by M. Anthony Carr
Many condominium buildings allow consumers to buy and sell parking spots -- providing one of the smallest real estate plots known in the realty world. In that same vein, Garage Town has just begun franchising its business model of allowing consumers to purchase storage space instead of renting it.
"Each site offers secured garage units purchased by tenants and utilized to store classic cars, RV's, boats, off-road vehicles and much more," according to the company's site www.GarageTown.com. "Tenants often customize their garage condo with optional upgrades such as custom cabinets, flooring, car lifts and even mezzanines to maximize 16' ceilings and an average 2,000 square-feet of space."
The concept behind the storage condo units is not new. For years, condominium owners could buy and sell parking spaces, as well as garage parking, connected with their residential units. It looks like Garage Town wants to take the purchased storage space to the next level.
Carrie Bergland, national marketing and sales director for Garage Town, says unit owners have installed luxurious amenities to their storage facilities. Besides access to high-speed internet, electricity and climate control, some owners make it into a separate home. Like residential condo developments, owners can enjoy amenities while visiting their garage condo. The GarageTown in Federal Way, Washington, for instance, has also installed a club house at the compound, including restrooms and showers, kitchenette, fireplace and plasma television.
Published: October 20, 2008
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Mr. Carr has covered real estate since 1989. He is the author of 