Car condo owners, in here
- Thread starter BigE
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Fav Onefour
Well-known member
That place has pretty cool events as well.
They have a nice setup.
To the OP, I'd really think about how you want to use the space if you go that route. Car condos vary quite a lot. Some are showcases and see very little wrenching. Some are just basic buildings that you can use for pretty much any old thing.
I'd also keep in mind that every item you do at a remote location requires getting there and back again when you're done for the day. I have a couple remote shop locations and I limit trips so I don't spend too much time on the road. In my case those shops aren't really for play time but drive time is drive time.
I bought one in January in Naples FL, and was big $. Paid cash, so cant comment on financing. Our umbrella covers general liability. I talked to an agent about contents protection, and they came back with hundreds of thousands of $ in contents protection, for around $3k a year, cars have their own protection, so this was not what i wanted. The facility requires a min of $2k in coverage, and they offer it for $12 a month. I did that. Do research what the CAM / HOA fees are and whats included. Ours just went up, but now is taking on overhead door and AC maintenance. There are around 6 existing car condo complexes in Naples, with around 6 more being built or planned. We will see if the market becomes saturated. We also own and rent a lot of space up north, and an issue with a unit in an industrial area is privacy and security. Not right for us in Naples. Condo was the right option.
mike93lx
ALLIANCE MEMBER
Is yours storage only or can you work on your stuff?
I think this is a big reason a condo is better than an old warehouse in an industrial area.
NORTON'S SHOP
Well-known member
Are you allowed to have a vehicle there? (Eight words filled with sarcasm for those of you that lack a sense of humor.)
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I've been leasing a car condo for the last three years, have some acquaintances that own them, and have personally looked into buying one, so I can answer some of your questions.
Yes, the loans can be totally different, i.e. shorter terms. bigger down payments, possibly higher interest rates, etc. And some banks will not finance you at all. Insurance in some complexes is required, some insurance companies will include it under your existing homeowners policy, others will require a standalone policy.
Most just assume you're going to be working on your vehicles, I know one family uses theirs to build and repair their cart racers. At the moment, the complex I'm in only specifies that car painting is not allowed, welding and cutting is OK.
What are you looking for? Are you just looking for a space to work in, or do you want to connect with others who are like-minded?
We have quite a few condo developments in my area, and it seems like all have different personalities/client types and resale possibilities, or lack thereof.
One is the place to be for car enthusiasts, it's been around since 2013 or so, and they're now building the final unit that they have space for. Both new and resale units are reasonably priced, and they have appreciated in value over the years. Folks both socialize and work on vehicles there. I know people with units there, and until it was sold recently, I had a connection with the owner.
One was supposed to be exclusively for high-end enthusiasts, with multiple buildings and a race track. It stalled, they only built two buildings, and the race track project is dead. I know three people who have had to sell their units for a fire-sale price.
The point I'm trying to make is, some complexes will thrive, others will wither. Unless you're buying into a complex with a good resale history, approach with caution.
If you're going to move in a couple of years, I would just lease the working space until you move and build your dream garage. My leased condo is only a 5 minute drive from my house, but I'm still thinking about building out my dream garage.
Just for info purposes, this is a website run by a local real estate agent, he sells units for several of the complexes:
KC Condos
If you have any other questions, feel free to reply here or DM me.
Agreed.
I'm leasing a space 5 minutes from my house. At the moment, there aren't that many active car guys there. That might change as they have just completed some new units. I have friends at a really great condo place that's reasonably priced and has a fantastic culture, but it's at least a 45 minute drive each way.
The bigger downside is that I'm retired and do most of my wrenching during the week, so I'd have to fight traffic both ways.
You are going to want to carefully read the rules and covenants.
Consider worse case scenarios. What happens if there is a big dispute between the owners about future maintenance, payment of dues etc??What happens if the developer goes belly up with only half the units built? What happens if there is a fire/tornado/flood etc. ? These situations can be a real source of problems especially if the owners disagree and/or the rules and covenants are not clear.
It’s best to talk to a few banks and credit unions to see what financing options work best Best for you
And you need to make sure that financially you can swing this without compromising things like retirement, college for the kids, etc.
What would I do? Park in the driveway and work out of the garage you already have.
Consider worse case scenarios. What happens if there is a big dispute between the owners about future maintenance, payment of dues etc??What happens if the developer goes belly up with only half the units built? What happens if there is a fire/tornado/flood etc. ? These situations can be a real source of problems especially if the owners disagree and/or the rules and covenants are not clear.
It’s best to talk to a few banks and credit unions to see what financing options work best Best for you
And you need to make sure that financially you can swing this without compromising things like retirement, college for the kids, etc.
What would I do? Park in the driveway and work out of the garage you already have.
