Silicon Valley millionaires (and billionaires) are gearing up for the latest status symbol in Status Symbol Land—condominiums devoted to storing luxury cars. Condos will start at $250,000, and the sites will also offer "club rooms" where guys can talk about cars. "There are more collectors here than anywhere because of money and weather," said the director of a local car show.
The project is driven by need, developers tell the San Jose Mercury News. Lots of people have money— not so many have space. "We've found in the prolific residential markets, the one thing that hasn't kept up is storage," said one condo entrepreneur.