Saturday, September 20, 2008

Garage Condos

A company called GarageTown USA has developed a number of garage condominiums in Idaho and a few other states, and they have recently announced plans to franchise in other states, including Utah.

There are some very interesting ideas in their concept. As they describe it:

You own and control your space. Condo owners receive a titled deed, just like any other real estate.

You can gain access to your space 24 hours per day, 365 days per year.

You control the security level of your space.

You can totally customize your space to match your needs - from colors, flooring, mezzanine structures, etc.

Your space can include high speed Internet and cable T.V. at most GarageTown locations.

You decide what temperature is right for your space.

You benefit from all real estate appreciation and may sell your unit at any time. (The perfect starter real estate investment!)

You can participate in all real estate tax benefits which may include 1031 exchange, depreciation, mortgage interest and property tax deductions. Please check with your tax professional for your specific requirements.

You and your family enjoy the benefits of the Club House - climate controlled, big screen T.V., bathrooms, showers, mini-kitchen, high speed Internet.

You can become part of a community of like-minded people who have interests and hobbies similar to yours.

What their information doesn't disclose are the inevitable permitted and prohibited uses. My assumption is that their governing documents are opposite in almost every respect to what we are used to -- e.g. residential uses are prohibited; derelict cars are permitted, if not encouraged; and business uses appear to be expected.

1 comment:

condo Philippines said...

I agree and you have a point there. Very interesting concept you have shared.

Paula M