News

Construction has Begun

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Construction Begins at Monterey Motorsport Park Upscale garage-condo complex scheduled to open in the late third quarter of 2019

Monterey Motorsport Park — a high-end garage-condo facility and car community designed to appeal to car collectors, motorsports enthusiasts and primarily automobile-related businesses — has begun construction along Highway 68 adjacent to Monterey Regional Airport. The 86-unit, 90,000 sq. ft. complex with luxury garage-condos ranging from around 700 sq. ft. to 2,100 sq. ft. is expected to open in the late third quarter of 2019.

Read more from the Carmel Pine Cone (page 21)

Resales of Monterey Garage-Condos Setting Records

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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

In Their Own Words; John Olsen

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Occupation

  • Retired
  • Formerly an auto mechanic and owner of Classic Coachworks European car service in Monterey

Why He Bought

Olsen’s friend and long-time Classic Coachworks customer is the owner of the luxury garage-condo. Residing out of state, with a second home on the Monterey Peninsula, this classic car enthusiast had frequently brought cars in his collection to be serviced by Olsen.

With Olsen selling Classic Coachworks and retiring, the two saw Garage Unlimited as an ideal place to create one of the most elite private auto shops in the area. German spec lifts. Custom-made benches with a complete complement of tools and equipment. Polished concrete floor. Everything pristine.

And the finishing touch? A high-end McIntosh sound system playing while the owner, Olsen and friends gather to work on their cars.

What’s in his Garage Condo

  • 1974 Alfa Romeo GT Veloce Custom Turbo
  • 1965 Alfa Romeo GTA coupé
  • Others on a rotating basis

“The owner is just a really great car guy. He doesn’t go in for any of the fancy exotics. In addition to the Alfas, his cars are all originals and include a 1962 Range Rover, a 1974 Jensen Interceptor, a pair of Mercedes Benz convertibles, a 1977 Ford Bronco, and many more. And he drives and works on them all,” Olsen says.

What He Likes Most

“Garage Unlimited is a very cool concept — it’s a really nice facility. They did a beautiful job on it. I enjoy coming out here, hanging out with people in the other garage-condos and tinkering on cars in what’s basically a Formula One caliber shop,” comments Olsen.

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today! 

In Their Own Words; Steve Fremgen

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Occupation

  • Auto mechanic and owner of Coppa Bella Motors, which provides restoration, repair and maintenance on Ferrari sports and racing cars
  • Has been working on Ferraris for more than 35 years — initially at dealerships, then in other independent shops, until he opened his own shop in 2010

Why He Bought

Had to move out of his existing place in Seaside, near the auto mall. Another shop in the building had first rights to the space and it needed to expand.

Wanted someplace where he could control his workspace and not have to move again. Preferred to own, so his payments would be an investment, not money that was simply spent over the years.

What’s in his Garage Condo

  • 1955 Ferrari 750 Monza
  • 1987 Ferrari 328

“I work on a lot of different Ferraris,” Fremgen says. “Those two cars happened to be in my shop when the photos were taken. If I had to choose, I guess my favorite Ferrari is the F40. That was the last car to be signed off personally by Enzo Ferrari before he died.”

Fremgen continues, “I customized my garage-condo with an office on the ground floor under the mezzanine. I also built a tool room/unit room — where I can work on an engine or transmission unit in a cleaner space, with immediate access to all of my tools. I use the mezzanine for parts storage,” he adds.

What He Likes Most

“The location is great,” Fremgen remarks. ”It’s beautiful up here with a view of the forest just across Highway 68. The building is attractive and the gated security is important. I also love the large parking lot — it’s big enough for transporters to enter and maneuver around. A number of my cars come via transporter, so it’s nice that they don’t have to block the street.

“I’m getting to know my neighbors here. Many people aren’t here daily, but those who are will drop by to chat or come down to see what I’m working on. It really feels like a community,” he concludes.

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today! 

Luxury garage condos coming to Monterey

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Our partner Gordon McCall was featured in a KSBW8 interview, speaking about Monterey Motorsport park.

KSBW8, By: Caitlin Conrad, August 17th, 2018 

Watch the whole video here!

In Their Own Words; Franklin Williams

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Occupation

  • Retired
  • Former CPA specializing in turning around distressed corporations
  • Highly successful amateur and semipro racecar driver for approximately 15 years. Raced 3 times in the 6-hour Spa Francorchamps–Belgium and once in the Historics at the 24 Hours of Le Mans. Won multiple times and often finished on the podium in various competitions.

Why He Bought

Owned a home in Carmel for 25 years. Retired there full time about 3 years ago. Went from a large house with a big garage to a small house with a one-car garage. Had to park family cars on the street and had nowhere to store a small, but growing, collection.

