California News

Jun 13, 2013 11:17 AM by Associated Press

San Francisco parking spot sells for $82,000

SAN FRANCISCO (AP) - It seems parking spots aren't immune from the recent surge in San Francisco real estate prices.

The San Francisco Chronicle reported on Thursday that a spot in the city's trendy South Beach neighborhood sold last week for $82,000.

The 8- by 12-foot parking space is in an enclosed garage in a condominium building.

While it may seem like a lot of money, real estate agents say parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month - the going rate in South Beach.

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