Parking in Beijing Can Now Cost Upwards of $160k

"Tom McParland" (tommcparland)
05/26/2014 at 11:55 • Filed to: Parkinglopnik

Many of you will be visiting a shore-town or a local vacation spot on this Memorial Day. So when you are grumbling about finding a parking spot, or think that you are getting ripped-off by a lot attendant, keep in mind that in some areas of Beijing the cost of parking is the same as a house. And some residents are paying exorbitant parking rates on spots that they legally own but don't know it. !!!error: Indecipherable SUB-paragraph formatting!!!

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(photo credit CarNewsChina.com)

DISCUSSION (24)

n1zm0 > Tom McParland
05/26/2014 at 12:18

And I thought living in the city with the 2nd highest parking rate in North America was bad.

Mosqvich > Tom McParland
05/26/2014 at 12:22

Communist and oligarchical societies are magical.

GhostZ > Tom McParland
05/26/2014 at 12:25

http://www.nytimes.com/2007/07/12/us/…

And 7 years ago, Manhattan had spots at nearly $225,000, or $250,000 in today's dollars.

That price isn't a rental rate, it's for owning a spot, and $160,000 for underground parking in a large city that dense is not unreasonable.

Tom McParland > GhostZ
05/26/2014 at 12:28

I think the interesting part is residents that should have legal right to the spot are being charged anyway....because China

Goofnik > Tom McParland
05/26/2014 at 12:37

Sorry folks, Boston wins this competition with an iron fist.

A pair of spots in Boston's Back Bay sold for $560,000 last year. Bidding started at $42,000. Single spots sell for $200,000 - $300,000 depending on location.

http://www.nytimes.com/2013/06/15/us/…

NYC's Manhattan gets close, but Boston's Back Bay might even eclipse crazy like Monte Carlo.

davedave1111 > Tom McParland
05/26/2014 at 12:42

The most expensive parking space sold in London recently went for about $675k. $160k seems almost reasonable in comparison :)

fintail > Tom McParland
05/26/2014 at 12:50

That's a lot of embezzled graft.

Hectic > Tom McParland
05/26/2014 at 12:54

Pffft, spaces in Brisbane are pushing $250k

sohomakiiii > Tom McParland
05/26/2014 at 12:58

Ya man, who needs facts & context when an enticing headline will get the clicks.. amirite?

Mike_Smith > GhostZ
05/26/2014 at 13:55

It's still interesting to note that Beijing is apparently catching up fast in this regard.

EBaird > Goofnik
05/26/2014 at 15:11

Not true. http://abcnews.go.com/blogs/business…

thebigbossyboss > GhostZ
05/26/2014 at 15:55

Glad I do not live in a big city. Or at least that big.

mrbaits > Tom McParland
05/26/2014 at 16:44

Prices like that are what makes things like this necessary.

Steve in Manhattan > GhostZ
05/26/2014 at 17:29

really wanted to keep my '97 SHO when I moved to Manhattan in 2001, but parking was $495 a month (indoors). Sold it to CarMax - someone got a great car for not too much money.

GhostZ > thebigbossyboss
05/26/2014 at 17:30

Well, one of the reasons the spots are so pricey is that there are very rich people who want them more and "outbid" the regular person, and the other reason is that once you own it, you can charge other people to park there. It's more of an investment than anything else, it doesn't really make the average person have to pay any more money.

ononeathome > GhostZ
05/26/2014 at 17:44

You have a very interesting, and in my opinion stupid, definition of "not unreasonable". When a 171 sq ft ( http://en.wikipedia.org/wiki/Parking_s… ) piece of concrete cost you $1462 a sq ft and you consider it "not unreasonable" it proves that people are stupid.

rocknroll_jeph > Tom McParland
05/26/2014 at 19:15

It's true that there are some pricy spots, but there are also plenty of places that are free or charge by the hour at reasonable rates. Beijing did raise parking fees a while ago to try and deter people from buying cars and overall there parking was not well planned for most developments. I'm lucky, I live in a house with a garage in Beijing and where I work is just out of the city so parking is never an issue.

beardsbynelly - Rikerbeard > ononeathome
05/26/2014 at 19:52

Until you sell that slab of concrete when you move for $1650/sq ft.

Mbdurham > Goofnik
05/26/2014 at 20:26

was just about to post this

Mbdurham > Tom McParland
05/26/2014 at 20:35

The condo I had in Boston was selling each parking space for 300k each no problem this is a deal!!

Franzouse > Tom McParland
05/26/2014 at 22:35

Always so interesting to hear some people's assumption that "everything in China is cheap" and then see their reaction to such news.

This city has so many "tu hao" (rich mofos) that prices have left the rational realm a while ago...

thebigbossyboss > GhostZ
05/27/2014 at 07:09

It does though. Parking prices is a function (most generally) of supply and demand. This is why pretty much everywhere, it costs more to park downtown than it does on a suburban street.

Downtown there could be lots of supply, but there is also lots and lots of demand, especially during working hours hence parking lot owners make it expensive because they know that there is low price elasticity. In otherwords, plutocrats gonna park no matter how expensive. If no one was willing to pay (for example) a daily maximum of $20 to park, then the parking garage would be empty and the garage owners would lower prices. But since wealthy people will pay that, it is charged.

In suburban neighbourhoods generally there is lots of supply but since everyone has driveways there is not that much demand. There is still some, but generally people who want to park can, and can do so for free.

Don't get me wrong, this is not a knock against the wealthy, I think people should be allowed to buy parking at ridiculous rates, it's just that supply and demand are part of the equation, so the more wealthy people buy up the spaces, the more expensive it is to park for everyone.

ononeathome > beardsbynelly - Rikerbeard
05/31/2014 at 14:14

And you also have people that are paying millions of dollars for the 6th most common element in the universe, carbon. http://education.jlab.org/itselemental/e…

Crushed and heated into diamonds. This does not mean it makes sense. It in fact means it's quite stupid and that the human race is bound for destroying itself over money and shinny things.

beardsbynelly - Rikerbeard > ononeathome
05/31/2014 at 22:04

In your opinion.