NEW! CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Thursday, November 20, 2008

LA Times: Auction of Building Equipment

by Calculated Risk on 11/20/2008 02:16:00 PM



The front page (pdf) of the LA Times has this picture of building equipment for sale in the Inland Empire.

Click on photo for larger image in new window.
LA Times Front Page

From the LA Times: Housing slowdown spurs auction of construction equipment
Sellers said they were purging their inventories to pull in operating capital. Buyers said they were lured by cheap prices, although several expressed reluctance to spend money on equipment that could remain idle for months.

"These are the worst prices I've ever seen," said Steve Thompson, 52, who was there to make bids for Chuck Green & Associates Inc., a San Diego County company that buys, resells and rents heavy equipment.

Back in 2005, during the boom, the company sold a used hydraulic dirt excavator for $309,000. That same excavator changed hands Tuesday for just $50,000.
Not much demand to move dirt in Southern California!