Extremely limited inventories driving resale values higher — pointing to long-term investment potential
Garage Unlimited of Monterey set the standard for luxury garage-condos on the Monterey Peninsula. Now the second project, Monterey Motorsport Park is taking these exclusive, specialty storage facilities and car communities to the next level.
But you may have wondered: are these upscale garage-condos good investments? Based on the early valuation trends from resales at Garage Unlimited of Monterey, the answer is yes.
Gains of Up to 30% or More
The initial sales prices of the now sold-out garage-condos at Garage Unlimited of Monterey — which opened in May of 2017 — were based on an average of around $250/sq. ft. But in today’s extremely tight market — there are currently no resale units available at Garage Unlimited of Monterey, sister facility Garage Unlimited of Santa Cruz or the exclusive car collector-auto business community, Club Auto Sport, in San Jose — resale prices are rapidly approaching the average list price of $339/sq. ft. for the high-end garage-condos at Monterey Motorsport Park.
These increasing valuations for recent resales are true at both Garage Unlimited of Monterey and Club Auto Sport. For the handful of owners who have recently sold a garage-condo at either of these facilities, the attractive gains have come after holding periods of as little as 12–18 months. It goes without saying that past results are not necessarily predictive of the future — but the positive valuation trends couldn’t be much stronger right now.
Construction Starts at Monterey Motorsport Park
Construction has now begun at Monterey Motorsport Park, the successor to sold-out Garage Unlimited of Monterey — and the only place car collectors and motorsports enthusiasts can buy one of these luxury garage-condos at the present time. Check out the live construction cam here.
The modern, four-building complex offers a total of 86 units and is located along Highway 68 near the Monterey Airport. Among the extraordinary features and amenities are:
- Units ranging from about 700 sq. ft. to 2,100 sq. ft.
- Mezzanines high above the garage floor in every unit, perfect for customizing into an office, luxury retreat or an additional storage space
- Access to high-speed, fiber-optic Internet service, with optional cable TV also available
- An internal water loop, so owners can add sinks, showers or private restrooms in their units
- A fenced perimeter, access-controlled entry and pro-active remote guarding by Elite Interactive Solutions
- Oversized rollup doors for vehicle access and walk-in doors for owners and their guests
- Plenty of daytime parking, with the ability to handle trailers of various sizes — plus access for big rigs to unload cars
Inventory Is Going Fast
Although construction isn’t expected to be complete until the late third quarter of 2019, already more than 50% of the units are reserved. But there still remains an ample selection to choose from. For more information about this unique, next-generation car community and garage-condo storage facility, contact us today