News

Luxury Garage-Condos Proving to be Fast Sellers and Solid Investments

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Numerous garage-condo projects have sprung up recently in Northern California. While it’s certainly true that these real estate developments hold special appeal for car collectors and other motorsports enthusiasts, jumping to the conclusion that garage-condos only interest a micro-niche of buyers — and therefore have limited upside potential — is clearly not correct.

Rather, these garage-condos have proven to be attractive to a surprisingly broad group of owners and investors — which has led to exceptionally rapid sales and solid investment returns.

$100 Million Worth of Product Totaling 250 Units

In rapid succession, four different automotive-driven garage-condo communities have recently been developed in the area.

  • Club Auto Sport, San Jose — 86 units
  • Garage Unlimited of Santa Cruz — 52 units
  • Garage Unlimited of Monterey — 46 units
  • Monterey Motorsport Park — 88 units

Club Auto Sport and the two Garage Unlimited complexes sold out within the past few years. Sales at Garage Unlimited of Monterey were so brisk that the complex was nearly 75% spoken for by the time construction was completed in April of 2017.

Monterey Motorsport Park is scheduled to break ground in a few months, with completion slated for early 2019, and already this newest complex is nearly 30% reserved. That’s 252 garage-condo units worth approximately $100 million that have come onto the market in a very short time — evidence of strong, sustained demand.

Driving Force Behind the Strong Sales

The brisk sales of these luxury garage-condos have been driven by a number of factors:

  • The rise of collector cars and motorcycles as “passion investments,” with returns on the most desirable makes and models of as much as 500% over the past decade — far outstripping other investments such as fine art and antiques
  • A scarcity of quality, safe storage spaces for these types of car collections and high-performance track cars
  • The glaring need for homeowners in neighborhoods such as Carmel for more garage space for storing household items — from vacation-home furniture to holiday decorations — and even business files and materials
  • The high cost, complexity and amount of time it takes to expand or build a new residential garage — even if a homeowner has the property needed for the project

Resales Illustrate Investment Potential

Resales that have taken place at the three completed complexes demonstrate that these garage-condos not only sell well, but they also have the potential to substantially increase in value over time. On a recent resale at Garage Unlimited of Monterey, an owner who paid approximately $250 per sq. ft. for his garage-condo sold it for approximately $280 per square foot after holding it for only nine months. That’s an annualized return of approximately 16%.* In addition, an owner at Club Auto Sport in San Jose recently resold his car condo for a gain of 27% after only 10 months.

Don’t Miss This Timely Opportunity

If you’d like to know more about the next generation of luxury garage-condos at Monterey Motorsport Park — with their stylish exteriors, large roll-up doors, ceilings of up to 25 feet, and spacious mezzanines that can be customized into offices or personal retreats — contact one of our brokers.

But don’t wait. While 2019 may seem far off, with 30% of the units already reserved, you’ll want to get in touch while there’s still a good selection. Contact us Today!

New Year’s Resolution More Garage Space?

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Monterey Motorsport Park Offering Preconstruction Incentives and Flexibility

No Better Time to Buy!

If you believe that the early bird catches the worm, here’s an opportunity to get a lot more than a measly worm you might put in your garden or stick on a fishhook.

By acting NOW to reserve your space at Monterey Motorsport Park, you can get:

  • A garage-condo to safely store your car or wine collection or to unclutter your personal garage space and earn kudos from your spouse. Kudos are good!
  • The flexibility to move a wall or customize your garage-condo in other ways that can only be done before construction drawings are started in a few weeks
  • Plus a free lift for your rollup garage door and the free grinding and polishing of your concrete floor to create a glossy, showroom-like finish!

A New Standard in Garage-Condos

In case you missed the news because you were busy with the holidays or closing out another successful year, Monterey Motorsport Park represents a new standard in quality and exclusivity for garage-condos — with a distinctive design that’s as far from mini-storage as you can get.

Located just off Hwy 68 adjacent to Monterey Regional Airport, the four-building complex offers 88 garage-condos ranging from about 700 sq. ft. to 4,250 sq. ft. Oversized rollup doors make vehicle access easy. The versatile units include built-in alarms and are ideal for car collections, extensive wine collections, or any type of garage storage needs — from business files to vacation-home furniture or holiday decorations.

