Palmetto Proving Grounds

I gotta say. 12k for a parking spot is crazy to me but I guess for some justifiable.

7 home games a year at a $30 a game price on average is $210

Take me 57 years to quanify paying that off.

Sometimes people just have more money than sense.

Those spots sold for big money a few years ago when the economy was doing well. I have seen spots going for less than 50 cents on the dollar for what they sold for 5 years ago.

I own a lot of land here in Charleston I bought on golf courses in 2004-2007 that is worth less than 40% of what I paid. That is tangible. That is an asset.

I have dry slips here in Charleston that are selling for 12k now that I paid 35k for. That is not an asset.

I know this. You don't make money back on a parking lot. You don't. There will be so much more parking avail around the stadium once the back in finalized in the next 8 years.

I just don't think one should ever look at it as an investment. It is a sucker bet.

Agreed. It isn't an investment it is a vanity purchase. The University is getting into the game and will undercut everyone else on parking.

The coop has an air-conditioned and heated building, large and plentiful bathrooms, gated security, assigned parking and lots of great Gamecock fans. You can have the fairgrounds. I will take The Coop any day. I spend time at The Coop, The Touchdown Zone and Stadium Place. I do not know one person who owns a spot in any of those three that is disgruntled or regretting the decision to buy a parking spot.

Or maybe he has more sense and makes more money... its all relative.

to some, $12k is an entire 12month rental fee at the camden apartments...
for others is merely round trip fuel charge for their King AIr!

its all relative... !!

Property tax and regime fees total about $350 a year. Taxes are about $125ish and regime is somewhere around $225ish. Plus I think the owners of the building are trying to force the parking spot owners to purchase the building at an inflated price.

Duck,
Your original post was very narrow in its focus- to obviously prove your point. Should we not buy houses anymore either? Because we could always rent and not be upside down at a future point in time. I could have used your advice a long time ago with some real estate. Sounds like you didn't follow your own advice in your own Charleston deals....

There is risk in any kind of investment, and it is for each to determine what they feel is appropriate in terms of risk/reward payback. You made investments that are worth less than half of what you paid. I would think where the market is now, you would expect a better return than that, possibly even when it comes to game day parking places...
One thing is for sure while you pay out your parking $ on a per game basis, at the end of 57years you will have nothing.
Btw, I paid $8,000 i believe for a space years ago. Am I glad I did it- yes, ecstatic-no. Parking spots are no investment for the sake of making $, but still may serve you better than other investments like boat slips especially when you can enjoy it.