Posted on 06/14/2013 10:54:01 AM PDT by rickmichaels
BOSTON — Parking is such a precious commodity in Boston that one woman was willing to pay $560,000 for two off-street spaces near her home.
Lisa Blumenthal won the spots in the city’s Back Bay neighbourhood during an on-site auction Thursday held in a steady rain by the Internal Revenue Service. The IRS had seized the spots from a man who owed back taxes.
(Excerpt) Read more at news.nationalpost.com ...
Park with commoners, how dare you.
Occupy those parking spaces! Surely she supported their cause against the evil one percenters?
Yes, but the public parking garage spot is not next to your $6 million Brownstone.
If Ms. Blumenthal can afford to pay this for a parking spot, imagine what her home is worth. Plus this was probably a deal, if it sold at auction.
I presume that Back Bay people understand zoning or have connections to zoning lawyers. I.e., if you live there, there are no public parking within walking distance from past vigilance,
When I worked in Midtown Manhattan, in the 70s & 80s, a public parking garage spot was $65-$90/day, depending upon the garage. (Private garage parking for owners/renters in Gramercy Park area was $2500-4000/mo extra.) Working at Rock Ctr, it was much cheaper to buy Amtrak/Conrail monthly at $175, park in Princeton, NJ, and ride in and out. People in NYC just HAD to have a car to get to Hamptons, Berkshires. Jersey Shore etc on the weekends. Otherwise, they never used it. NUTZ.
She can always sell the spots. If they sell for the same price, she parked for the cost of inflation and investment loss.
You already guessed the price of her brownstone. Her new parking spaces are next door and are just one decimal off from her home. How do people afford such?
I wonder how much the guy owed, and if they got more than he owed, if they gave him the extra?
He must be a Republican.
They mortgage parking spots in DC too, but probably for a lot less.
It’s her money. I have no problem with how people spend their own money. I’m a conservative.
I heard once that in Tokyo, if you wanted to buy a car, you had to prove that you had a parking space for it.
1. Born rich and living off a trust fund/investments.
2. CEO’s and their wives have to live somewhere. If you
make $5 million/year, its just a payment.
3. Maybe she/her spouse are dot.com billionaires. Think of
the dweeb that just sold Tumblr to Yahoo for $1.1
BILLION, mostly in cash. To these types, a $600k
parking spot is chump change.
I remember a house I rented from a lady/widow down on the British Virgin Island Tortola. It was right on the beach. It is probably worth several million. She had owned it for 30 years. She also had a farm in PA. However, she spent most of her time at her penthouse apartment on Park Ave. in Manhattan.
Her husband had passed away about 10 years ago. These people live in a different world than you and me. They have multiple people that work for them just taking care of grocery shopping, taking the dog to the vet/groomer, mowing the lawn, painting the house, cleaning and cooking, etc.
Once you have acquired wealth, it is fairly easy to keep it, IF you only spend what you have coming in. This is why rich people hide their money in off shore bank accounts. In countries like the BVI’s and Caymans there is NO tax on the interest earned on banking accounts. Calculate the interest alone on $10 million. Plus rich people get access to insider information. They know about the stock that will double in price long before it gets published in the Wall Street Journal.
A buddy of mine was put in contact with a NYC stock broker by one of his customers. They were college room mates at Yale. This broker only dealt with accounts in the $10 million dollar or more range. He only took my buddy as a new customer as a favor to his former room mate. Everything he put him into made money. He never lost. He also knew when to sell. Unfortunately, he passed away a few years back.
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