Parking Lot Bubble?

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=49750&cl=3337326&ch=61492&src=news

Ok- This is crazy, but parking spaces in New York City are now going for $225,000 a spot. Check our the video above. Spots in Boston go for as much as $175,000, and in Chicago as much as $75,000. Many of these people buying the spots don't even own a car or intend to park there. They are buying the spots and flipping them like condos and or renting them out for a lot of money. We have seen this in the condo market for a while now, but in the parking lot market?  The number of cars in the US has tripled in the last 50 years.  For $225,000 you can still buy a house in some markets or a nice Ferrari. 

For more information on the New York Condo Market  Click Here