Toronto's $100,000 parking space
This has become a week of extremes.
The day after we discussed the mysterious $100 million ATM receipt, another far-out, excessive news story is among us. Nine figure bank machine transaction record, meet the $100,000 parking spot.
In a move that Toronto may be both proud and ashamed of, the city, via the swanky Four Seasons residence towers, is set to unveil what’s believed to be Canada’s first $100,000 parking space.
In many cases, especially accounting for depreciation, such parking slips will be worth more each year than the cars resting inside them.
“I guess you’ve got to put your Ferrari or Aston Martin somewhere,” said one city developer. “And if you’re in that income bracket you’re willing to pay the price.”
Of course, if $100,000 for parking sounds ridiculous, that’s because it is, but let’s take a look at other rates around Toronto.
Everyone knows, with all due respect to Vancouver’s market, Toronto housing is absurdly inflated – though that’s because people continue to pay.
Same goes for parking spaces. In downtown Toronto, according to market research firm Urbanation, parking costs about $35,000 and up. By Urbanation’s numbers, that figure jumps to $55,000 at ritzy One Bloor, and up to $60,000 at the Florian in the heart of the swanky Yorkville district.
But $100,000 per space? Those seem like downtown Manhattan numbers. Such parking costs will be levied at the Four Seasons in Toronto, where one penthouse unit famously sold for $28 million last month.
“Five years ago, $25,000 for parking downtown was likely considered the upper end of the range,” Mimi Ng, a developer for the Four Seasons buildings, told the Star. “Now we’ve gone way beyond that … In terms of cost, the price of the parking is in line with the pricing of the unit.”
Chances are, if you forked over $28 million for a downtown penthouse, you could afford $100,000 for parking. Personally, though, I’d be pretty pissed the building didn’t include a nine-by-16 space as a bit of a “thank you” for emptying the bank.
Maybe, in the words of one Moneyville commenter, the city’s upcoming $100,000 parking space is “just one of the many reasons why Toronto sucks.”
By Jason Buckland, MSN Money