The DeLeo Garages in North Cambridge on Observatory Hill are available for rent with an option to buy them, some as condominium garages, others as individually deeded properties, in early 2013.
We hope that our neighbors will take this unusual opportunity to own a garage, whether or not they park a car there, rent it to others, or just keep it for storage. Current rental ($250-300/month) nearly equals the monthly payment (at today's low interest rates) on the purchase price. Current storage rates at Cambridge Self-Storage on Concord Ave ($500/month for 10x20 feet in an unheated external container) completely cover a 30-year fixed rate mortgage.
The 1920's-built garages are being modernized with insulated overhead doors, equipped with wireless remote control door openers and entry keypads, provided with wiring capabilities for optional electric heat, and optional charging stations for today's electric cars. Garages will be monitored 24/7 with continuous recording security cameras viewable from a web browser.
The DeLeo Garages are a secure and convenient home for a special automobile and the ultimate in off-street parking for our neighbors.
We plan to conduct a slow-moving transparent auction in the months leading up to March, 2013, when the garages will be sold. We will have a page on each garage with details about it, The page will include the number of bids, the bidding history, and the current high bid, similar to an eBay auction. High bidders will be notified by email when their bids are exceeded. As we get closer to the closing date, bidders will be asked to complete a purchase and sale agreement and put a deposit in an escrow account.
The current high bidder may exercise an option to rent the garage.