A Condo for Cars? Luxury Vehicle Storage Turns Parking into Big Business

While the housing crunch and stubbornly high interest rates are putting homes out of reach for many, those with the means are willing to plunk down millions for a condo dedicated to their luxury cars.This is not a fancy garage."A garage is an attached unit to a residential dwelling," James Pilkington of Weichert Realtors - Paradise Homes tells Realtor.com. "An auto condo is specifically designed as a larger storage for multiple or a collection of automobiles. Just like any other condo in Southwest Florida, [the buyer] will own it."And just like most other condos, there is a home owners' association that collects monthly fees to cover maintenance of the common areas, upkeep, and standard insurance. Cars must be insured separately.A car unit will often come with a mezzanine or club house, where the owner can relax or entertain while enjoying their vehicles—either taking them out for spins or just showing them off. These luxury car residences can start in the low $700,000s and range up to $2 million. On top of that, an owner will often then spend hundreds of thousands retrofitting the unit with an entertainment and dining areas, a kitchen, and even a full living space. Some will also ...