Like a traditional condominium, a car condo is real estate where the owner owns the unit where the car is stored. The common areas of the car condo building are jointly owned by all the tenants and the car condo owner pays a monthly maintenance fee for their use.
Car condo developers are marketing their projects to the following demographic:
- The classic car owner who wishes to store his/her vehicle in an optimum environment.
- A person who has a secondary residence in a popular vacation destination (e.g. South Florida, Las Vegas, Scottsdale) and wishes to keep a car year-round at that destination.
- A resident of an urban area (e.g. New York City) where parking a car is exorbitantly expensive and where the car owner wishes a property interest in return for the large monthly parking outlay.