Storage Auctions

What was this buyer thinking?

Offline MovieMan

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What was this buyer thinking?
« on: August 15, 2013, 02:18:00 PM »
Several months ago a locker came up that all of us here on the forum dream about…The Super Deluxe.

As 3 of us walked away from it we met down the hall and exchanged knowing glances.
Then looking back at the crowd we heard some NEWBIE saying…”look there’s a motorcycle in there !”

The auctioneer went in and when he came out he said “We didn’t see that when we cut the lock.” The door was immediately closed. Thanks newbie….one of us could have had that at hopefully a decent price.

Flash forward….this week the locker comes up again, but it’s at facility #3 of the day and the auctioneer plays up the “scooter locker” to the crowd throughout the first two facilities; fortunately, mostly newbies who won’t be able to afford it, but 5 of us who can.

We finally get there…door goes up; they’ve moved the motorcycle to full visibility to check the numbers for dmv. I figured two months ago I would go to $1k on this 10 x 10 as it had GOOD quality stuff showing and boxes probably the same.

First bidder (regular) goes $500. It quickly goes up over $1k and while someone offers $1,400 I’m in at $1,500 just because I know the others will keep going and I’m always happy to help an idiot spend his money. I’m out at $1,650….it sells to the first bidder…wait for it…..$2,150.

Looked up the scooter later. New sells for $650. Maybe $400 or so used…Chinese variety.  Buddy propane heater…new $84…used ??? (I have one and they are great in winter). Half a dozen fishing poles…maybe $120 to $150 total. A barbecue with grey cover…probably stainless underneath, but still…..takes a lot to get back $2,150 (plus) and then make some profit; am anxious to talk to this guy in weeks to come.  If the four foot high stack of stuff comes in over what he paid he’s OK, but otherwise it will either be for the fun of it (break even) or a semi-expensive lesson in over-buying (losing money).

Offline Cobia

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Re: What was this buyer thinking?
« Reply #1 on: August 15, 2013, 06:49:56 PM »
That's one of the things people STILL fail to realize, it takes selling a LOT of used stuff to get back to $2000. It ain't like opening a Sears store and things sell for $500 here $250 there; more like $50 here, $10 there; etc. And a 10x10? You run out of real estate quick in only a 10 x 10. I've seen typical household 10 x 10s go over $1200 and I think, "OK, they sell the furniture & electronic and maybe break even, now they have clothes, books, bathroom items, and kitchenware to make their profit." Not much there, and that's if all goes well with the contents of the boxes.

Re: What was this buyer thinking?
« Reply #2 on: August 15, 2013, 08:30:27 PM »
There is a lady here that shows up once in a while here that cant keep her very loud mouth shut. I am glad that she is not a regular. She drives me nuts and drives up prices. Part of the advantage is seeing something that others may have not spotted. When she stands there in everyones way and shouts out what she sees I just want to knock her over.

Seems high for a 10 X 10 but around here one that is nicely packed full of boxes goes for that. I still can't figure out what the lure of a unit completely full of boxes with nothing else showing is. There are two regulars that go at it all the time over them. One payed $650 for a 5 X 6 one time that was packed about waist high and the only thing showing was a comforter from Sears. I quit trying to figure out what others are thinking.

Re: What was this buyer thinking?
« Reply #3 on: August 20, 2013, 02:56:51 PM »
Loud mouth guy may be out of money and just running folks up.  Not a nice thing to do...but hey....

Offline MovieMan

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Re: What was this buyer thinking?
« Reply #4 on: September 06, 2013, 09:10:22 AM »
Finally saw the buyer of this locker after a couple of weeks. He was right up front about it and said he wouldn't make any money. He also knew who the 2nd and 3rd highest bidders were and wasn't happy with them. I asked him why he didn't stop bidding and his simple response was "I wanted it."   

Oh well, you got it.

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