Inside the exclusive Boston neighborhood where luxury homeowners flog their ... trends now

Be ready to drop a pretty penny - up to a whopping $750,000 - just to park in one posh Boston neighborhood. 

Beacon Hill, an elite 105-acre neighborhood in downtown Boston, has some of the most exclusive parking options in the country.

The Brimmer Street Garage, located at 70 Brimmer St. in Beacon Hill, features coveted parking spaces that are regularly sold for half-a-million dollars.  The eager buyers often pay for their spaces entirely in cash - given the million-dollar homes in the area. 

'If you’re purchasing a house at that level, to add in $500,000 for that parking convenience is really not that shocking,' real estate agent Betsy Herald said. 

Because parking in the historic neighborhood is extremely limited, wealthy locals are willing to plonk down huge sums of money for the sake of convenience.

Although tracking the sale of parking spaces is difficult - they are often bound up in the sales of condos or homes - when they are sold separately, the parking spots go for hundreds of thousands of dollars.

Boston realtors have said the high parking prices are symptomatic of the city's hot and expensive housing market.

In Beacon Hill, the median listing price for a home is $4.3 million, and about four in five properties are listed at $1 million or more. Former Secretary of State and presidential candidate John Kerry is just one of the neighborhood's noted residents.

Of a parking space, Herald said that 'you have to look at it as a piece of land.'

The real estate agent told the Boston Globe that 'if you took that parking space and multiplied it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money.'