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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:

  1. A classic car owner who wishes to store "his/her" vehicle in an optimum environment.
  2. 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.
  3. 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.[1]

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

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  1. ^ "Pizarro: VMC Foundation raises big bucks with high-flying gala". San Jose Mercury News. 15 September 2009. Retrieved 2009-09-15.