What truly makes Monterey Motorsport Park unique is that every unit features a mezzanine high above the garage floor that can be customized into an office or personal getaway — for watching sports or hanging with friends. Most owners expect to spend some weekends and leisure time here, so it will become a true community of people with similar interests.

Don’t Miss Out on Our Preconstruction Offers

Preliminary work is moving swiftly, so our special pre-construction offers will be gone soon. If you want to move a wall or do other major customizing to a unit, you must act before construction drawings are finalized in a few weeks. In addition, our dual incentives of getting a free electric garage door opener plus having us grind and polish the floor of your unit with a metal or resin-bonded diamond machine to create a stunning mirror-like finish will only be included in the packages of those who buy from now until our groundbreaking — scheduled for the spring.

You’ll also want to get in now while there’s still a broad selection of units. Already, 30% of the garage-condos have been reserved in just a few months since our announcement.

To learn more contact us today!

Skip That Garage Project — Outsource to Monterey Motorsport Park

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For those who live on the Monterey Peninsula, this is a little slice of heaven on earth. And not surprisingly, the real estate values reflect that. Just look at these sales prices:

  • Carmel Valley • Median Sales Price $980,000
  • Carmel • Median Sales Price $1.35 million
  • Pebble Beach • Median Sales Price $1.53 million

Data: Carmel Realty Company, November 2017

So, if you’re thinking about building or expanding your home’s garage, stop. There’s a better way to get the garage space you need — at Monterey Motorsport Park, adjacent to the Monterey airport.

 

A 4x Better Value for Precious Space

Let’s take the village of Carmel By-the-Sea. According to information compiled recently by Carmel Realty Company, the average value for homes in Carmel works out to $1,159 per sq. ft.

So, if you have a 4,000 sq. ft. lot with a 1,500 sq. ft. home on it, and you’d like to build or expand a garage, you’ll be allocating a bit more than $1,150 per precious sq. ft. to where you park your cars and pack your personal and/or business items onto shelving.

Compare that to investing in a spacious garage-condo at Monterey Motorsport Park, located right off Highway 68 near Monterey Regional Airport. The 88 one-of-a-kind garage units ranging from less than 700 sq. ft. to more than 4,250 sq. ft. at this upscale car-oriented community are currently going for approximately $310 per sq. ft.* That’s a roughly 4x better value than devoting your limited property space in Carmel to a garage!

So, if you want to do something with your Carmel land, which would you rather do? Expand your family’s living area? Or devote space to a garage? The choice is obvious.

Camino Real 3 NE 8, a 1,630 sq. ft. Carmel home that closed in 2014 for $2.4 million without a garage.

Avoid the Regulatory Runaround

In addition, by not undertaking a garage construction project — you’ll avoid endless delays and miles of red tape trying to get the project approved and built. City planning meetings. Nosy neighbors telling you what they think of you disturbing their peace with your construction noise and dust — plus the volume of your cars’ engines when you work on them once the garage is completed.

You’re looking at months of hassles and mounds of fees for architects, contractors, planning approvals, unavoidable delays, and other issues. Read more about scary garage stories.

Located at 3rd and Lincoln in Carmel, this 1,717 sq. ft. home closed in Jan. 2018 for nearly $2.2 million with an additional $60,000 passed through so the seller could build a one-car garage before the transaction closed.

Preconstruction Provides Added Flexibility and Incentives

Construction is set to begin in the spring with occupancy by early 2019. Because work hasn’t started yet with the construction drawings still to be done, now’s the perfect time to buy — when you can customize your unit by taking out a wall or two, installing climate control for your cars or a wine collection, or making other desired modifications.

What’s more, Monterey Motorsport Park is offering special preconstruction incentives for people who purchase a unit before our groundbreaking. We’ll provide a free electric garage door lift and grind and polish your garage floor to a glossy mirror-like finish — yours at no additional charge for getting in early to this unique car community.

Not the Best-Kept Secret

While it’s still early, the word is getting out fast. And people like you are really excited. Already 30% of the units have been reserved just a few months after the project’s announcement. And remember, our now sold-out Garage Unlimited of Monterey project was nearly 75% committed by the completion of construction. So, if this sounds like a solution to your garage’s growing pains — don’t wait! Contact us Today

 

Thanks to Courtney Jones of Carmel Realty Company for her help with this blog.

* Sales prices are subject to change without notice. Check the website for the most recent pricing.

 

Scary Garage Stories!

