Thinking about buying a garage condo

"MarquetteLa" (marquettela) 04/08/2015 at 11:18 • Filed to: houselopnik

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I've been eyeing the !!!error: Indecipherable SUB-paragraph formatting!!! for a few months now. Being a mid-20s bachelor, this setup really does seem to tick all my boxes. Some advantages, as cribbed from their website:

Advantages of Ownership

1. What's yours is yours – You own your custom garage space and the land it's on. No land lease. Enjoy tax benefits and build equity.

2. It's who you know – The Vehicle Vault Community is filled with professionals, collectors, motorsports enthusiasts and others like you with restrictive covenants designed to ensure quality of ownership.

3. The Eye Test – The Vehicle Vault development is designed in the spirit of a country club village, complete with concrete buildings featuring stucco, brick, glass, crafted and built to compliment the investments that are contained within.

4. The Total Package – Ownership includes membership to the Gallery at Vehicle Vault for exhibits, VIP receptions, car club events, car shows, rallies, concierge services and an HOA controlled by you, the owners.

5. Trust In Our Commitment – Our owners and developers have car collections, custom garages in the same buildings and own and operate the Gallery at Vehicle Vault. We're around and all we want is to grow and share in the Vehicle Vault community.

!!!error: Indecipherable SUB-paragraph formatting!!! I figure what I want would be around $120-130k, peanuts compared to house prices in the Denver area.

Am I crazy, or is this as lovely as I think it is?

JR1 > MarquetteLa 04/08/2015 at 11:21

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I mean I think it is every petrol heads dream. It would be great if you were single for the rest of your life

Brian, The Life of > MarquetteLa 04/08/2015 at 11:23

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Is there an attached track? Because THAT would be compelling!

MarquetteLa > Brian, The Life of 04/08/2015 at 11:26

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Three road courses within a few hours' drive!

CaptDale - is secretly British > MarquetteLa 04/08/2015 at 11:26

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You aren't crazy.... I wish I had the money to do this....

Racescort666 > MarquetteLa 04/08/2015 at 11:26

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The price seems pretty reasonable. They are building some of these near Naperville (Chicago suburb) except they're going to be in the $700k range if I recall correctly. Definitely not regular Joe price range. Plus the HOA are probably huge douche bags.

davesaddiction @ opposite-lock.com > MarquetteLa 04/08/2015 at 11:26

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Looks sweet, assuming when you go to sell it you can get out what you put in.

Condo-related questions: How bad are the montly/yearly dues, and what happens when there's a large repair or maintenance item related to all owners?

cletus44 aka Clayton Seams > MarquetteLa 04/08/2015 at 11:27

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Can you actually live in it or is it just a toy box/garage? Because If I can live in it, I'm so sold.

MarquetteLa > JR1 04/08/2015 at 11:28

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Yeah, that's pretty much the only thing that is planting doubt in my mind about this.

MarquetteLa > cletus44 aka Clayton Seams 04/08/2015 at 11:30

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The garages are being built to order, so if you want a bedroom, you can do it.

Standard features:

Water, electricity, and gas service in every unit

Telephone, cable and satellite TV availability

22 interior height to accommodate large vehicles, trailers and vehicle lifts

18 garage doors

Sand traps

24/7 Perimeter Security

Private access door

Garage door openers

Membership options at the Gallery at Vehicle Vault

Sir Halffast > cletus44 aka Clayton Seams 04/08/2015 at 11:30

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Yeah, that's what I'm wondering. I'd spend 150k on something I could also live in. But just for a standalone garage? No thanks, I'll buy a cabin in the mountains instead...

MontegoMan562 is a Capri RS Owner > MarquetteLa 04/08/2015 at 11:31

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A couple questions/things for you to look into.

These look like awesome hangout places but not necessarily living spaces I don't see bathrooms/kitchens. Also would this be zoned to actually live in or as a storage facility?

Taxes on Townhomes/Condos (at least in Michigan) - drastically higher property taxes than free-standing homes.

Also - technically every HOA is controlled by the owners, but a lot of the time a certain percentage (even 100%) of the units have to be SOLD and COMPLETED before you guys can take control of the development.

Just a couple things to keep an eye out for. If it all of the above are cool/legit it sounds AWESOME for a 20's bachelor.

BorkBorkBjork > MarquetteLa 04/08/2015 at 11:31

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I basically did this, illegally, in Dallas for about 1.5 years. I leased a warehouse space in an industrial area that was about 1800 sqft with a 500 sqft office area that became my apartment. I could fit my whole 28 ft car hauler, 2 cars, my Tahoe, and my wife's (girlfriend at the time) car in that garage and still have a huge workspace. It was the best apartment a car guy could have in DFW, and it was only ~$1000 a month.