What’s in his Garage Condo

  • 2005 Ford GT
  • 1964 Jaguar 3.8S
  • 2005 Ford F150 truck
  • 1984 Harley Davidson Heritage Softail Classic — has red and cream Motochrome paint and was the first year the model was brought back, so only a few hundred were made. Williams has added a few additional touches to make it look even more retro.

What He Likes Most

“The people I’ve met — fellow owners — are extremely friendly and helpful. We swap everything from tools to stories.

“My unit’s 1,700 feet, so it should appeal over time to someone who needs space for a modest collection and likes to tinker like I do. To me, the place is perfect. I enjoy socializing there — friends come over to look at my cars, talk and relax. I’m thrilled to have bought here.”

—Franklin Williams

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today! 

In Their Own Words; Ron Gilmartin

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Occupation

  • Retired
  • Formerly an engineering project manager for Apple for around 12 years

Why He Bought

“It was basic math — trying to fit four classics, plus a daily driver, into a two-car garage.” Was living in a townhouse at Quail Lodge in Carmel Valley, with a two-car garage and no driveway. Had to park his daily driver Audi in the guest lot, and needed a safe, secure storage solution for his valuable collection.

Currently resides in Pebble Beach, but still has only a two-car garage — not uncommon in the Carmel-Monterey area where many owners have a one-car garage, or no garage at all.

What’s in his Garage Condo

  • 1971 Ferrari Dino 246 GT
  • 1961 Aston Martin DB4
  • 1957 BMW 507 roadster
  • 1955 Mercedes-Benz 190SL

“The car I drive most often is the Ferrari. But the one I love the most is the BMW, because it’s so rare and there’s sentimental value. I inherited it from a friend, who owned it and another 1957 BMW 507 formerly owned by Elvis Presley.” The car was restored to a Pebble Beach Concours level over a two-year period from 2014–2016 at BMW Classic in Munich.

What He Likes Most

“I love the location, because it’s out of the hustle and bustle. And it’s quiet…except on WeatherTech Laguna Seca race days,” he says with a smile.

“I’m very happy with my purchase at Garage Unlimited. I wanted something I could customize — I made several improvements and decorated my garage-condo with collectibles including two restored gas pumps, artwork and memorabilia that I also inherited from my friend. So, it’s a unique space.”

On His Garage-Condo as a Investment

“I certainly didn’t buy at Garage Unlimited for the investment. But I initially bought a smaller unit before purchasing the larger unit I own now. When I sold the smaller unit after only five months, I made a nice profit of about $40,000. With that history — and given how I’ve improved my unit — I’m confident it will be a good investment over time.”

Find Yourself at Monterey Motorsport Park

Garage Unlimited of Monterey is a close affiliate of Monterey Motorsport Park — developed by the same team that’s now working on the next generation of upscale, luxury garage condos under construction adjacent to Monterey Regional Airport.

To learn more about Monterey Motorsport Park and check availability, contact us today! 

An Awesome August

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August was an exciting month for MMP. We had our Ground Breaking event and Monterey Car Week.

View the gallery below to catch up on some of the fun, or watch our Ground Breaking Event video

Face-to-face with Gordon McCall

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The noted founder of McCall’s Motorworks Revival that kicks off Car Week shares his thoughts about the next-generation, luxury garage-condos at Monterey Motorsport Park.

Super Storage Solution

People who own homes on the Monterey Peninsula are often lucky to have a two-car garage, leaving little room to store cherished collections of cars, motorcycles or memorabilia. The solution is Monterey Motorsport Park, an upscale garage-condo facility and unique car community near the Monterey Airport.

 

Size Matters

Monterey Motorsport Park garage-condos are available in a variety of sizes from just under 700 sq. ft. to nearly 2,100 sq. ft., including space in a mezzanine 13 feet above the garage floor that can be transformed into everything from a personal office to a leisure retreat — or used for additional storage.

 

Location, Location

The facility is located in the heart of the Monterey Peninsula, along Highway 68 near Monterey Regional Airport. That makes it ideal to enjoy the area’s many delights including Car Week each August. Why buy a second or third home here? Store your cars at Monterey Motorsport Park, stay in a nice hotel while, and enjoy!

 

Extraordinary Ecosystem

The community is attracting like-minded owners who share a love for all things auto. This is where you’ll find people spending time when they can get away — tinkering on their cars or simply sharing their passion for rare and beautiful automobiles, motorcycles and more. Be a part of this extraordinary ecosystem.

 

Bring Your Business

While most people at Monterey Motorsport Park will be collectors or race fans, the community has already been approved for a number of business uses that don’t require much water or parking, or create traffic. In fact, the community is ideal for family businesses where the owner needs to store a few cars as well.