Interesting website information. But unless I had a unit with a garage door on each end and/or a lot of windows I would Not want to be inside one of those units.
andyvh1959
Well-known member
About three miles from the main gate at Road America:
www.luxurymotorcourts.com
I ride by there often and there are lots of very interesting cars there. Right in Elkhart Lake is Throttlestop, a gorgeous dealership/museum with the likes of exotic motorcycles and $1M Porches on the showroom fllor. All gorgeous, but no way I could afford to live in that sort of mechaincal heaven. But not two miles out of Elkhart Lake is all kinds of farmland properties with all sorts of building poetential.
My wife and I were just discussing something like a condo with no lawn work, no snow removal, etc. But again, I'd need a shop to work on my motorcycles and fab/weld, etc. Before my brother and I met our now wives, I pitched an idea to him of him and I buying a commercial building in one of the small cities just outside of Appleton WI. Something like an old bank building or general store. The brick/stone kind with the typical windows/center door front entrance, but could be opened in back for double 16' garage doors, High interior first floor. Kaukauna WI has a bunch of them in their old downtown area.
We'd convert the ground level to vehicle storage/work area, and create a duplex sort of living arrangements in the upper level, elevator, maybe even a social event space on the roof. No lawns, commercial property taxes, inner older city living (walk to food/bars places). But we both got married and that changed the plans away from the "Nuck n Futz Garage" building.
Luxury Motor Courts
www.luxurymotorcourts.com
I ride by there often and there are lots of very interesting cars there. Right in Elkhart Lake is Throttlestop, a gorgeous dealership/museum with the likes of exotic motorcycles and $1M Porches on the showroom fllor. All gorgeous, but no way I could afford to live in that sort of mechaincal heaven. But not two miles out of Elkhart Lake is all kinds of farmland properties with all sorts of building poetential.
My wife and I were just discussing something like a condo with no lawn work, no snow removal, etc. But again, I'd need a shop to work on my motorcycles and fab/weld, etc. Before my brother and I met our now wives, I pitched an idea to him of him and I buying a commercial building in one of the small cities just outside of Appleton WI. Something like an old bank building or general store. The brick/stone kind with the typical windows/center door front entrance, but could be opened in back for double 16' garage doors, High interior first floor. Kaukauna WI has a bunch of them in their old downtown area.
We'd convert the ground level to vehicle storage/work area, and create a duplex sort of living arrangements in the upper level, elevator, maybe even a social event space on the roof. No lawns, commercial property taxes, inner older city living (walk to food/bars places). But we both got married and that changed the plans away from the "Nuck n Futz Garage" building.
There are units with garage doors on each end, and end units typically have windows, some on two sides.
Of course you pay a premium for those units.
Can do what you want, but cant run a business there, or live there....
Yes, up north we have industrial spaces, so have 1st hand experience with both.
Stuart in MN
Well-known member
I know a few guys here have them and have had long discussions about owning one, if you use the search function at the top of the screen you can probably find those discussions and maybe send them private messages to get advice.
It varies. From my experience, the market was good in the late 1970's. I got licensed in 1981 when a 30 year mortgage ran up to 18% and the real estate market was horrible. It got better in 1985 when rates dropped below 10% and boomed in the late 1980's. The market went off a cliff in the early 1990's when even the federal government was laying off employees. Things picked up again around 1999 and boomed in the early 2000's. The market collapsed in 2007 when the great recession hit. Things picked up again around 2018. Covid hit and everyone was sure the market would crater but instead it boomed because the government flooded the economy with free money and low interest rates. Here were are now in 2026 kind of overdo for another bust.
If these car condos got started in 2008 as you say, then that specialized type of property has not yet seen a big recession and a major drop (25-30%) in real estate prices. Eventually it will come. It always does.
I just sold two apartment condos in Germantown, MD who's owners bought brand new at the peak of the market in 2007. Even after owning them for about 19 years, neither one could get what they paid for their units.
When a recession hits, unnecessary things like vacation beach/mountain properties can drop 50% or more. I would put car condos in the unnecessary category.
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The way I see the car condos around here in Minnesota. Most of the owners of them don’t even feel a recession.
There’s that chasm again…for some folks a recession is a missed meal or a repossessed family car. For others, it’s nothing more than different numbers on a piece of paper.
The other concern I have is the car hobby itself. These car condos are selling because us baby boomers are at the peak of our wealth and we were born and raised into the car culture. Younger men are not nearly so interested in cars. As we die off there may be a big surplus in classic cars verses buyers. That could greatly impact the value of a car condo that unlike a basic small warehouse, might be difficult to impossible to repurpose.
racecougar
Well-known member
Stuart in MN
Well-known member
The definition of classic cars keeps shifting as time goes on. Younger guys maybe aren't so much interested in things like a '57 Chevy, but they may be into first generation Honda CRX's. Radwood - type car shows for 80s and 90s cars are getting more popular.
