When a garage is too small, and a warehouse is too large, people are turning to Garage Condominiums, the latest hot trend in real estate.
SOOTH LAKE TAHOE, Calif and MINDEN, Nev., July 21, 2022 /PRNewswire-PRWeb/ -- While strong RV and collector car sales have fueled a demand for storage facilities, skyrocketing real estate prices limit rental spaces. Not only are RV and collector car owners being effected, but so are owners of smaller recreational vehicles, such as off road vehicles, boats, and classic cars. They simply don't have the room to store all of their big boys toys.
Art Linkletter, the father of the self storage concept, years ago made a fortune renting small storage spaces, spawning the current mega self storage industry. It was his doing that made this industry possible. To this day, there is one thing missing from the self storage mix - large units. The bread and butter of the industry are the 5' x 10's and 10' x 10's that commanded high per square foot rental rates. Ignored were the needs of the RV owner, as larger units could not support the higher rental rates of the smaller units. So, there was a gap in the market for units larger than a garage, but smaller than a warehouse. Enter Garage Condominiums.
Ted Deits, the head Monster at Monstore Garages in Tahoe / Minden, recognized this gap in the market and will began construction of 60 individually owned Garage Condominiums in Minden, Nevada. Ted said, "I am an avid off road and RV enthusiast, and I had a real problem finding suitable storage for my large vehicles." Ted continued, "It dawned on me that there was a better way, by building large garages and offering them for sale rather than renting them." As it turned out, he was right. He has marketed 4 Garage Condominium projects, consisting of approximately 425 individual garages. Ted Deits continued, " All of our garage condominium projects sold out before construction could be completed. Deits continued, "half of the new buyers came from our recently completed garage condo projects, buying additional Garage Condominiums to add to their portfolio". All of our Garage Condominium projects have enjoyed significant appreciation, as well as lower overall monthly costs vs. self storage rentals."
"The Lake Tahoe area, as well as secondary markets like Minden, Gardnerville, Carson City and Reno are prime areas to develop this relatively new product, as current storage facilities are full and many are what I would consider subprime in features and amenities." Ted said. Ted continued, "We are very much looking forward to bringing this exciting product to Minden and Carson City areas and proving there is a better way."
Media Contact
Ted Deits, Monstore Garages, 1 775-600-5265, [email protected]
SOURCE Monstore Garages
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