Your plan is even better, since you will be building equity in the space.

MarquetteLa > davesaddiction @ opposite-lock.com 04/08/2015 at 11:31

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Yeah, if I were to sell it down the road, the potential buyer pool would be pretty small.

I can't answer your other questions, though. I'd imagine it varies depending on the condo.

cletus44 aka Clayton Seams > MarquetteLa 04/08/2015 at 11:33

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Are you sure? It's one thing to have a bed in a garage but I think there are zoning issues with making a commercial garage your primary residence. But if you can actually live in it, that's awesome!

Pixel > MarquetteLa 04/08/2015 at 11:34

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with restrictive covenants designed to ensure quality of ownership.

Run, run the fuck away. Any place that claims to cater to car enthusiasts, but then brags about how restrictive they are about what you are allowed to do with your property is not something you want to be anywhere near. This goes double because there isn't a copy of those covenants anywhere I can find on the website.

They mention the garage condos as places to store & maintain your car, but I am willing to bet anything more involved than brakes & oil changes aren't allowed. So no welding, sanding. painting, grinding, etc. because it might disturb your neighbors. Meaning you would need to bring your car somewhere else to actually *work* on it.

The sales brochure further re-enforces this. It lists possible upgrades like a golf simulator or wet bar, but doesn't offer things like compressed air setups.

So if all you want is a place to park your car and hang out, then go for it, but if you want a place to *work* on your car, it ain't for you.

JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t > Racescort666 04/08/2015 at 11:34

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Is there ANY HOA that isn't at the very least the biggest PITA ever? Even sweet, little, old ladies turn into douches when they get power in the Association.

JR1 > MarquetteLa 04/08/2015 at 11:35

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Assuming you're not in a relationship right now I would guess at minimum you have a solid year or two before you moved out if you found someone. That's not a lot of time but it would be damn fun while it lasted

MarquetteLa > cletus44 aka Clayton Seams 04/08/2015 at 11:35

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The website references a HOA, so this is definitely housing.

E. Julius > MarquetteLa 04/08/2015 at 11:36

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I think the things to consider are: what kind of garage could you have if you spent that same money putting one on a house, and what's the resale potential on this. Since you'd be tied down to the space and/or making payments until you sold it, the only real advantage is being able to change where you live and keep the same garage space. More convenient than buying a house sure, but if you consider resale potential it gets a little bit trickier.

I'm positive that these wouldn't appreciate in value at a rate even close to that of a house, if they appreciate at all. Given that, it might be wise to think about using the money to invest in a house instead, with the potential to see some returns down the line.

Ultimately, it really just depends on your preferences and your situation. I think it's a cool idea, and I think for some people it's even the smart thing to do, but you just have to evaluate what your other options are and what the opportunity cost is.

Pixel > MarquetteLa 04/08/2015 at 11:37

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These aren't live-in units. I would put cash money on them being zoned & the HOA written to specifically prevent that. Which means if they caught you living in your unit you could be in deep shit with both the HOA & the town.

davesaddiction @ opposite-lock.com > MarquetteLa 04/08/2015 at 11:38

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It's very important to know before making any decisions on a condo (my parents got hosed on a rental property). Make sure you know the absolutely worst case scenario of what you'd be liable for, and what the costs could be.

Pixel > MarquetteLa 04/08/2015 at 11:42

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It is zoned Commercial , so it isn't legal to live there.

Anon > Brian, The Life of 04/08/2015 at 11:44

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I don't think it would. Lound exhausts are fun and all, but not constantly outside my house.

E. Julius > JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t 04/08/2015 at 11:44

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Man I hate all that crap. Give me a short, quiet, dead end road with a couple nice neighbors any day.

yamahog > MarquetteLa 04/08/2015 at 11:44

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Nice! We have something like this being built in Pontiac , but I'm pretty sure it's auto housing only otherwise I'd be all over that.

MarquetteLa > Pixel 04/08/2015 at 11:45

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Thanks for the clarification!

JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t > E. Julius 04/08/2015 at 11:45

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I live on a quiet dead-end road with a few nice neighbors now :)

I can never go back.

yamahog > MarquetteLa 04/08/2015 at 11:47

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Or who knows, you could fall in love with a fellow gearhead and live very happily ever after!

E. Julius > JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t 04/08/2015 at 11:50

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So do my parents, and all the houses are plenty nice without having anybody getting involved in anybody else's business. I'm still in the college student apartment renting phase now, but after growing up in places like that there is no amount of prestige, amenities, whatever that would make me give up that freedom as an adult with a house.

Dogapult > BorkBorkBjork 04/08/2015 at 12:02

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I've wanted to do that for quite some time. and damn, that's cheap considering what you get!

