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A parking spot for $225,000 and that's a bargain???

I subscribe to an RSS feed from CNNmoney.com about the Mortgage & Real Estate Industry and today this was one of the posts that came across. I do believe people have lost their minds. The craziest thing about this is that they have a waiting list at this price for those parking spots so it will probably go up! What's next? Is their going to be an industry for this sort of sale? Instead of a Realtor you will have a Parkor. I wonder if FHA has a loan for that? Maybe this should be my new niche market! LOL

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STORY: Yours for $225,000: a place to park. Spots in new Manhattan condominium development now going for more than typical U.S. home price.

July 12 2007: 11:38 AM EDT NEW YORK (CNNMoney.com) -- Parking spaces in New York cost as much as $225,000 and could soon be going higher still, putting the cost for the prime spots above the price tag of the typical U.S. home price. FULL STORY

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Posted by Rey Gallegos Home Loan Consultant Las Vegas, NV on 07/19/2007 04:49 PM

Comments (6)

ney york city parking spot

6 Comments on A parking spot for $225,000 and that's a bargain???

More money than brains comes to mind. FHA won't do it because it is raw land...put walls on it and make it an out building and you may have something their?

07/19/2007 04:53 PM

by Your Financial Coach

Chuck, I was actually joking about the FHA thing but wait are you telling me that they are actually selling the spot as real property???

07/19/2007 05:08 PM

by Rey Gallegos Home Loan Consultant Las Vegas, NV (A Mortgage Bank)

That's funny. I'll take TWO spots... I don't wany anyone to door ding me!

07/20/2007 12:38 AM

by Sue Nelson, Broker/Associate Las Vegas Real Estate ~Team Rhino~ (ERA Sunbelt Realty)

Rey I know in the UNM area there are some people buying a house near campus just because of the parking permit it gets them. They do live in the house but they pick the location solely to ensure a certain parking permit. BTW you market the loans for parking spaces I will market the selling of them! How much can one near the strip bring in?

07/20/2007 12:54 AM

by Albuquerque Real Estate | Ashley Drake Gephart (Keller Williams Realty)

Rey, I know I saw the same thing on CNN. It is amazing 225K for a parking spot... But here is the question what type of car would you have after you spend the 225. Hyundai? Now that would be funny

07/20/2007 07:43 AM

by My Favorite Mortgage.net - Matthew J Blum

This is why the majority of people in this country are head over heals in debt and then have to deal with foreclosure and bankruptcy and being on welfare. Can a parking place be foreclosed on????? No wonder the rest of the world laughs at us!!

07/20/2007 09:54 AM

by Mary Warren, Las Vegas Real Estate (Keller Williams Southern Nevada)

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