Mar 25, 2014

How to Open, Price and Sell Residential Safes

One of my “go-to” movies when I’m in the mood for a caper-flick is “The Italian Job” starring Mark Wahlberg. In a clever bit of cinematography, Wahlberg’s gang of thieves steal a safe full of gold bars by using explosives to cut a hole in the floor around the safe causing it to crash through two lower floors and into a Venice canal, where they open the safe and steal the gold.

I’m reminded of that scene every time I appraise an estate that contains one or more of those big, heavy, steel safes. I comment to the executor that I’m glad that I won’t be the person required to move them, because I’ve moved too many already. I’d almost rather blow a hole in the floor and let a safe drop into a big, dark pit than move another one.

Auctioneers and estate-sale operators will admit that one factor affecting the price of some estate property is the difficulty of getting it moved. Pianos, gun safes and concrete yard art sometimes cost more to move than they are worth. When they don’t, their prices are generally lowered to compensate for the difficulty of moving them.

Residential safes are becoming more common with each passing year. Sales are up for residential safe dealers. A 2011 New York Times headline reads: “Sales of Home Safes Surge, Driven by the Recession and Recent Disasters.”  Read More...

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