The Best Ever CRE Show JF 3865: Garage Condos, Flex Space, and Building a Category of One ft. Ben Lapidus
11 snips
Apr 4, 2025 Ben Lapidus, a real estate innovator and CEO of Playground, shares insights into the transformative world of garage condos—flexible spaces designed for luxury storage and personal use. Lapidus discusses the booming market catering to affluent buyers who prefer ownership over rental, and why selling units can yield better returns. He delves into zoning challenges, community-building through clubhouse amenities, and the demand from owners of 'big toys' like RVs. His vision includes scaling nationwide, focusing on outdoor-loving metros.
AI Snips
Chapters
Transcript
Episode notes
Frame Projects As Community Assets
- Tell a compelling planning story to municipal planners to get entitlements easier than for bland storage.
- Emphasize community uses and low-traffic retail/office possibilities when presenting garage condos.
Product Specs And Buyer Psychology
- Garage condos are high-ceiling, utility-ready units with mezzanine potential and large overhead doors for vehicles.
- The product targets owners who want to customize, avoid rent risk, and capture both enjoyment and resale value.
Use Shared Amenities To Reduce Owner Buildouts
- Provide shared amenities like showers, boardrooms and a clubhouse so owners avoid overbuilding individual units.
- Use common spaces to deliver functionality owners value without cannibalizing their private unit square footage.