Friday, July 24, 2009

Habitat For Humanity ReStore: Where The Bubble Went To Die

Today I finally had a chance to visit the local Habitat For Humanity "ReStore." It's like a swap meet/pawn shop hodgepodge of random construction leftovers, inventory from failed builders, and old fixtures and appliances removed during remodels. When the bubble popped, these were the bits leftover. Naturally, I couldn't resist snapping some pics:

Got grout? Based on the availability, tile installers and carpenters are fairing far worse than the other trades. There were dozens of pallets of nails and other framing materials.

These TV cabinets were at least 10 feet tall, and must have been destined for some McMansion that never came to pass.

This made my day. It's the master plan map for "The Traditions At Castle Oaks" built by JTS Communities. Coincidentally (or not), JTS missed a $500,000 bond payment on this development last month. Foreclosure pricing indeed. I don't think JTS is long for this world.


Anonymous said...

Good call. Those builders used to do a rummage sale annually through an auxiliary and donated the proceeds. This seems more effective.

For anybody who has ever stored anything knows you can easily spend more on storage than the saved item is worth.... then there's transfer damage, warranties, etc.

Regarding the CAPERS post, thats what the managers are paid for, to make it perform better than an unmanaged S&P index. Now they're talking about getting back into the commodities and equities that tanked.... could be good.


Max said...

Yeah, I bet the donators write off the full retail price, so they make money vs storage etc. Not a bad racket.

CalPERS has made some bone-headed investments, but they've also got some smart managers too. I remember reading about their commercial divestments in 2005 thinking that was the best decision they've ever made. Now they're rebuying some of the same properties they sold for 50% off.