Friday, September 12, 2008

Microwave cart

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'Twenty-five,' somebody else countered, a little too quickly.
'There's gold in that thar microwave,' a third bidder quipped. 'Them socks is lucky!'
Everyone laughed at the old gags, as the manager took the winning bidder's details, then jumped into her golf cart and sped across the lot to the next locker, one of 10 up for auction that day.
As foreclosures soar, housing prices tank and the wider economy follows, the self-storage business is one of the few parts of the property market experiencing boom times.
Following a 25 percent loss last year, stocks in self-storage already have risen 31 percent this year, with investors betting the 'recession-proof' business of renting storage space will benefit from the struggling economy, as former homeowners become renters in desperate need of extra space.
Revenues at Public Storage, the nation's largest chain with 126 million square feet of storage space more than doubled to $1.8 billion between 2003 and 2007, with its stock price massively outperforming the wider property market.
The sector has grown exponentially since the mid-1980s, with more than 4,000 new facilities opening in 2005, according to the Self Storage Association




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