Garage Town questions...

[Froggystyle]

I saw a really cool idea this last weekend at the Men's Luxury Toy Expo. Someone is buying land and building high end storage units in great neighborhoods. They have interior walls and hookups, RV dumps, club houses, concierge services and great access. The security is top notch, and you buy your "storage condo" pretty inexpensively. The ones I saw were around 20x84' long and about $200K. A 20x32" was about $89K.
Seems to me, it might be a great way to invest in real-estate, have a storage unit for toys and such and have it in a place that if you were a baller you wouldn't need the detailer, mechanic or whatnot to come to your house to work on stuff. Plenty of room for busses, RV's etc...
I have looked into buildings to store equipment and such in, and $89K seems pretty cheap for the building, even if you owned the land already.
Am I all wet on this one, or does this seem pretty cool to some of you?

[RiverDave]

They did those boat condo's north of Havasu a few years back that are basically the same principal.. They even had a shower for people etc.. there.
I'm not sure how that ever panned out? I know Fast Timmy bought one, and a few others looked pretty hard at them. Maybe they can shed some light on them?
Honestly though, other then the cheap price (which in reality wouldn't be that cheap everywhere else) for owning a structure, I can't imagine them being some skyrocket investment. Then again I know shit about investments so it's just an opinion..
RD

[Magic34]

I saw a really cool idea this last weekend at the Men's Luxury Toy Expo. Someone is buying land and building high end storage units in great neighborhoods. They have interior walls and hookups, RV dumps, club houses, concierge services and great access. The security is top notch, and you buy your "storage condo" pretty inexpensively. The ones I saw were around 20x84' long and about $200K. A 20x32" was about $89K.
Seems to me, it might be a great way to invest in real-estate, have a storage unit for toys and such and have it in a place that if you were a baller you wouldn't need the detailer, mechanic or whatnot to come to your house to work on stuff. Plenty of room for busses, RV's etc...
I have looked into buildings to store equipment and such in, and $89K seems pretty cheap for the building, even if you owned the land already.
Am I all wet on this one, or does this seem pretty cool to some of you?
I looked at bulding one on the east side of town here, but most of the people running out this way to the lakes are cheap. That's why I live here.
I think it is a good idea, especially in your area.
I am looking at buying a smae thing out here at Falcon Field if they will allow boats in the hangers. You can buy a hanger with the same concept and it is only 1 mile from my house.
You and that damn avatar!

[Froggystyle]

You and that damn avatar!
Often times, police question him, just because he is interesting...

[Outnumbered]

I considered it but the price seems way too high. I just rented a 12x45 RV garage here in town for $250 per month. There is also a cooled RV warehouse in town that you can get a 12x35 for $250. If you buy a $90k condo you are looking at over $500 per month depending on how you finance it.

[2Driver]

Personally, I have a hard time putting money out for something that does not come back or at least 90% of it. I suspect if the resale was decent, which I doubt or if I lived in a small community where I had no choice for boat storage, it might work.
Could be a nasty commitment if you ever change your storage needs or move...kind of like the expensive timeshare from hell only worse. I can always rent you one of my acres if you need a AZ compound

[Froggystyle]

Personally, I have a hard time putting money out for something that does not come back or at least 90% of it. I suspect if the resale was decent, which I doubt or if I lived in a small community where I had no choice for boat storage, it might work.
Could be a nasty commitment if you ever change your storage needs or move...kind of like the expensive timeshare from hell only worse. I can always rent you one of my acres if you need a AZ compound
I see it differently I guess... Much like renting, spending $250/month on a normal storage seems like a hemhorage of cash. You can improve these, build yourself a little "base camp" for taking off for the river/lake for your friends, and put a lot of stuff in it. A lot of the storages I have seen are not particularly well suited to pulling in and out of with a motorhome as your tow vehicle, and they considered it on these ones. Also plugging in and hooking up etc... The RV drain on site is pretty cool too.
The way they are building them, they are putting them up in high density areas that just don't have room for or HOA's won't accept toy parking. Even more importantly, who wants an RV taking up all of your side yard?
I am fortunate to have 14,000 square feet in El Cajon to park my stuff, and a deal with my landlord that I can park the boaterhome. Most aren't. But even in my pseudo-baller status, I need parking for a 31' LOA boat, a 34' LOA motorhome, a Rhino, motorcycle, and whatever hot rod I get next. I would LOVE to park the motorhome inside for a change, and have a nice clean boat to pull out every time we go.
I have no dog in this fight. Something I saw at the show, and after doing the economics, I think you could break even or make money, have a limited exposure investment in real estate, not lose money every month in storage, and in the meantime have a blinged out base camp for all of your friends to meet up to head to the lake.
They sold out the first development in Mesa very quickly, and now they are looking at Surprise and Scottsdale. Lots of wealthy people live in condos in Scottsdale. No room for toys.
I may have sold two boats this weekend after I brought them over there to solve storage problems. Likely sold two storage condos too...
Froggy <-------- Thinking about it...

[socalmoney]

I think you would be better off buying some commercial space that had room for your toys and renting out the front or what ever is left. More money up front but way better investment. If you work it right, cash flow even. You store your toys for free, or get paid to do it.

[Froggystyle]

I think you would be better off buying some commercial space that had room for your toys and renting out the front or what ever is left. More money up front but way better investment. If you work it right, cash flow even. You store your toys for free, or get paid to do it.
Sure, but myself, and many other folks in SoCal are already pretty well tapped out financially with the home prices, and more importantly, most are not equipped to manage a small commercial space and deal with the huge potential negative cash flow. Right now, my wife is managing 11 buildings, four of which are negative by greater than $200K per month right now because of poor occupancy. Not for lack of trying either. ANYTHING regarding residential real estate has rolled up and left... often times with huge debt loads accrued and losing lawsuits ahead of them. There is a lot of commercial space available, but most is at $.75 or greater per foot, plus utilities.
Take your average toy owner. They aren't going to buy commercial space to sublease to keep toys for free.
I was thinking about car clubs. How cool would it be to be able to buy one for your chapter of the Ferrari club and put three or four in the space with your stuff. $200/month each. Instant cash flow.
Same goes for any toy that you don't have room for, or space is preventing you from buying.

[socalmoney]

Sure, but myself, and many other folks in SoCal are already pretty well tapped out financially with the home prices, and more importantly, most are not equipped to manage a small commercial space and deal with the huge potential negative cash flow. Right now, my wife is managing 11 buildings, four of which are negative by greater than $200K per month right now because of poor occupancy. Not for lack of trying either. ANYTHING regarding residential real estate has rolled up and left... often times with huge debt loads accrued and losing lawsuits ahead of them. There is a lot of commercial space available, but most is at $.75 or greater per foot, plus utilities.
I should have prefaced this by saying "rent a while and when the market hits bottom in a few years........" I think buying anything right now is not a good idea. Those units could come down quite a bit in the near future.