Imagine you’re living in a luxurious condo. It’s the weekend. You finally have a well-earned day off, but in the morning, there’s absolutely no temptation to hit the snooze button. In fact, you may even be up before your alarm goes off. That’s because getting up bright and early means getting in some exhilarating laps around a world-class racetrack before anyone lines up.
This is the vision of what it can be like to live trackside at AMP, and it’s already a reality for our 53 unit owners.
Pandemic Saw People Bring Their Favorite Places Closer to Home by Buying Second Homes
It’s safe to say that our lives have changed greatly in the past decade, most especially in the past two years. People all across the world are finding that it’s harder to get time to enjoy the things you truly love; the things that manage to stir your passions.
When the pandemic hit, everyone began reassessing their priorities even further. Enjoying life occasionally means taking time for yourself, after all, but with everything closed it became a challenge for people to get to some of their routine outlets. Many people who were unable to (or didn’t want to) enjoy public places like resorts and theme parks found themselves seeking out a little slice of the planet where they could feel at peace — a home away from home.
The desire to go out and enjoy yourself, sans the crowds, spurred interest in second homes, vacation homes, and condos. According to the National Association of Realtors, while revenues in many consumer verticals plunged during the height of the pandemic in 2020, vacation home purchases surged. Compared to 2019, vacation home sales in 2020 were up 16.3%! That’s almost three times the growth in overall home purchases that year: 5.6.
Now with things much more back to normal (despite occasional viral surges and scares) spending on consumer travel and hospitality services has come back with a vengeance.
Speaking to the Philadelphia Inquirer, a marketing manager at the Maui Seasons private tour company in Hawaii emphasized that “people really want to make sure they travel while they can.” He said his bookings were up 65% for the year-to-date compared to 2021. After all, “who knows when the next strain is going to come and what it’s going to look like?”
The growth in travel and vacation spending spurred significant investment activity from homeowners and large firms alike. The Daytona Beach News-Journal reports that a local landmark, The Plaza Resort & Spa, just received an $8.3 million cash infusion from California-based investment firm Vienna Capital.
Destination Condos Offer Real Estate Investment Opportunity — With a Kick
Investment firms aren’t the only ones getting in on the destination property action. High-end property blog Mansion Global notes a trend of ultra-wealthy buyers investing in homes and condos in popular vacation spots, sight unseen.
“We’ve found that because these international high-net-worth individuals were in lockdown, they took the opportunity to look at real estate, and it piqued their interest when they saw Bermuda was managing its numbers,” Penny MacIntyre, a representative of Rego Sotheby’s International Realty in Bermuda, told the blog.
The motivation behind the trend likely stems from the fact that these types of investments serves two main purposes. First, people are looking for a way to enjoy time to themselves and with their family, with as few strings attached as possible. Having a second home in a desirable, fun location allows you to take advantage of activities that are available any time you want.
Secondly, there’s the fact that — by a long shot — you aren’t the only one interested in these properties. Others will follow your line of thinking, and that means these properties will only become more valuable as the limited supply gets snatched up. After all, these properties are located in places that have specific attractions to visit and an undeniable appeal.
A spur in people seeking to own, not rent, destination properties has led to a resurgence in the “condotel” in places like Florida. Interested buyers can purchase a unit to use as they please. This arrangement offers considerable advantages compared to staying in a hotel.
The condo/hotel investment model has found success in Italy, as well, attracting buyers from all over the globe.
You won’t just find this type of buyer activity in sunny places by the beach, either. A report from a Forbes partner who works as a RE/MAX broker associate observes: “I have seen the demand for lodging in Colorado’s resort areas boom.” He notes that these locations don’t just mean a permanent spot to visit. They can also generate secondary income from rentals, bolster your retirement planning portfolio, and can even be passed down from generation to generation.
Lots of Reasons to Buy Then Stay (or Sell)
While a destination property investment might not work for everyone’s portfolio, they can be a strong asset that’s easy to leverage for extra income. Even notorious penny pincher Dave Ramsey gives buying a vacation-ready condo his blessing, noting that “the plus side is that you can charge more per stay than the monthly rate for a single-tenant condo. And you can use the space yourself anytime you want.”
Forbes contributors in the real estate industry are, naturally, on-board. While they have a motivation to move units, they also make some highly salient points.
“It’s no surprise that it is far easier to sell an individual condo unit than an entire building,” wrote one contributor in 2019. “If you need to sell a condominium, there’s typically a plethora of buyers (at the right price), and such transactions can close in a much faster time frame. This reduced liquidity risk offers investors looking to enter the real estate market more protection on their investment.”
