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Join Date: Apr 2002
Location: San Clemente, Ca
Posts: 355
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Car Condos ???
I recently saw the article in a car magazine. I looked up the website, VERY interesting.
http://parkplacecarcondo.com/ I feel its a great concept. To actually OWN a garage, a storage unit, large enough to store 3-4-5-?? cars I have "needed" a place to store my cars, however, I cannot justify in my mind paying a facility to keep them there. Therefore, different garages, driving around town to drive the own I want. Members in So. Florida, has anyone heard/seen these? How do you guys feel about the concept? Major factor is price obviously. How much would you pay?
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Ray Crawford 1972 911 S Targa 1973 E Flairs n Chairs |
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07-24-2006, 04:39 PM
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this is already being done along the colorado river near laughlin and parker- usually on the arizona side thanks to california taxes and permits, etc ! one of my friends has done well with building units that people can store their boats in as well as RV sized.
the issue is cost of land , DOH ! , in local access areas - otherwise would you drive your car to a questionable part of town to park it ? or drive half hour , or more, the convenience sure gets important after a while
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1970 914-6 street"evil cockaroach" 1970 911 Targa "ST" Jade Green IROC Tribute (ready to race) |
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07-24-2006, 04:47 PM
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Location: San Clemente, Ca
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Quote:
When they first told me about the units, I thought it was a great idea. Put the twist from boats to cars, even better idea. As in any real estate property, price equals location... Many questions obviously, location, price, assoc. dues, how often would you go there, what would you keep in it?? Some places are charging storage fees of 200-300.00 mo per car. How much is it out in the Valley? Three cars can add up real quick, on RENT. Pay a few more dollars, have something to own. If you have extra space, sublet.
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Ray Crawford 1972 911 S Targa 1973 E Flairs n Chairs |
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07-24-2006, 05:06 PM
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yeah- i know- we charge $250 per month for two cars in my home garage < (till i get hooked on yet another project ! ) and they were quite happy with that- as i can help with battery charging , get it to the shop- service if they need it, stuff like that
there is a place in beverly hills where the building is being used mostly for servers- so lots of parking as the lessee paid big $$ for being there. The owner's buddy took over a floor or two on the underground and charges about the same per car i like what paul kramer is doing with autokennel- he has some space to rent out and is local to a lot of people in costa mesa. But i agree that a condo deal would be best. We have a real estate broker and contractor lined up- just need the space to see if it makes cents (sic!)
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1970 914-6 street"evil cockaroach" 1970 911 Targa "ST" Jade Green IROC Tribute (ready to race) |
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07-24-2006, 05:27 PM
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Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,527
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The trick, I would think, if one were looking at this as a biz opportunity? An older (Built 40's or 50's) warehouse or small MFGing facility...multi floors, lots of space. Make separate compartments, charge according to space provided. An easy way to assure cars could be driven out and in. Install good security. Security people would need to be involved, if only to check customers in and out. It wouldn't be a HUGE money maker, but could work...until a better offer came along for the property owner. At least he wouldn't have to deal with the hassles of living space renters...
Might work, even in a heavily populated area. Lots of numbers crunching involved...
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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07-24-2006, 05:43 PM
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Join Date: Oct 2004
Location: Naples, Florida
Posts: 759
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The Car Condo on Marco Island has already gone bankrupt once. Guys are trying the same thing with marinas here in Naples. So far no one has been able to make it work here in Naples FL. It all looks great on paper - but reality is usually different. When I run the number I can lease a space for about 18 years - based on the $30,000 purchase price.
Don't forget that there will be management fees each month. Also, monthly(or quarterly insurance fees) In addition there is a need to develop a reserve fund for new roofs, etc. These monthly fees can go up at the discretion of the condo board, which is generally controled by the developer. The $30,000+ purchase price may be the smallest number. You're buying into a concept with open ended monthly fees as well. Be VERY careful here. Richard |
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07-24-2006, 06:31 PM
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Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,527
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Quote:
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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07-24-2006, 06:36 PM
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Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,597
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I own an old warehouse, and thought of doing this a while ago with it. Each space having electrical outlets (the building has three-phase power), and an air line since there is also already a large, commercial sized compressor installed above the bathroom area.
Instead, I've got three companies renting space, and my race car and a few parts cars in the end. Not sure what the future holds, but once I could store my own junk without paying rent, I haven't put much thought into it. |
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07-24-2006, 08:16 PM
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