Collectors store beloved autos in ‘car condos’

updated 5:03 p.m. ET May 19, 2006

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.

ABOUT CAR CONDOS WHAT ARE THEY?: Car condos are individual, climate-controlled garages people can buy to store their exotic cars, motorcycles, boats and other items. Amenities include private bathrooms, concierge services, 24-hour security and clubhouses to entertain guests. WHERE ARE THEY?: Three car condo developments are expected to open in south Florida by the end of 2007. Developers also are considering opening locations in New York, Las Vegas, Orlando, Fla., and Scottsdale, Ariz. HOW MUCH ARE THEY?: The condos in Florida start at $59,000 for 300 square feet and go up to $400,000 for 1,800 square feet. Developers say they have already sold between 20 and 30 percent of their capacity.

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. Others plan to use their condos for boats and Jet Skis, he said.

“It’s part car culture and then a lot of people who are just interested in safe, secure storage,” he said.

Another car condo development, DreamCar Carriage House, plans to open a 120-car facility in the Fort Lauderdale area next spring and is scouting for more Florida locations in Naples, Miami and Palm Beach, said Dayna Heit, a car collector 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 says an antique Rolls Royce and a 1955 Chevrolet Bel Air are among the future tenants.

Buckley and Heit say Florida was a logical place to start their businesses because of the number of nearby high-rise housing developments with ocean views but little storage space.

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