"ttyymmnn" (ttyymmnn)
05/11/2018 at 10:18 • Filed to: None
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"ttyymmnn" (ttyymmnn)
05/11/2018 at 10:18 • Filed to: None | 4
| 11 |
Reuters
Rather than invest in real estate, Hong Kong residents are investing in parking spaces.
HONG KONG (Reuters) - Esther Fan’s nest egg is tucked away in an old residential complex on the outskirts of Hong Kong - two parking spaces in a dimly-lit lot alongside dozens of luxury cars and a Mini Cooper with fake eyelashes on its headlights. Her parking spots...have more than doubled in value in the past 18 months, with one surging to HK$1.6 million ($203,850.22) from HK$720,000.
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facw
> ttyymmnn
05/11/2018 at 11:04 |
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Might be a terrible investment if self-driving cars are actually coming near term. They won’t decrease traffic, but they could definitely greatly reduce parking demand.
duurtlang
> facw
05/11/2018 at 11:12 |
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Only if they’re shared with other drivers, or if they’re able to find a parking spot in a more deserted area by themselves.
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facw
> duurtlang
05/11/2018 at 11:21 |
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Both of which seem likely. It’s pretty clear that the market leaders are more interested in self-driving taxis than in selling the cars to private owners (though that may come too).
fintail
> ttyymmnn
05/11/2018 at 11:35 |
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I can imagine that here eventually. So many buildings, including the one I live in, have one spot per unit. For the fancier units especially, it often takes more than one income to make the monthly payment.
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ttyymmnn
> fintail
05/11/2018 at 11:36 |
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You should see how much my wife pays for a spot at the university where I work. When I attended the school back in the mid-90s, you could park all day in the garage for $4. Now it’s $20, or maybe more, for a whole day.
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fintail
> ttyymmnn
05/11/2018 at 11:42 |
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I am incredibly thankful my employer is in an office campus just outside the densely populated zone, and has a free parking garage. Seattle is often $20+ for commuters too, all while having middling transit.
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ttyymmnn
> fintail
05/11/2018 at 11:44 |
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We recently discovered an express bus route that picks up at a park and ride about 5 minutes from our house and drops off right at my wife’s building. And, she gets to ride for free. We probably will still keep buying the parking for the days she has to drive, but it will be nice to get her off the roads and out of the crush in the mornings.
Wrong Wheel Drive (41%)
> fintail
05/11/2018 at 11:48 |
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Yeah forget that. This was the number one reason I wanted my apartment building. Sure its expensive, but I am allowed to purchase as many spots as I want with no limit. It’s $60 a month for a spot but the garage isnt too crowded and I am allowed to do any work I want on the car in my assigned spot. We get one spot with the apartment (2BR units get 2) and then I have purchased two more. So we have 3 cars parked and I would hate to deal with that on street parking or be somewhere that has just 1-2 spots per unit. Or one of those “visitor parking” lots that are first come first serve.
This is the LA area so cars are vital to any sort of living. Tends to lead to parking being not much of an issue.
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fintail
> Wrong Wheel Drive (41%)
05/11/2018 at 13:30 |
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That’s an almost unknown thing here. I’ve seen condos, fancier ones especially, with two garage spaces, but an apartment almost never has more than one, and if others are available, the price is onerous. There is sometimes extra outdoor parking, but I don’t want that.
I rent an offsite garage for my old car, as when extra spots are available in my building, they are hilariously expensive. Funny thing, there’s no mandated parking in Seattle now, I think - which puts huge stress on surrounding areas. Developers get the regulations (or lack thereof) they pay for.
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fintail
> ttyymmnn
05/11/2018 at 13:32 |
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I can take a bus to and from work as well, walking no more than several blocks, but it would take twice the time, and I am already paying insurance anyway, so I drive 99.9% of the time.
Charging $20 for parking would change my tune.
pip bip - choose Corrour
> ttyymmnn
05/12/2018 at 07:32 |
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like that in parts of Australia too.