Condo parking spot sells for whopping $988k
Condo Parking spot – Condo owners know all too well that the parking spot is an extra amenity. In my downtown condo, I pay a mere $50 condo fee charge for my parking space, and my parking spot on the corner of Atwater and Sherbrooke can be sold anywhere between $29,000- $55,000
However, if you live in Hong Kong amongst the elite for example, you will not be as lucky. Hong Kong real estate is among the priciest in the world, with record-breaking apartments being sold for well over $ 93 million.
But it’s not just living spaces in Hong Kong that are expensive — a car space in Kowloon City district was just rented out for HK$10,000 ($1,6781) a month, making it the city’s most expensive rented car park.
Last week, a parking space was sold for a record HK $ 5,834,950.97 ($988,000). Imagine paying almost a million bucks for a parking space! The owners flipped this spot and had previously paid just slightly over $528,000 a handsome return on their investment for just a few months.
According to South China Morning Post, the rent for the parking space is more than what some people pay for some of the city’s smaller apartments.
Hong Kong continues to break records for its high cost of living.
In November, two units in a luxury housing development at The Peak sold for a combined HK$1.16 billion ($149 million) to a single buyer.
An unidentified buyer paid $76.8 million for a 4,579 square-foot apartment and about $71.7 million for a 4,242 square foot apartment.
Hong Kong is the second-wealthiest city in the world, with fiscal reserves of more than HK$900 billion, but less than one-tenth of its land area is zoned for housing.
I doubt Montreal will ever reach this level, but we are an island city so who knows.