Inside the exclusive Boston neighborhood where luxury homeowners flog their on-street parking spaces for an eye-watering $750,000

Be ready to drop a pretty penny - up to a whopping $750,000 - just to park in one posh Boston neighborhood. 

Beacon Hill, an elite 105-acre neighborhood in downtown Boston, has some of the most exclusive parking options in the country.

The Brimmer Street Garage, located at 70 Brimmer St. in Beacon Hill, features coveted parking spaces that are regularly sold for half-a-million dollars.  The eager buyers often pay for their spaces entirely in cash - given the million-dollar homes in the area. 

'If you’re purchasing a house at that level, to add in $500,000 for that parking convenience is really not that shocking,' real estate agent Betsy Herald said. 

Boston's Beacon Hill neighborhood has some of the most exclusive parking options in the country. At the Brimmer Street Garage, parking spaces are routinely sold for $500,000

A former home for horses and coaches, the Brimmer Street Garage has no parking spaces currently available. There is a waitlist for those desperate to get a spot

Because parking in the historic neighborhood is extremely limited, wealthy locals are willing to plonk down huge sums of money for the sake of convenience.

Although tracking the sale of parking spaces is difficult - they are often bound up in the sales of condos or homes - when they are sold separately, the parking spots go for hundreds of thousands of dollars.

Boston realtors have said the high parking prices are symptomatic of the city's hot and expensive housing market.

In Beacon Hill, the median listing price for a home is $4.3 million, and about four in five properties are listed at $1 million or more. Former Secretary of State and presidential candidate John Kerry is just one of the neighborhood's noted residents.

Of a parking space, Herald said that 'you have to look at it as a piece of land.'

The real estate agent told the Boston Globe that 'if you took that parking space and multiplied it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money.'

In 1979, a space in the garage went for $7,500. Now they fetch more than $500,000

Rising parking prices are seen as a corollary of Boston's booming real-estate market. As property values continue to appreciate, so do the values of parking spaces

Once a humble garage for horses and carriages, the Brimmer Street Garage touts itself as Beacon Hill's 'most exclusive venue to capture a parking space.'

Spots in the garage are sold privately and their owners are required to pay association fees as well as property taxes on the parking spaces.

In addition to the parking space, owners of a spot in the Brimmer Street Garage also enjoy round-the-clock valet service, and, if the owners wish, they can have their extravagant cars detailed, cleaned and refilled with gas.

In 1979, spots in the Brimmer Street Garage went for $7, 500. Now they can fetch more than $500,000, and there is a waiting list to purchase a spot.

Beacon Hill has some of the most expensive parking in Boston. This is because property in the area is so expensive and available parking is limited

One realtor rationalized the eye-watering parking prices this way: 'If you took that parking space and multiplied it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money

Herald said that the garage enables the ultra rich to fulfill their dreams. 

'The garage becomes the option for them to make living in their dream neighborhood, and their dream house on Beacon Hill, a reality.'

In Boston, expensive parking isn't confined to Beacon Hill. On the outskirts of Back Bay, a couple received a startling $750,000 offer for their parking space in 2022.

Last year, a mere outdoor parking space in a Back Bay alley netted $250,000.

With the prices for parking spaces skyrocketing, some realtors consider purchasing one a prudent investment. As long as property values continue to appreciate, so should the value of the parking spots, too. 

Beth Dickerson, a realtor for Gibson Sotheby's International Realty, told the Boston Globe that a parking space in Back Bay that she's selling for $350,000 went for $275,000 only seven years ago.

Realtors said Boston's wealthiest are willing to disburse huge sums of money on parking because they are already paying a high price for their homes

Herald remembered a time when a parking space behind Newbury Street was being sold for $15,000 two decades ago. That same spot is now worth an estimated $400,000. 

Herald recalled a phone call she had with her sister, a realtor in Portland, Oregon. 

Her sister told her that she had just sold a beautiful small home with a view of the river for a half-a-million. 

Herald responded: 'Really, I just sold a parking space for $500,000.'