- Source: Car condo
A car condo is a type of property that allows the owner to have a dedicated space for their vehicle. Unlike a regular garage, a car condo is a separate unit that can be bought or rented by the owner. [1]
The car condo building also has shared facilities, such as a lounge, a workshop, or a wash bay, that are co-owned by all the tenants. The owner of a car condo pays a monthly fee to cover the expenses of these common areas.
Car condo developers are marketing their projects to the following demographic:
A classic car owner who wishes to store "his/her" vehicle in an optimum environment.
A person who has a secondary residence in a popular vacation destination (e.g., South Florida, Las Vegas, Scottsdale) and wishes to keep a car year-round at that destination.
A resident of an urban area (e.g., New York City) where parking a car is extremely expensive and where the car owner wishes a property interest in return for the large monthly parking outlay.
Car condos range in price based on location, size, features and services. Some people take a regular storage facility and store their vehicle while others offer sizes ranging from 800 to 10,000 square feet (930 m2).
High-end luxury car condos are based more on a country club approach and serve their members. Some are centered on racing, R&D, motorsports and philanthropic pursuits. The idea of mixing high-end and vintage automobiles with fund raising is reaching heights as evident in the $100,000 USD raised in one night for the Santa Clara Valley Medical Center.
As with any country club, the members require a club house which can serve as a venue for charitable, political, and corporate functions. These facilities offer their owners amenities such as round-the-clock security, automobile-related businesses and concierge services.
References
MSN Article "A $200,000 condo for your car"