)
Apparently the market for parking spaces is booming at the moment. Or at least the cost of a spot in the new Four Seasons Private Residences in Yorkville suggests as much. The price tag? A cool $100,000. That’s right—five zeros. It may seem a little much for an uninspiring piece of concrete marked by a pair of white (or sometimes yellow) lines, but it appears that residents are more than willing to shell out the dough. And we guess we probably shouldn’t be surprised, with the likes of Mark Wahlberg and an unnamed international man of mystery—for whom $100,000 is probably pocket change, after blowing $28 million on a condo—moving into the neighbourhood.
From the Toronto Star:
“Our purchasers typically have a small collection of automobiles, and they would likely have both a winter car and a summer car,” said [Mimi] Ng. “In terms of cost, the price of the parking is in line with the pricing of the unit.”
“I guess you’ve got to put your Ferrari or Aston Martin somewhere,” said developer George Wong of Magnum Projects Ltd. “And if you’re in that income bracket you’re willing to pay the price.”
On second thought, considering that average prices for condo parking spots in Toronto fall in the $25,000 to $40,000 range, $100,000 (or about $500 per square foot) for a single spot does seem a touch ridiculous. When sales for the luxury condos began in 2008, the parking spots were available at the relative bargain bin price of $75,000, meaning that since then the spots have increased in value at a rate of roughly $32 a day.
With surface parking in the city being snapped up by condo developers, we understand that the value of a good parking spot can’t be measured in simple dollars and cents. But $100,000 is an awful lot of scratch, enough to buy something a little more, lets say, substantial. Like this Jetpack. Or a razor that can withstand being dropped in hot lava. Actually, maybe the parking space price tag doesn’t seem so crazy after all.