Storage Auctions Take Over Eastern Iowa

Nadia Crow, Reporter

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By Belinda Yeung

Story Created: Jul 9, 2011 at 5:36 PM CDT

Story Updated: Jul 9, 2011 at 6:43 PM CDT

PALO, Iowa - One man’s trash is another man’s treasure. It’s the motto shoppers have at storage auctions. Storage companies can sell items inside units with outstanding balances. The practice has gained national attention with reality shows like “Storage Wars” on A & E.

More than two dozen people shuffled into Add-A-Space storage in Palo looking for hidden treasures Saturday morning.

“I thought it might be something worth checking out,” said first time bidder Michael Klein.

Michael Klein joins others to find items left behind in storage units with past due balances.

“We open the door, people are allowed to look at the unit. They can’t go in the unit. They’re not allowed to go through the items,” said Add-A-Space Manager Randy Lucore.

Once that’s done, the bidding begins on the entire unit as a whole. These days, Wayne Timmermin says storage auction reality TV shows have spiked interest.

“Two or three years ago, there was half a dozen people. Six months ago, there were 40 to 50 people,” said Timmermin.

Manager Randy Lucore says some people are taking advantage of eager first timers.

“People are renting units, filling-up with empty boxes and writing expensive things: Grandpa’s old baseball cards, Steve’s coin collection,” said Lucore.

The storage company keeps the money made off the auction to get back unpaid rent. Any overage goes to the renter. So now, Lucore says they open the empty boxes to show people there’s nothing inside so they’re not bidding under false pretenses. But still, it’s hit or miss.

“80% of the time it’s just junk,” said Timmermin.

But the deals are out there.

“I think we did pretty good. $75 for a washer and dryer can’t complain,” said Klein.

After the Palo Auction, the group headed to auctions in Marion and Cedar Rapids. Lucore says they generally have four to five storage auctions a year. The next one will likely be in early September.

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