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Exhausted from dealing with endless red tape and other obstacles required to add garage space onto a residence, car collectors and others are turning to the intelligent alternative: Monterey Motorsport Park.

It can read like a horror story. If you’re an auto enthusiast with a growing car collection who’s thinking of adding extra garage space onto your home, here’s a word of warning from people who know: you’d better buckle up for a long ride. Even if you have plenty of land — a rarity on the Monterey Peninsula — you’re looking at a frightening process full of unexpected twists and turns as you get the new garage designed, approved, and built before you’ll be able to wheel your pride and joy into the space. And be prepared for a few frustrating pit stops along the way.


Red Light, Green Light

Your journey begins with design and approval. You’ll start by hiring an architect to create drawings of what you have in mind. Hopefully, your home sits on a large piece of property. Many upscale communities have very specific setback and height requirements, as well as limits on the total amount of space allowed in attached or outlying structures on parcels of various sizes.

Assuming you have room, you’ll direct your architect to design your new garage exactly the way you want it. Expect to spend a number of weeks or months and several iterations going back and forth until you have a design that meets your requirements.

Now comes the really fun part: you get to take that set of drawings to your city planning department to obtain approval. Depending on the community you live in, you may also need the approvals of an architectural review board, planning commission, coastal commission, and perhaps even the full city council. During the public review process, you’ll meet neighbors you never knew existed, who will tell the planners that your garage is too big for the community, or that it interferes with their sight lines, will be an eyesore, or some other complaint that may delay issuance of your permit. The entire process can consume weeks, months—or in some instances—even years.

This will mean more rounds with the architects to make the required changes, and more meetings with the planning department, planning commission, and possibly the city council, before you finally get the green light.

Backseat Driver

Next comes the building phase. Overseeing construction on your property is a little like being a backseat driver: you know where you want to go, but someone else is driving. You might ask them to make a left turn here or a right turn there, or to speed up or slow down—but the reality is, the contractor will get you to your destination whenever he feels like it. The impact on your family life can be significant—with lots of noise, dust and frequent interruptions to check out one detail or another. Whether you like it or not, the construction team may become like members of your family—walking through your home any time they like, as if they lived there.

In addition, the costs can soar over the duration. Many “veterans” of this process advise you to take your original budget estimate and timeline, double everything, and hope you’re close to the real numbers and timetable. Great!

Still one day, your garage will at last be done. You’ll get the final signoff from the city, and you’ll be ready to move your car collection in. But it still may not be all sunny days and breezy backroads.

Be prepared once again for an avalanche of complaints from the neighbors if you regularly start and run any 115-decibel cars in your garage. And if your cars—and the neighbors—continue to make enough noise, you may find the city back on your doorstep in a sequel to the original garage horror story.

Make the Short Drive to Monterey Motorsport Park

Before you put yourself through all of this, you may want to consider taking a side trip to Monterey Motorsport Park — the next evolution in car communities built around garage condos.

Located adjacent to Monterey Regional Airport just off Highway 68 — not far from Mazda Raceway Laguna Seca — at Monterey Motorsport Park, you’ll find:

  • 88 upscale garage-condos ranging from 700 sq. ft. to 4,250 sq. ft.
  • 24×7 access to your cars and other storage items — with controlled entry, well-lighted grounds, video in common areas, and alarms in each unit
  • Space-efficient mezzanines in every garage-condo that owners can customize into an office getaway or personal retreat, with wiring for cable TV, Internet service and plenty of room to work or relax
  • Oversized rollup doors for easy vehicle movement and a regular door for you and your guests to use
  • Attractive, modern designs with clean lines, stone wall treatments, entry canopies, and more — these are much more than your typical mini-storage unit
  • Long-term appreciation potential and tax breaks if you use your unit for business

Your Car’s Home Away From Home

If your collection of classic or track cars has outgrown your garage, perhaps it’s time to find them a new home — especially on the space-constrained Monterey Peninsula.

To learn more about Monterey Motorsport Park or arrange a personal tour, contact us today!

8th Annual CHP’pino Feed

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Saturday, March 24, 2018 @ Club Auto Sport in San Jose, CA from 5:00 – 10:00 p.m.

Borelli Investment Company presents the 8th Annual CHP’pino Feed, sponsored by Monterey Motorsport Park.

