We decided to conduct a little research and visited the first auction location the day prior to get a scoop on rules and requirements for the auction. We met with the managers of Oyster Point Self Storage in Newport News: Frank and Gail Tole. Gail, a nice woman with great auction knowledge, explained what to expect with the auction and the usual auction policies. She went on to provide insight into what to expect. "A while back, units would go for $50 -$100," she said. "But, after Storage Wars and shows like that, we now see them go for hundreds of dollars." Storage unit auctions in Newport News seemed a bit more involved than we first anticipated. "You'll see the same kinds of characters here that you will on the show though, right Frank?" she remarked in his direction. "We have one guy with deep pockets who often pays as much as $700. I have no idea what he sees because we all see the same crap in the front of the units."
With this new found knowledge, we arrived about an hour before the auction to make sure we were registered and ready. Soon, the large group of regulars began to appear: People with pick-up trucks, vans, and trailers. People of all types, from the mother with two kids in tow, father-son teams and groups of men appearing to pool resources to gain the upper hand. Most had flashlights and padlocks and were seemingly prepared for potential winnings.The auction started on time with the auctioneer stating rules such as you can look only, so do not enter the unit, and you buy everything in there so sweep the unit out to get your deposit back. The terms of the auction included a $25 cleaning deposit and VA sales tax.
We all walked to the first unit, down a side hallway and into a dark area. Out came the flashlights as we passed by the unit, although there was not much to see. From the glance inside that we took, there was an arm chair with cushions, a Rock Band guitar, and a small garbage bag. The bidding started at $25. No one bid. Not a single bid, so we moved on to the next.
"Stuff" went for $125
This one seemed to have promise (Pictured at left). There was a lot of "stuff" in there, but there was nothing that caught our eye. Bidding raged and the unit went for around $125.
Speakers and such -$225
Next was a unit populated by two large stereo speakers and other miscellaneous electronics (Pictured at left). This one fetched $150. Then, one unit had gym equipment and TV readily noticeable. This went for $225.
Then there was a long walk to a satellite storage unit full of furniture still bubble wrapped from the last move into the unit (Pictured at left). For this one, bidding quickly rose to $400.
We did not walk away with anything at this auction, but there is always next time. Follow us as we work to finally win a storage unit auction in Newport News and watch the entire experiment as well attempt to sell the contents for a profit.
UPDATE 5 OCT 11 - We finally won one! Click Here to see what we won through a storage unit auction in Newport News.
We hope you will find storage unit auctions both entertaining and intriguing, just be prepared to spend more than you want for things that you do not need in hopes of finding elusive hidden gems. Although this information was verified through visiting storage unit auctions in Newport News, make sure to check local laws and policies in your area.
For more information on storage unit auctions, and other opinions, check out this blog - click here
