Condominiums are concentrated in high-value neighborhoods, vacation destinations, and urban areas. Numerous condominiums include pools, clubhouses, tennis courts, and golf courses.
Purchasing a single-family home can be costly, particularly in urban areas where additional development land is scarce. Condo prices are typically lower than single-family home prices, and condo owners benefit from tax advantages associated with home ownership. Additionally, first-time buyers can benefit from condominiums that are prohibitively expensive when combined with a traditional single-family home.
Additionally, depending on the building, secure entrances, parking, doormen, concierges, and other security-enhancing amenities may be included. If you’re considering purchasing a condo, it’s critical to weigh the benefits and drawbacks of your decision in relation to your lifestyle and budget. While condominiums as part of a single family home would be prohibitively expensive, there are several factors to consider when purchasing condos as an investment.
Condominiums are an excellent first home for first-time buyers because they eliminate the maintenance and upkeep associated with single-family homes and allow you to benefit from ownership and equity. Modern homeowners lead active lifestyles and do not wish to be concerned about their home’s security when they leave. With luxury homes popping up everywhere, it’s unsurprising that developers are exposing consumers to a new vulnerability in the form of car-friendly homes.
The combination of gasoline-powered homes and the enchantment of the city’s sports car-inspired architecture is unbeatable. The first building to accelerate was the $1,100 Millecento in Brickell, completed in 2015. The Millecento structure was designed by Pininfarina Spa, a world-renowned Italian automotive design firm.
A related group commissioned Pininfarina, the Italian design house behind Ferrari, Maserati, and Rolls-Royce, to infuse the 1100 Millecento, which was completed in Brickell in 2015, with sporty flair. The company designed a Ferrari-red elevator lobby, streamlined apartment interiors, and hung large black-and-white photographs of its supercars throughout public spaces.
At Aventura, developers enlisted consultant Kipton Cronkite to infuse the project with an art-world vibe through Prive, a 160-unit condominium and private island home priced between $23 million and $12 million. For the two towers, the company commissioned four 10-by-9-foot paintings by Ross Bleckner. Additionally, contractor Jorge Perez chose Argentine artist Fabian Burgos to paint a 40,000-square-foot mural that will surround the complex.
The auto gallery’s custom-built air-conditioned units range in price from $350,000 to $1.5 million and can accommodate two to eight vehicles. Residential units range in size from 720 to 10,000 square feet.
Private garages and condominiums are not new, but the Motor Plex in Chanhassen kicked off the trend in 2008 with the first of four buildings, and the Eagan Car Club followed suit five years later. Koland intends to break ground on the first three buildings in Rosemount this spring, which will include 80 luxury private garages, condominiums, and retail space in the park at South Robert Trail and 42 County Road. As demand for automobiles and condominiums increases, the auto motorplex will expand to a second location in Medina, Koland said. The storage industry is growing in Medina as baby boomers seek storage for their prized possessions.
Red Hawk Garage & Suites, which will be located off Interstate 17 and one mile south of Deer Valley Airpark, will be the area’s first garage-suite facility. As is the case with the majority of similar facilities, it will cater to growing demand from out-of-state buyers looking to invest in properties that can accommodate multiple cars, SUVs, and recreational vehicles. Larry Koland parks his car and examines his suburban garage’s finished basement.
Woodward opened a storage facility in suburban Royal Oak this summer, and in August, Woodward Dream Cruise will house a collection of 13 cars owned by Joe Polito.
Polito, a retired attorney, has transformed the former storage facility into a large, clean garage with more than 50 cars that is comfortable enough for him to live a comfortable lifestyle. Polito joins his vision of a car club lifestyle and no longer has to struggle to pay rent.
The Porsche-designed tower’s unique selling point is the fireproof glass elevators that transport the car directly into the condo and display the resident’s favorite sports car in a glass garage.
The Club Motor Estates is a 16-acre gated campus in Broadview Heights with private, high-end garages and state-of-the-art conference and restaurant facilities for car enthusiasts. The elevator, named Dezervator after its inventor, spans the entire tower, transporting owners up and down its approximately 130 floors. Broadview Hills’ Club Motor Estate will celebrate its grand opening next month on its 1.6-acre gated campus.