The Mile High City’s hottest piece of real estate is $59,000, needs virtually no maintenance, comes with 24-hour security, has electricity provided by the building and very quiet neighbors.
Ok, your “neighbor” is a Lexus, and having to pay a cut for the electricity in your building’s parking garage might be a new low even in Denver’s crazy housing market.
But if you happen to own one of the studios in one ritzy downtown Denver building (studios start at $200,000), this $59,000 stretch of concrete big enough to fit an SUV could be all yours.
It even has “lovely high ceilings” and a “two-toned paint job,” according to Cara Gurule, a realtor with Keller Williams Realty in downtown Denver.
Sure, $59,000 – a figure that’s only slightly less than the median household income in the city of Denver – might feel a little steep, but if you think about it, what it comes down to is that real estate saying that even non-realtors know all too well.
“Location, location, location,” Gurule said.
“Because the space is in downtown proximal to the theater district and 16th Street Mall, there’s very little land available, and it’s such that the parking spot will carry a price point that’s similar to the real estate above it,” Gurule said.
And if you’ve ever tried to park downtown, maybe you’ll get why one of those coveted spots might be at a premium – especially for folks who live in the building but don’t already have one of their own.
In fact, Gurule says it might be a little bit cheaper than other parking spots in the area and the building.
“It’s a fantastic buy, actually,” she said.
Sure, it might sound funny: a $59,000 parking space. But Gurule says it’s really a symptom of Denver’s crazy housing market – something she called a “borderline crisis situation” when it comes to finding an affordable place to live.
And in a building where studios cost more than a house did a few decades ago, she says spending your hard-earned dough on a parking space might not even be a bad investment.
After all, she says you could charge $250 a month for a space with a mortgage that might be in the $100s.
Or, you could charge the $15 a day rate the rest of the lot charges.
“It’s very stark when you look at it as concrete, but it’s real estate,” she said.