 

Ideal Investment

People have asked, “Can I buy a space and lease it out?” The answer is yes, as long as the use is in line with the community’s CC&Rs. The result is that a purchase at Monterey Motorsport Park can be a great property investment over time with the potential for appreciation and tax benefits.

Rick Barnett: Elevating Garage-Condo Investments to a Fine Art

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Rick Barnett, managing director for art exhibitions and media sales for Redwood Media Group, understands art. And he appreciates fine commercial real estate investment opportunities.

 

In 2017, Barnett invested in two garage-condos at Garage Unlimited of Monterey. In one of the units, he stores an art collection (both auto and non-auto-related), automobilia keepsakes, plus a number of cars in his growing car collection. He rents his other garage-condo to a fellow collector, who went on to purchase two units of his own at Garage Unlimited.

Encouraged by that experience — the strong demand for the garage-condos, the rising resale values of the units and the camaraderie he’s enjoyed as part of the unique car community, Barnett was at the very front of the line when Monterey Motorsport Park was announced as the next generation in luxury, upscale garage-condo facilities, scheduled to break ground in August along Highway 68 near the Monterey Airport.

A Community of Like-Minded Collectors

In his work, Rick rubs shoulders with artists, publishers and gallery owners who come to Redwood Media’s art exhibition trade shows nationwide to view or purchase the art on display. So he knows a thing or two about mixing and mingling with like-minded enthusiasts. And that’s one of the big things that have attracted him to invest in Monterey Motorsport Park.

“If you’re a car guy, motorcycle guy or collector of any kind — wine, art or what have you — and you want to be part of a unique collector community, it’s hard to beat the unique demographic and true fellowship you’ll find at Monterey Motorsport Park,” said Barnett. “This is a one-of-a-kind opportunity.”

Although Barnett’s been a car guy since the day he got his driver’s license, he didn’t start collecting until about four years ago. But his love for fine machines — like fine art — has led him to acquire nine vehicles to-date. Although he does have a special fondness for Porsches, his collection currently revolves around cars that have played some role in his life story. And then, he carefully evaluates the investment potential of the cars he’s most interested in.

Barnett has reserved two garage-condos at Monterey Motorsport Park:

  • A larger, drive-through 2,100 sq. ft. unit in Building A that has the versatility to accommodate a 45-foot RV if desired. The unit is surrounded by interesting neighbors, and Barnett views the space as an ideal rental.
  • A somewhat smaller unit in another building that he’s planning to keep for his own use to accommodate his growing collection of Porsches

Mezzanines Make the Community

Like at the long sold-out Garage Unlimited, what makes Monterey Motorsport Park special is that every garage-condo includes a mezzanine 13 feet above the garage floor — accessible via an interior staircase. Owners like Barnett are customizing these mezzanines with personal

offices, space for an administrative assistant, a conference room, executive bar, kitchen, and more. Wiring for Internet service and cable TV hookups are also available, so individuals will have access to everything needed to create a unique office or leisure-time retreat. This is what differentiates Monterey Motorsport Park from any other storage facility.

“You aren’t just buying storage,” Barnett explains. “You’re buying ‘membership’ in a ‘private club’ — only without the membership dues.”

Continues Barnett, “At Garage Unlimited, we just hosted our first owners’ event — we ended up with more than twice the number of owners, friends and business associates in attendance than we expected. The gathering was catered — there was great food and a fabulous selection of cars on display. Where else can you be part of something like this?”

50% of Garage-Condos Already Spoken For

With all the excitement surrounding the exclusive garage-condo complex, demand has been so strong that already 50% of the 86 units ranging from just under 700 sq. ft. to around 2,100 sq. ft. have been reserved. The units offer:

  • Oversized rollup doors for easy vehicle access
  • Walk-in doors for comfortable entry by you and your guests
  • Security features such as video of the facility’s perimeter and unit entry doors — with 24×7 monitoring and proactive warning off of intruders; plus access-controlled entry gates and security lighting
  • Available for personal or business usage (the latter with minimal impacts on parking, traffic and water — see CC&Rs for full details)

“The people involved in this project are amazing,” remarks Barnett. “The development team and owners include some pretty remarkable individuals. But you don’t have to have a multi-million-dollar collection to be here. We have a number of guys whose cars average $40,000 to $50,000. They love their cars and this is a place they can tinker with them and enjoy the company of other car enthusiasts. It’s a great collector community.”

Construction Starts in August

With construction due to begin in August, now’s the time to get in before the remaining inventory goes quickly.

For more information regarding Monterey Motorsport Park, contact us today!