Parking space in San Francisco sells for the price of a house in Michigan

Finding a parking space in California is a tricky business. Sometimes your own parking space can cost as much as a whole house. USAToday.

Photo: IStock

The parking space, which is being sold for $90, is part of a residential complex located on Townsend Street in San Francisco. It's next to the lobby door and "it's very convenient," said realtor Bill Williams of Compass Real Estate, who showed the place around.

It currently rents out for $300 per month and is open to residents and non-residents.

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Parking spaces in the area have made headlines before, he said.

How was the price determined?

Williams said the uniqueness of this parking spot is that there are no rules that only residents of the complex can use it.

That's because the city of San Francisco is trying to get people out of cars, so when new buildings come up, tenants usually get a maximum of one parking space per property, he said.

The location is also one block from Oracle Park, a Major League Baseball stadium.

“You might be in Silicon Valley and want to have your own parking space near the stadium,” he said. “You can use it and it's not against the rules of the building.” You may have an apartment in the building next door, or you may want another space, like many of my clients, for your second car.”

The best indicator of value, he says, is what someone is willing to pay. Real estate is valued the same way.

The personal situation of the seller also applies. This is the 10th property of this type he has helped sell to his clients. For clients, this is a matter of convenience, not desperation.

“They get $300 a month for this,” he said. “They don’t actually lose money on it.”

While he hasn't received any offers, Williams said a lot of people are calling, including people who have already offered half the asking price.

“I will say that this is one strategy for a buyer when a property has been on the market for a while. Some buyers see this as an opportunity to reduce the price. They just tend to overestimate the seller’s desire to part with their property,” says Williams.

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Williams said that such a price for a parking space is not uncommon. You could probably find parking spaces in New York for $1 million.

"It's okay," he said, noting that his only interest is helping clients.

House for the price of a parking space

Financial website 24/7 Wall Street, using data from the U.S. Census Bureau and Realtor.com, "analyzed the median cost of housing across all census-designated locations, cities, and towns with a population of at least 100" to find median cost locations homes under $000, reports CNBC.

Detroit, Michigan

• Median home value: $42

Dayton, Ohio

• Median home value: $66

Cleveland Ohio

• Median home value: $67

Lansing, MI

• Median home value: $77

Buffalo, New York

• Median home value: $77

Toledo Ohio

• Median home value: $78

Rochester, New York

• Median home value: $79

Akron, Ohio

• Median home value: $80

South Bend, Indiana

• Median home value: $81

Brownsville, Texas

• Median home value: $85

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