Join our 2018 Host Committee, along with friends, family and colleagues, as we dine on delicious cioppino, wine and tequila, and bid away in our NEW online silent auction and live auction! The 8th Annual CHP’pino Feed is a fundraiser benefiting the CHP 11-99 Foundation.


See the video from last year!

 

Thank you to our sponsors!

METIS Real Estate Signs Co-Marketing Agreement with Monterey Motorsport Park

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METIS is a new breed of real estate firm based in the Silicon Valley, with a branch office in Los Angeles. More than just a group of sales brokers, METIS associates draw upon diverse backgrounds to provide truly solution-oriented service to meet each client’s real estate needs.

The dynamic young firm started out in the residential business — providing full service, fair fees and a world of capabilities to assist home sellers and buyers. From that beginning, METIS has expanded into other niches: delivering specialized services for high-net-worth individuals and those who require the utmost level of privacy through its exclusive PRIVÉ service. Providing an innovative approach to commercial brokerage and development. And offering consulting to those who need information or assistance with anything from an analysis of local real estate values to 1031 exchanges.

Now, METIS Real Estate can also help you find the garage-condo unit of your dreams in an extraordinary car-driven community at Monterey Motorsport Park, along Hwy 68 adjacent to Monterey Regional Airport.

Conceptual render of unit 1-A

Designed for High-End Collectors and Motorsports Enthusiasts

The garage-condos at Monterey Motorsport Park are the perfect solution for Monterey Peninsula residents or those who frequently visit Carmel, Pebble Beach or other nearby destinations — and who have a car collection, large wine collection or other needs for a high-end storage solution.

The community features 88 upscale garage-condos ranging from just under 700 sq. ft. to slightly more than 4,250 sq. ft. in the four-building complex, so buyers can find one that meets their precise needs. All units have oversized rollup doors for easy access — and some will accommodate large boats or motorcoaches.

What makes Monterey Motorsport Park unique — and differentiates it from any other storage facility you may have considered — is that each garage-condo features a mezzanine 14 feet above the garage floor, accessible via an interior staircase. With ceiling heights of up to 25 feet in the units, these roomy, airy spaces are being converted by owners into personal offices or luxury retreats — with cable TV, Internet and phone service.

As a result, Monterey Motorsport Park will be a true community — a place where you can congregate during Monterey Car Week or gather to watch big sporting events, work on vehicles or just hang out with friends. Good luck with that at your neighborhood mini-storage!

Front of Building A

Cost-Effective Way to Get Storage Space

With our co-marketing agreement with METIS, you’re guaranteed a cost-effective way to get the garage-condo storage space you need for your cars or motorcycles, wine, vacation home furniture, or other business or personal items. And you’ll enjoy METIS Real Estate’s experience and top-drawer service in helping you find the ideal unit.

Don’t wait! Although construction of Monterey Motorsport Park isn’t slated to begin until the spring — with completion scheduled for early 2019 — already 30% of the units have been reserved by buyers. There’s simply nothing else like it in Northern California!

For more information contact Monterey Motorsport Park

Or contact METIS Real Estate at (408) 859-6528 or by emailing hello@metisre.com. Cal BRE: 0191498

First Look at Magnificent Monterey Motorsport Park

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Every so often, something new comes along that’s so innovative — so one-of-a-kind — that it’s difficult to conceptualize. That’s when a picture is worth a thousand words. Here’s your first look at Monterey Motorsport Park — the next evolution in garage-condos within an exclusive car-driven community in Monterey.

Modern. Clean lines. Stone wall treatments. Entry canopies. And the rendering really doesn’t do justice to the buildings. See more renderings

Conceptual Rendering

Tailored to Collectors and Motorsports Enthusiasts

Are these garages? Well, yes and no. You will indeed find 88 upscale garage-condos ranging from less than 700 sq. ft. to slightly more than 4,250 sq. ft. in the four-building complex. Units can be combined if you need additional space. Oversized rollup doors make access easy. The garage-condos are perfect for large and small collections, track cars, motorcycles, boats, RVs, personal storage such as a wine collection or vacation home furniture, or business materials.

But these units are far from your typical garages. Ceilings soar to as high as 25 feet. That leaves room for lofty, roomy mezzanines 14 feet above the garage floor — reachable via an interior staircase. Most owners plan to convert their mezzanine into a personal office or private retreat with large-screen TV, wet bar and more. You have to see one of these to believe it! That’s what will make the garage-condos leisure-time gathering places — where you can shoot the breeze, help a buddy with a car or watch a big race or sports event.

