SF’s latest cost-of-living outrage comes in the form of a standard parking space one block from Oracle Park, as a parking space that currently costs $300 a month has had its listing jacked up to $90,000 for permanent ownership of the space.
Whenever there’s a big event at Oracle Park, say, a Giants playoff game or tonight’s Lady Gaga concert, it is not at all unusual to see parking spaces going for more than $100 to park there. So yes, the economics of this area are unique. But that may not prepare you for NBC Bay Area’s shocking discovery that a parking space is on sale for $90,000 near the ballpark, inside the 88 Townsend condominium parking lot.
SFist looked up the listing, and yes, the $90,000 parking space is real. It is listed through Compass Realty, who last year notched the most expensive home sale in SF history for $43.5 million. So yes, they have the audacity to list this, and likely the connections to actually fetch that price.
“This is a PARKING SPACE ONLY,” the listing states, “It is currently leased for $300 per month. It is NOT a condo but a single parking space near the lobby. Can be used by non-resident and is located 1 block from oracle stadium.”
Okay first, it’s Oracle Park, but you already know this. Secondly, I’m not a math major, but my smartphone calculator indicates that “currently leased for $300 per month” means that the spot costs $3,600 per year. So it’s going to take 25 years to realize make up the value. But for the wealthiest San Francisco property owners, I guess trees do grow to sky, and maybe some recent completely IPO-flush sap will come along someday and pay you even more for it.
NBC Bay Area spoke to a listing agent (not the actual listing agent, but someone with Compass Realty who is familiar with how the game is played) to assess whether this is lunacy or just how a smart SF realtor does business.
“We saw a lot of people holding their listings until after Labor Day, so this is really kind of the kick-off, the start of the market,” Compass Realty’s Kelli Johnson told NBC Bay Area. “I do think we’re going to have a pretty good fall season. Rates have kind of stabilized a little but, which certainly is going to help buyers right now.”
Of course, this has happened before, pre-pandemic, when we saw a $100,000 parking spot listing in February 2020, on the same street, and what may even be in the same building. So from a glass half-full perspective, to folks who drop this kind of money on conveniences, one could argue that prices are coming down.