The cozy spot sold for more than luxury homes do in most markets
Any car owner in an urban environment knows that your parking situation can seriously affect your quality of life. In a city as expensive and densely packed as Hong Kong, that’s especially true. In fact, one investment exec, Kwan Wai-ming, just put a value on the peace of mind that comes with your own convenient parking solution, and it’s … not cheap.
In fact, at $664,200, it’s the most expensive parking spot in the world. At 188 square feet, that shakes out to about $3,500 per square foot, or about triple what the rate is for luxury high-rise living in Los Angeles.
Here’s what the building housing the spot, the waterfront residential tower, The Upton, looks like from the street:
Such sums aren’t unprecedented in the Hong Kong market, where buyers pursue “the spot up front” as much for prestigious ego-stroking reasons as for practicality sake. In October, a buyer dropped about $600,000 for the premiere space in another luxury high-rise building.
At the risk of stating the obvious, Hong Kong real estate prices, perhaps more than anywhere else in the world, have seen stratospheric increases in previous years, marginalizing lower-income housing solutions in favor of higher-margin luxury developments.