Key facts
- Wealthy collectors are purchasing specialized condo units, known as 'car condos,' primarily for storing and displaying their vehicle collections.
- These spaces offer a social environment for car enthusiasts to connect with like-minded individuals.
- The Hangar Group, founded by Scott Cunningham, provides units in South Florida and is expanding to the Hamptons.
- The Stacks Auto Lofts in Nevada offers units priced up to $1.6 million.
- The Porsche Design Tower in Florida features a car elevator system that brings vehicles directly to residential units.
Wealthy collectors are increasingly purchasing dedicated residential units, often termed 'car condos,' specifically for storing and showcasing their extensive vehicle collections. These specialized properties cater to enthusiasts who have outgrown home storage or seek a communal environment to share their passion.
Scott Cunningham, a collector himself, founded The Hangar Group in 2019 after realizing the need for a dedicated space that offered more than just storage. His South Florida locations, with units ranging from 1,100 to 4,500 square feet and priced around $800 per square foot, provide a clubhouse-like atmosphere for collectors. Cunningham is now expanding the concept to the Hamptons.
Similarly, Rusty Brown developed The Stacks Auto Lofts in Henderson, Nevada, offering 29 units, with the most expensive selling for just under $1.6 million. Brown noted that the appeal lies in freeing up home space and removing valuable collections from domestic environments, which can sometimes strain relationships with spouses.
Gil Dezer, president of Dezer Development, offers a different approach with his patented 'Dezervator' car elevator system at the Porsche Design Tower in Sunny Isles Beach, Florida. This system allows residents to bring their cars directly to their condo units, enabling them to admire their collections and share them with guests.
For collectors like Cunningham and Brown, these spaces are about more than just square footage; they are about fostering a community of like-minded individuals who share similar tastes and can socialize in an environment tailored to their passion.