Another contributor wrote just last year that “because of their popularity, short-term rental properties are an attractive option for real estate investors.” They state further that “adding a short-term rental property to your real estate portfolio is an excellent strategy to increase your cash flow, helping you fund future real estate investments and grow your portfolio.”
Trackside Condos Keep You Plugged into the Heartbeat of Motorsports
Owning a place on an island or in the mountains or near Disney Land is all well and good, but what if you want to do more than put your feet up? What if, instead, you wanted to put those feet to good use — say, in the pedal box of a sportscar being pushed to its limits?
Those who live and breathe motorsports can be closer than ever, both literally and figuratively to the lifestyle that fuels their passions. Trackside properties offer their own specific appeal to those whose lifestyle revolves around the turning of tires.
There’s already been a trend in the past decade or so of well-heeled people building “garage-mahals” to house their prized collection. Turning once more to the Mansion Global blog, they write: “With high design defining every room of the house, it’s only logical that the garage, a prime piece of real estate, has become one of the latest expressions of luxury living.”
Ultra-wealthy home builders have even been grabbing attention by building top-tier “showroom homes” for them and their cherished automobiles to reside. In 2019, when WWE Hall of Famer and former LA Ram DT Bill Goldberg decided to sell his 4,630 sq ft. home with a 6,800 sq ft. facility that was more akin to a “car museum” than a garage, it grabbed headlines in outlets like Business Insider and the Robb Report.
There’s also interest in these race-ready properties from those in the competitive racing scene, as well as the most dedicated spectators. A May 2020 Associated Press article documented the rare opportunity provided people who owned condo units overlooking Charlotte Motor Speedway: they were the only ones who got to watch NASCAR races live during the height of the pandemic. Condo owner Robin Trivette recalled just how popular she became when others caught wind that she was able to watch the race from her floor-to-ceiling windows: “All of a sudden, everybody is your friend and wants to come over and bring dinner.”
Atlanta Motorsports Park Offers One of the Few Trackside Developments Actually at the Track
Interest in living near the races has led to projects like Trackside Townhomes, built in 2018 just a short ways away from Wisconsin’s famed Road America track.
Yet, far too many of these “trackside” projects end up being a ways away from the track. Atlanta Motorsports park offers unique opportunities in that our condos are quite literally trackside. Those who like to enjoy racing on the weekends or even during the week can have a permanent “home base”. They’ll be able to access facilities whenever they want, and they can be there for the biggest events, like competitions or our upcoming ten year anniversary.
“We’re really keen on keeping the motorsports community alive and its heart emphatically beating,” says AMP Marketing Manager Rosalee Gaddis.
Living trackside is so much more of an experience than moving into a condo at a golf course or a beach town resort; it means tapping into the passions that vamp up your heart rate.
When there’s a big race or an event you don’t want to miss, you have a place to (figuratively) crash. You also have the opportunity to rent out the unit when you’re not using it. That can turn someone’s fun afternoon into a glorious weekend, all while adding to your bank account.
Looking at the bigger picture, Atlanta Motorsports Park’s trackside condo units can serve as the perfect place to keep your valuable vehicular investments not just well-protected but easily accessible — all in a dwelling place that stirs excitement.
The chance to have your own “trophy car” condo/garage has stirred palpable excitement. Many of the units have already been snatched up. After all, inventory is limited, and investment opportunities like this are scarce.
“They’re not building too many racetracks anymore,” AMP’s Jan Stockbridge reminds us. “It’s difficult, expensive, and time consuming.”
Atlanta Motorsports Park in and of itself is a rare breed because it exists at the perfect time and place. It’s objectively not-the-common to have a track so close to a major metro area like Atlanta, but one that’s also in a picturesque region keen for development.
Those who choose to own or visit AMP’s trackside condos will have lots to do in the area. After all, Dawsonville bears the historic legacy of being the birthplace of stock car racing. That’s what made it the perfect site for the Georgia Racing Hall of Fame.
The area is also rich with natural treasures. There’s some of the most gorgeous waterfall hikes in the southeast, one of Georgia’s only mead brewers, and places like Helen and Callaway Gardens close by. With so many attractions near Atlanta Motorsports Park as well as kart racing near Atlanta that’s fun for the whole family, it’s no wonder that the first two phases of our condo developments have completely sold out.
Come Visit Our Trackside Condos and Enjoy a Day at AMP!
If you’re interested in living, staying, or playing by one of the only world-class road tracks in the region, don’t hesitate. Visit https://www.atlantamotorsportspark.com/track-side-condos/ or send direct inquiries to [email protected] to find out more and book your tour. We’re also game to discuss your options any time you come to the track, so book your next visit to come see what’s worth getting excited about!