RV Storage Condos - 7 Years later
As many of you may know, I built one of the first RV storage condominium projects in California. I started the project in 2009 and built 107 garage condos.
I mentioned my project in here a few times, and some of you were really excited about this fairly new concept, while some of you were downright rude, saying it was a ridiculous idea. But that is the nature of forums, you get both sides, no holds barred.
Here we are 7+ years later, and I wanted to post an update on what happened.
First off, we completed the project the weekend the Dow hit 6500. The very bottom of the now famous "recession". For a while, I could have plated these things in gold, and not been able to give them away. Everyone, I mean everyone was headed for the hills. Real Estate, no matter what type, was a dirty word at that time.
Given a few months, the clients started to come back, and sales started off slowly. Then after about a year, sales really ramped up.
Fast forward to today, the project has been sold out for a long time now. The best part, in this robust economy, these units have just about doubled in value. Not just in my project, but it seems to be across the board in all areas of the US. It seems Storage Condominiums have found their place, even with the rocky start for many. We are maintaining a waiting list for certain size units to become available via the resale market. That list is over 100 people long. When resales do come up, they are selling within days, with the only exception being odd sized, smaller units.
Those that did buy, are glad they did.
Today, storage condos are popping up everywhere. Seems like every week someone is breaking ground on a new project. The prices for these run from $100 a sq ft to well over $350 per sq ft, depending on the region. Areas with lots of open land don't really need these, but areas close to cities, where open land is scarce and expensive, storage condos seem to do really well.
I am proud to have been one of the early developer of this concept. I hope it continues to flourish.
I mentioned my project in here a few times, and some of you were really excited about this fairly new concept, while some of you were downright rude, saying it was a ridiculous idea. But that is the nature of forums, you get both sides, no holds barred.
Here we are 7+ years later, and I wanted to post an update on what happened.
First off, we completed the project the weekend the Dow hit 6500. The very bottom of the now famous "recession". For a while, I could have plated these things in gold, and not been able to give them away. Everyone, I mean everyone was headed for the hills. Real Estate, no matter what type, was a dirty word at that time.
Given a few months, the clients started to come back, and sales started off slowly. Then after about a year, sales really ramped up.
Fast forward to today, the project has been sold out for a long time now. The best part, in this robust economy, these units have just about doubled in value. Not just in my project, but it seems to be across the board in all areas of the US. It seems Storage Condominiums have found their place, even with the rocky start for many. We are maintaining a waiting list for certain size units to become available via the resale market. That list is over 100 people long. When resales do come up, they are selling within days, with the only exception being odd sized, smaller units.
Those that did buy, are glad they did.
Today, storage condos are popping up everywhere. Seems like every week someone is breaking ground on a new project. The prices for these run from $100 a sq ft to well over $350 per sq ft, depending on the region. Areas with lots of open land don't really need these, but areas close to cities, where open land is scarce and expensive, storage condos seem to do really well.
I am proud to have been one of the early developer of this concept. I hope it continues to flourish.
