Single Parking Space in Seattle Shockingly Listed At $50,000

An online listing price for a single, 128 square-foot parking space in Seattle, Washington, has people shocked.

The parking spot, located in the Capitol Hill neighborhood in Seattle, was listed as a "once-in-a-lifetime opportunity" for $50,000 by agent Jimmy Chuang.

The listing for the spot at 103 Bellevue Avenue describes the space as "spacious" and said it can easily fit a full-sized sedan. The parking space is located in a condominium complex's garage. The individual does not have to live in the condominiums to use the parking space.

The listing also boasts that there is 24/7 access and that the garage is located near the "hippest bars, restaurants, cafes, and nightlife."

"Not living in the building? Great investment for additional city parking or feel free to rent out. Not to be missed," the listing reads.

Although the parking spot does not require the owner to live in the condominiums, it is unclear if the owner will be responsible for the monthly $25 homeowners association fee that is included in the listing.

"It is a serious listing," Chuang told King5 News. "I don't think it's a common thing. This is actually the first time that I've ever seen it."

But it's more common than one would think. In Boston, a single parking space made headlines after it was listed online for $375,000. The spot, which was listed by Campion and Company, is in a heated garage attached to a luxury condo unit located in Boston's South End.

Another listing in Hong Kong shattered the world record for the most expensive parking spot, coming in at $1.3 million. The spot is located in Mount Nicholson, an ultra-luxury development located on a peak in Hong Kong.

The parking spots in the area are sold to the highest bidder, according to the South China Morning Post. While a $1.3 million bid might sound shocking, the people who live in Mount Nicholson are known for spending nearly $100 million for a home.

While the prices of these parking spots seem insane, the prices match the cost of living in the areas they're located. The average price of a home located in Kings County, where the parking spot is located, topped more than $1 million.

According to Seattle-based real estate agent Edward Krigsman, people are willing to pay upwards of $50,000 for a parking spot because of the convenience it can provide. He also said that many people buy out a second spot as a form of investment.

"We've seen that people will justify paying a premium for more than one parking space then leasing out the additional one," Krigsman told King5 News. "But increasingly with prices going up 10 percent a year - $10,000 to $50,000 is a luxury so oftentimes people will forego that second space or even the initial space."

Newsweek reached out to Jimmy Chuang for comment but did not hear back in time for publication.