BorkBorkBjork > Dogapult 04/08/2015 at 12:04

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Yep, and the best part was that the whole area was commercial, so at 5pm (when I got off work) the whole area was deserted and I could be as loud as I want. No noise complaints from jackass apartment neighbors.

Dogapult > BorkBorkBjork 04/08/2015 at 12:07

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How did it end?

ACESandEIGHTS > MarquetteLa 04/08/2015 at 12:11

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Potentially avoid. Resale would be a serious concern. Anyone who's tried to sell an undervalued condo or townhouse in a depressed area know that non-single family homes can be hard to get rid of in a pinch. Not that Denver has much of that problem, but... am I wrong when I think this wouldn't be in Denver really, but rather some abused forgotten piece of Lowry or an Adams County warehouse district that can technically call itself "Denver" oh nevermind I just looked at the site... Parker? It's telling that they've called themselves Inverness, which itself has more cachet than Parker.That's like a suburb of Aurora, and that doesn't necessarily say good things. Might even be different if it was like Castle Pines/Castle Rock. Or Morrison, Bow Mar, Golden, etc. something suburban, but not lame. Damn that sounds harsh. Think of your future though.

If I had a business on Parker or Arapahoe, Jordan etc. or kept a plane at Centennial, I could see being out there, but yeah, that's out there. Can't you buy a whole house in Green Valley or Highlands Ranch for that cash (note: exaggeration)?

You're a hip young man with a job and prospects. Go get a condo or townhouse in Highlands so you can drive/bike/walk down to the cool kid establishments and then get Chubby's when the bars close. Bet you could even get a garage or space with your condo. Ditto downtown and uptown. You need to go urban, bro.

BorkBorkBjork > Dogapult 04/08/2015 at 12:31

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Girlfriend became fiancé, fiancé became wife, wife said "no fucking way am I living in a warehouse" so we got a 700 sqft apartment for $200 more a month than my 2300 sqft man cave.

Above is one of the better pictures I have from there, even though it is a bit messy.

random001 > MarquetteLa 04/08/2015 at 12:43

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Is there an apartment up here? Because if there is, I'd be in.

Dogapult > BorkBorkBjork 04/08/2015 at 12:51

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Okay, my worry is authorities., y'know?

Racescort666 > JawzX2, Boost Addict. 1.6t, 2.7tt, 4.2t 04/08/2015 at 12:56

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The neighborhood I live in now isn't too bad. HOA pays for landscaping and snow removal. They also just replaced everyone's exterior lights with daylight sensing ones. They don't seem to care about people working on their cars occasionally or parking in the street/wherever. I should probably note that I live in a townhouse so some of that stuff is bound to happen.

Unfortunately, my neighborhood is probably the exception rather than the rule considering all of the horror stories I've heard.

BorkBorkBjork > Dogapult 04/08/2015 at 12:58

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Honestly, I never had a problem. I needed a fire inspection prior to occupancy, and another one during year 2, but all I did was hide my bed in the trailer and tell them this was a storage/work area for my racing team. The landlord couldn't care less about what I did, especially since he had no idea, and I made sure to bring my cars inside at night. From the outside, you couldn't even tell my unit was occupied. If the cops were to come, I would have told them I was working a night shift or something and they could search the place after they got a warrant.

Saracen > MarquetteLa 04/08/2015 at 13:03

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I would so do this if I could.

BarryDanger > MarquetteLa 04/08/2015 at 13:14

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Buy this place for the same price! It says it's out of Denver zoning so I'm thinking it's fair game?

http://www.loopnet.com/Listing/187672…

If you do let me know, I'll pay for access to a lift lol

MarquetteLa > BarryDanger 04/08/2015 at 13:30

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Hilarious. I quite literally live across the street from this shop. There's another shop to the right, where I actually take my cars when I need to.

Looks like that listing is for the business itself, not the building, as it's leased.

BarryDanger > MarquetteLa 04/08/2015 at 13:59

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Hmmm... If the website information is correct, it's been on the market for some time (by Denver's standards). I wonder if the property owner would be open to selling the land and building.

E92M3 > MarquetteLa 04/08/2015 at 14:30

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This is exactly what I need!

DasWauto > MarquetteLa 04/08/2015 at 22:50

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I'm considering building something along the lines of what you were thinking this is instead of buying a home ready built. I've got a good idea of what I want for the layout and exterior appearance, as well as a reasonable idea of what it might cost.

Property is cheap where I live (farm country :D) and the building cost shouldn't be too prohibitive, depending on how complicated I let the design get. The cost of permits, connection to or installation of utilities, interior finishing, land clearing/filling and a driveway are all things I need to get a good detailed grasp on if I want to move on something like this.