LNKMK8
Well-known member
If you have to borrow the money, then you aren't likely to recoup your costs in 2 years time. Closing fee on the loan, interest, transfer fees with the condo association, possible realtor fees, etc. I would just rent. Also, you don't want to be trying to sell a car condo and your current home when you are ready to move, nor would you want to carry potentially 3 mortgages at once. For 2 years or so, just rent.
The dying off of the car culture is already happening.
Just watch Mecum, and some local large auctions.
Locally, they sold off J. B. Hodgdon's car collection a month or so ago. Most of his cars were fully restored, like Jay Leno, he had a full time mechanic to take care of them. Lots of stuff from the teen's to the 60's. Lot's of beautiful and rare iron.
I was shocked at how few bids some of them received, and the final prices.
Very, very true.
The guys that were into the old stuff are dying off.
I'm into 50's and 60's cars. The last two I purchased were fresh out of probate.
My son is 29, his idea of a dream car is a rare 2007-08 Acura.
Stuart in MN
Well-known member
I saw it happening years ago. When I was 20 years old there were Model T clubs everywhere, now that I'm 70 all those guys are dead.
(Well, there still are Model T enthusiasts, but the number is a fraction of what it once was, and it's certainly not the people who remembered when they were new cars.)
sh944
ALLIANCE MEMBER
Garage condo owner here. From my perspective, it’s been nothing but great. I don’t know of too many folks who have actually owned a unit at our facility that would say otherwise. I wouldn’t be surprised if the original owners at Stonegate (a local complex that didn’t really take off) might feel differently.
There are a lot of opinions being offered up here by some folks that haven’t experienced owning one. Garage condos are certainly not everyone’s cup of tea, but getting advice about them from someone who would never own one because they don’t want one, or maybe can’t afford one…. I dunno, that seems a touch misinformed to me.
OP, drop me a note if you’d like to chat about it. If you follow the link on my profile, I have posted about my experience with my garage condo there.
There are a lot of opinions being offered up here by some folks that haven’t experienced owning one. Garage condos are certainly not everyone’s cup of tea, but getting advice about them from someone who would never own one because they don’t want one, or maybe can’t afford one…. I dunno, that seems a touch misinformed to me.
OP, drop me a note if you’d like to chat about it. If you follow the link on my profile, I have posted about my experience with my garage condo there.
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I agree with you and I don’t even own one. I live in a pole barn house with a big garage so I don’t need one but I take my little S10 to all the car shows to the one close to me.
Ak Jim
Well-known member
The problem with this is you’re going to get the standard POS 19’x18’ two car garage with 8’ ceilings. Still no room to work and not high enough for any sort of lift.
Miss the Pontiacs
Well-known member
You don’t buy a POS unit you buy a piece of real estate where the garage is featured as a workable unit.
Doesn’t really matter the OP mentioned that he is not interested in being a landlord.
Thats how more than half the comments are about EVERYTHING on Garage Journal.. 25% start with a (judgmental) “why would you want to…???”
sh944
ALLIANCE MEMBER
@Skellyii @Jagmandave heads up, we are doing a condo owners “open your garage” event tonight. It’s always a great car show/hang and talk shop, come on out tonight.
Appreciate the heads up, but I'm under the weather today.
Let me know the next time you guys are meeting.
Thanks!
What about utilities? Some PoCo’s will only supply one meter to a residential property.
Like everything else, it depends on where you live. I knew some guys that had their garages and outbuildings on a seperate meter for business purposes.
Miss the Pontiacs
Well-known member
I would imagine you could work that out with the renter. It is a moot point anyway this won’t work for theOP.
Assuming you are not paying cash, most of the monthly loan payment is going to interest for the first several years. Even if you sell for more than the purchase price, you'll have title transfer and probably realtor fees associated with the sale and your monthly payments won't hardly have reduced the principle on the loan.
Consider that in your numbers because it may end up being cheaper to rent for 3-4 years, especially once you include the "hidden" costs of owning like taxes, insurance, etc.
Consider that in your numbers because it may end up being cheaper to rent for 3-4 years, especially once you include the "hidden" costs of owning like taxes, insurance, etc.
Jagmandave
Well-known member
Sorry I missed it, I had some friends there as well......
dcg9381
Well-known member
And prices reflect that. I'm convinced there is a bell curve that can be predicted between the value of "interesting" cars and the average wealth (age) of those that were after them. A 1993 Cobra-R is 6-figures, that's the car I would have coveted at peak of my "car days". And it ***** compared to a modern Corvette, so I'm not buying one, but someone is paying for them.
Value of a model-T, probably not gonna go up... I'll bet a concours level 427 1968 Corvette manual isn't gonna go up in the next decade either compared to what it sold for 5 years ago.
Agree with this too, but in my area, I've found that if you have shop space, you can make decent income off it by doing partial renting - you just need the right group of people... But you're gonna need more than 400 sqft.