Even as steep mortgage rates and limited housing supply keep many people from buying homes, another slice of Florida real estate is commanding seven-figure prices: condos created solely to house cars.
Here’s what to know
In Southwest Florida, a small but growing market caters to wealthy enthusiasts who want upscale storage space for exotic and collectible vehicles, according to Realtor.com.
These climate-controlled “auto condos” sell from the low $700,000s to around $2 million, an eye-catching range in a state where many residents are still struggling to afford a place to live.
According to Realtor.com, James Pilkington — sales and marketing manager for Prima Auto Condos and an agent with Weichert Realtors – Paradise Homes — described the difference this way: “A garage is an attached unit to a residential dwelling. An auto condo is specifically designed as a larger storage for multiple or a collection of automobiles. Just like any other condo in Southwest Florida, [the buyer] will own it.”…