Pampered rides
David deMartino just bought a 760-square-foot, one-bathroom condo for $212,900 in the booming market of Fort Lauderdale, Fla. He’s already ordered custom flooring and cabinets and a flat-screen TV, but he has no plans to move there.
That’s because the condo is for his collection of cars and motorcycles.
The idea of buying a parking space is nothing new in crowded urban areas. A 180-square-foot space at the Brimmer Street Garage in Boston’s exclusive Beacon Hill neighborhood just sold for $200,000, according to a garage manager.
But a parking space may be exposed to the elements, or next to a rowdy family’s hulking sport utility vehicle. That’s why some enthusiasts with money to burn are turning to car condos, where their vehicles will be stored in individual, weatherproof, air-conditioned garages with 24-hour security and concierge services.
“It’s just peace of mind for my collection,” said deMartino, 47, who plans to store a 1930 Ford Model A coupe, a 1961 Corvette convertible, a 1970 Mercedes-Benz 280SL and three special-edition motorcycles in his condo.
Three car condo developments are scheduled to open in south Florida by the end of 2007, and developers say they’ve already sold between 20 and 30 percent of the condos available.
Park Place Car Condo is opening a 224-garage facility in North Miami and a 179-garage facility in Fort Lauderdale and plans to open locations in New York, Las Vegas, Orlando, Fla., and Scottsdale, Ariz., in the next few years. Developer Kevin Buckley said Park Place condos start at $150,000 for a 620-square-foot condo for three cars and go up to $400,000 for an 1,800-square-foot condo that can house a bus.
Buckley said so far, typical buyers have been men in their late 40s to early 60s who have earned enough to buy the muscle cars that enchanted them in high school.
Another car condo development, DreamCar Carriage House, plans to open a 120-car facility in the Fort Lauderdale area next spring, said Dayna Heit, who is developing the facility along with her husband. Prices range from $59,000 for a 300-square-foot condo to more than $200,000 for a 972-square-foot condo.
Heit said buyers consider car condos an investment.
The threat of hurricanes also is a problem for Florida car collectors. Right now, deMartino keeps half his collection in his two-car garage in Boca Raton, Fla., and half in a warehouse, which has been breached by flood waters and damaged by high winds.
“It kills me. I can’t have it,” said deMartino, an entrepreneur and chief executive of Ozonelite Inc., a company that makes air-purifying light bulbs.
Both Park Place and the DreamCar Carriage House will offer concierges to take care of details such as picking up and dropping off owners, tuning up the cars or washing and waxing.
But car collectors don’t have to own a condo to get those kinds of services. At the Collectors Car Garage in Bedford Hills, N.Y., members can rent a parking space in a secure, environmentally controlled facility with concierge service for $345 a month.
Manager James Machinist says the rental concept seems to work for his customers. His facility, which has been open since January 2005, already is over capacity with 191 cars ranging in price from $5,000 to $1.5 million.
“I liken it to a yacht club. Instead of having a slip, you have a car space,” he said.