Downtown Charleston parking space goes on sale for $74,000

A reserved parking space in downtown Charleston is on the market for $74,000.

The Post and Courier reported that Domicile Real Estate Brokerage is trying to sell the space on Burns Lane. It went on sale Tuesday.

The firm’s founder, Jennifer Davis, says the costly price tag can be attributed to limited land and high demand for spaces.

For a business, the need for parking spaces can be particularly important. According to Charleston zoning codes, a minimum number of parking spaces are required based on land use.

Businesses aren’t the only ones. Davis says those looking to bring value to a house can also see the benefit of the parking spots. She says her firm began selling parking spaces about six or seven years ago, but has seen a dramatic increase in the last few years.

The firm has even more expensive parking spaces for sale, including four on East Bay Street going for $98,000 each.

The city of Charleston operates more than a dozen garages. Paying the maximum daily rate of $16 for a full year would total nearly $5,500, meaning it would take more than a dozen years to reach the cost of the parking space on Burns Lane.

“The parking space absolutely is worth more than most people’s cars,” Davis said.

This story was originally published January 19, 2017 at 10:58 PM with the headline "Downtown Charleston parking space goes on sale for $74,000."