![]() “Luxe 1 was our entry into the market here in Lakewood Ranch and that sold out very quickly,” says Jon Astore, a spokesperson for the developer. Buyers of the first phase will move in early next year and phase two buyers will move begin moving in about six months later. Luxe Dream Garage on Communications Parkway in Lakewood Ranch, for one, recently let owners know it was buying adjacent property for a second location. It’s all about the cars and the passion.”Ĭosts of car condos, in general, haven't dented demand: several of the condo communities are sold out and planning second phases before the first one opens. It’s not about who’s got the fancier car. "The beauty of it is that it’s not about the money or where you live. “My customers aren’t flashy,” says Brad Oleshansky, founder and CEO of Motor Enclave, a $100 million facility where units run from $300,000 to $1.7 million and owners pay a $30,000 fee to join, along with a $6,000 annual fee. A few of the carless have even purchased a garage, using it for a cigar lounge or bourbon bar. No, these car condos are for mid-century American muscle cars - Camaros, GTOs, Corvettes, Mustangs - or exotic cars - Ferraris, Lamborghinis - or collectibles - there’s a fully restored 1931 Duesenberg at Island Storage.Īt Motor Enclave in Tampa, one customer collects Volkswagen Beetles and another one has a Pontiac Fiero collection. What you aren’t likely to find is a Toyota Camry, unless you tumble into the employee parking lot. What they all have in common is they are a place where car collectors can take their vehicles and at the same time find a community of the like-minded. They range from Motor Enclave near the Tampa Executive Airport, which includes a racetrack, to the man caves at Island Storage Suites on Old South Way in Fort Myers. On the Gulf Coast, between Tampa and Naples, there are at least a half dozen of these kinds facilities either open or in the works. Many are equipped with loft areas and bathrooms, designed to host parties or just hang out with your cars all day.Īnd just like flowers in the spring, these car condos are popping up everywhere. ![]() Not to be mistaken for storage units or warehouses, these are specially built properties with individual units - often costing hundreds of thousands of dollars- to keep your cars. And knowing that history and that love of the automobile is critically important to understand when you begin to consider one of the latest trends in the real estate world: car condos. But for a great many others out there, the love for a car is as deep as, dare we say, the love of a spouse. Surely this all sounds overly romantic for most people. Catching a glimpse of a 1969 Pontiac GTO got you singing, like Springsteen, about mansions of glory in suicide machines and being sprung from cages and "steppin’ out over the line.” Or, since we’re talking about America, the stuff of rock and roll. This was a time when cars were the stuff of poetry. It represented innovation, freedom, growing up. When you look back at the history and culture of the United States in the second half of the 20th century, it’s hard to imagine anything more iconic than the automobile. What’s next: With more and more facilities opening, an amenities arms race might not be too far off. Several of these car condo establishments are adding new locations to meet demand.Ĭore challenge: Like Florida's residential condo market, which has gone through multiple boom and bust cycles, a potential risk in the car condo niche is overbuilding. ![]() Key takeaway: Collectors can buy condos units for their exotic and collectible cars, in a variety of facilities in the region. By: Louis Llovio Commercial Real Estate Editor, Business Observer
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