As many locals circle the neighborhood for precious parking spots, some Hill residents are paying top dollar for dedicated spaces.
The priciest parking spot on Capitol Hill this year sold for more than $95 per square foot. A 1,061-square foot garage built in 1920 was the most expensive space. The 314 13th St. NE real estate went for $101,500 in September, according to data from the real estate firm Redfin.
“People will invest for convenience,” Redfin Capitol Hill agent Michael Alderfer said. “If it’s a desirable location, someone will want to own it.”
The second-most expensive garage sold for $80,000. The brick structure behind 638 G St. SE boasts an automatic door and electricity, the listing says.
The third-most expensive space went for $40,000, in Capitol Hill Tower at 1000 New Jersey Ave. SE.
Parking spaces in the Capitol Hill Historic District are in particular demand, Yarmouth Management’s information manager, Tim Burr, said.
“[Spaces] are rare at the older buildings,” he said. “The places that do usually have parking are the newer buildings.”
Top prices for Hill parking spaces could be even higher than what’s officially listed. Many deals for spaces happen quietly, between neighbors, a Redfin spokeswoman said.
When someone is spending millions on a house, the price tag for a parking spaces doesn’t seem so high, Alderfer said.
“An extra hundred thousand is a great idea,” he said.