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
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
Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...
,
Las Vegas
Las Vegas, colloquially referred to as Vegas, is the most populous city in the U.S. state of Nevada and the county seat of Clark County. The Las Vegas Valley metropolitan area is the largest within the greater Mojave Desert, and second-l ...
,
Scottsdale) and wishes to keep a car year-round at that destination.
# A resident of an
urban area
An urban area is a human settlement with a high population density and an infrastructure of built environment. Urban areas originate through urbanization, and researchers categorize them as cities, towns, conurbations or suburbs. In urbani ...
(e.g.,
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
) 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 .
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
Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...
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"{{reflist
Garages (parking)
Parking
Parking facilities
Condominium