Ideal Monterey Location

Located right off Hwy 68 near the airport, Monterey Motorsport Park will put you minutes from Mazda Raceway Laguna Seca —close to races, track-driving days and everything on the Monterey Peninsula during Monterey Car Week. Learn more

Preconstruction Is the Best Time to Buy

If you were looking at Garage Unlimited of Monterey, that project is now completely sold out! We’ve now begun taking reservations at Monterey Motorsport Park, and while preliminary plans are still being refined and approved, this is absolutely the best time to buy. If you want to customize a unit — take out a wall or two, install climate-control for you cars or wine collection or modify the size of your mezzanine — you need to act now. Once the city approves our plans and we start the working drawings, we’ll have very little flexibility to make structural changes.

Already approximately 30% of the units at Monterey Motorsport Park are gone — yes, more than a year before the scheduled early 2019 opening. Don’t wait to reserve your unit!

CONTACT US TODAY

Garage Unlimited of Monterey Completes Sellout

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Monterey Motorsport Park announced as the next evolution in upscale garage-condos

Garage Unlimited of Monterey — a private, gated specialty garage-condo facility located in the Ryan Ranch area of Monterey — has sold out. The unique community for car collectors and motorsports enthusiasts consists of 46 car and storage condos with from 744 sq. ft. to 2,701 sq. ft. of space. Construction at the car community just wrapped up in April. But with a substantial number of units pre-sold prior to the opening, the remainder of the garage-condos sold out in less than seven months.

“Monterey has always had a special fondness for the automobile,” said Ralph N. Borelli, chairman of Borelli Investment Company, one of Garage Unlimited of Monterey’s co-developers. “With the natural beauty of the area and all the events surrounding Monterey Car Week each August — such as The Quail: A Motorsports Gathering, the Pebble Beach Concours d’Elegance collector car competition and races at Mazda Raceway Laguna Seca — the Monterey Peninsula is a unique place to drive or show off your favorite cars. This created significant demand for specialty garage space among both local residents and those who regularly visit the area.”

The development team included: Ralph Borelli of Borelli Investment Company; Dennis Chambers of Cushman & Wakefield; Gordon McCall of McCall Events, and Case Swenson of SWENSON. Dennis Chambers and Josh Jones of Cushman & Wakefield and Ernie Lostrom of Lostrom & Company, Inc. were the brokers.

 

The Latest Garage-Condo Community

Even with the closeout of sales at Garage Unlimited of Monterey, those who missed out need not despair. The same development team that completed Garage Unlimited has just announced that they have begun taking reservations at Monterey Motorsport Park, a new garage-condo community slated to begin construction in the spring of 2018 along Highway 68 adjacent to Monterey Regional Airport. Learn more about the team

Monterey Motorsport Park is a four-building facility with 88 garage-condos ranging from slightly less than 700 sq. ft. to more than 4,250 sq. ft. — with the possibly of combining units to create even larger spaces, if desired. The fully fenced and access-controlled complex will elevate the Garage Unlimited concept to an even higher level, with a modern design featuring clean lines, stone wall treatments, entry canopies, and more.

Soaring ceilings will again accommodate mezzanines 14 feet above the garage floors. These mezzanines will be accessible by interior staircases and are expected to be customized by owners into offices or den-like spaces for entertaining or relaxing with friends. Connections will be provided for owners who want to arrange for Internet access or cable television. See more details

Oversized rollup doors will make moving cars in and out easy — and a number of the condos can accommodate larger vehicles such as motor-coaches or boats. The garage-condos can also be used to store business materials or personal things such as furnishings from a second home, a child’s college apartment furniture or extensive holiday decorations — to free up needed garage space at home.

Reservations Already at 30% During Pre-construction Period

Once again, the pent-up demand for upscale car storage options is driving early reservations to unprecedented levels. Already, more than 30% of the units at Monterey Motorsport Park have been spoken for — more than a year before the scheduled opening in early 2019.

“Reserving a garage-condo during pre-construction offers the added benefit of being able to request changes such as moving walls, modifying interior features like the mezzanine or installing special climate control systems for car or wine storage,” Borelli explained. “Once the city approves our plans and construction drawings are finalized, we’ll have very little flexibility to make structural changes. So now’s the time to put your name on a unit.”

Contact Us Today to Learn More!