Only in America: The seven-figure parking spot

(Image credit: CC By: Rick Camacho)

last updated 8 January 2015

A single parking space is on sale in New York City for $1 million. The space, in a condo building, has its own real estate broker. "The reality of New York City," says realtor Robert Knakal, "is that people are willing to pay more for a parking spot than the average person in the country pays for a home." As the New York Post points out, the spot's price tag is actually six times the cost of the average U.S. single-family home — and the equivalent of paying a $115 parking ticket every day for the next 24 years.