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Safe Deposit Boxes Sold As Condominiums

I have already blogged about the use of condominium designation for storage facilities (here, and here for super luxury) – so it seems a natural evolution to offer really really tiny storage. SafeBox Condominium Vaults (Parallax Investment Corporation is the developer) will be opening up the first (world wide) condoized safe deposit box facility in Toronto, with further development in most large cities across Canada.

On a square foot basis, the units go for either $2160/sq. foot (for 3” ceilings), or $3300/sq. foot for the luxury 8” ceilings.

I’m all thinking this is a phenomenal idea, until I checked out their website and see they are marketing the purchase as “the ability to own a prime piece of real estate at an affordable price.” This is not an investment opportunity, this is a different way to manage and secure valuables. That the company is even marketing 1.67 sq. foot condos as a real estate play is not only inexcusable, it makes that plan feel a little scammy to me. Now I’ve got a little of that “buyer beware feeling.”