Anyone had any success or luck with buying a parking spot as a long term real estate investment in the Chicagoland area? Just curious. I apologize in advance if this should have gone in the Business Investments section. Didn't know where it belonged since it was investment related question - but Chicago specific. Sorry!
In the right location, the parking spots will give a better % return than a condo or house in the city. Got to know what you are doing though as there is a LOT of new condos going up. It gets even better if you can rent out the spot while it is going up in value.
I was considering it last year. Parking spot cost $ 50,000. Eventually I decided otherwise, but I'm sure ten years from now I'll be crying over it. When you think about it, it is kinda funny: Park your 308 on it and show your friends your ultimate and latest status symbol: They will all "aah" and "ooh" the Ferrari, while the real value is the patch of concrete underneath it.
