Have you ever wanted to own a flying car?

Some of the futuristic items we dreamed about as kids are available now, like the robot vacuum, cash machines and watching movies from a device you can hold in your hand.

Well, now the flying car is one step closer to becoming a reality.

The Transition was developed by a team of MIT-trained researchers for the company Terrafugia. The two-seater is able to morph from a car to a plane in about 30 seconds. It also runs on regular unleaded gas, instead of more expensive rocket fuel.

The flying car will run for about $250,000.  Terrafugia estimates it will be available to the public by the end of 2012.

Watch the following video and dream about having one of these in your garage some day.