(also known as car condominiums
) are most widely defined as purchased parking facilities. Although the term may apply simply to a designated spot in a private parking lot, usually it implies an individual, climate-controlled parking
garage people can buy to store their exotic cars
and other items. Amenities include private bathrooms, concierge services, 24-hour security and clubhouses to entertain guests. Like a traditional condominium
, a car condo is real estate where the owner owns the unit where the car is stored. The common areas of the car condo building are jointly owned by all the tenants and the car condo owner pays a monthly maintenance fee for their use.
Car condo developers are marketing their projects to the following demographic:
- The 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 exorbitantly expensive and where the car owner wishes a property interest in return for the large monthly parking outlay.
Car condo complexes offer a variety of service offerings from webcams where owners can peek at their vehicles over the Internet to private bathrooms for their owners to use.