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And down they go..

Aburg Rapid Prototype said:
The landslide is starting.. here is an Auction in Windsor Ontario for a whole Mold Shop, divided into small chunks...

www.corpassets.com

Michael Tool & Mold (Windsor) Limited | Corporate Assets Inc.

Wednesday, May 31, 2023Oldcastle, Ontario, Canada
www.corpassets.com www.corpassets.com
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You really need to watch bidspotters for new auctions... this was posted a while back

It has a couple of surface grinders I'd have liked but debbie downer wont let me have the space.

There are 3 T&C grinders but none looks like they'll be worth the selling price and fees.
 
Lot 31 may appeal to @Susquatch for turning rifle barrels... but if may be too large for his space (except he has a lot of space compared to mine) and the machine may require 575v
 
I always wonder when I go for the auction viewings, what was the straw that broke the camels back?

For these guys I'm assuming a steady decline in margin due to offshore competition, rising energy, consumables, and materials cost. It sucks to see it go this way. And I agree with your landslide comment sadly. Likely more auctions to come.
 
DmechDesign said:
I always wonder when I go for the auction viewings, what was the straw that broke the camels back?

For these guys I'm assuming a steady decline in margin due to offshore competition, rising energy, consumables, and materials cost. It sucks to see it go this way. And I agree with your landslide comment sadly. Likely more auctions to come.
Click to expand...

I went to several business closing auctions, and one private sale over the past year, and in almost every case it was not the business declines, but rather the owner of the business was made an offer they couldn't refuse. Most were the property value skyrocketed and developers waltzed in flashing multi-million dollar cash deals. One commercial property in Cambridge for instance that was on main drag and bordered residential area ended up selling so property could be converted to two high-rise condo buildings.

Another off the QEW near grimsby sold out when he too was offered huge amount for the commercial property. One more closed because they couldn't renew the lease when the landlord doubled the rate... because Toronto. I guess that was economic decision in part, older owner, wayyy too expensive to move just to work a few more years...

I know another shop owner in Cambridge plans to sell out and auction everything in about 18 months time. He has a small cylindrical grinder I really want... so I look forward to that auction. He owns the industrial condominium he is in too. It has appreciated in value massively... so much so if it was my biz I'd have sold long ago, and moved to rural property with my best machines.
 
TorontoBuilder said:
I went to several business closing auctions, and one private sale over the past year, and in almost every case it was not the business declines, but rather the owner of the business was made an offer they couldn't refuse. Most were the property value skyrocketed and developers waltzed in flashing multi-million dollar cash deals. One commercial property in Cambridge for instance that was on main drag and bordered residential area ended up selling so property could be converted to two high-rise condo buildings.

Another off the QEW near grimsby sold out when he too was offered huge amount for the commercial property. One more closed because they couldn't renew the lease when the landlord doubled the rate... because Toronto. I guess that was economic decision in part, older owner, wayyy too expensive to move just to work a few more years...

I know another shop owner in Cambridge plans to sell out and auction everything in about 18 months time. He has a small cylindrical grinder I really want... so I look forward to that auction. He owns the industrial condominium he is in too. It has appreciated in value massively... so much so if it was my biz I'd have sold long ago, and moved to rural property with my best machines.
Click to expand...
In this locality, it is an industrial area. The property definitely won't be converted into high end condos. The industry is slow now. There are four main players in the industry that will control the market after this shakedown. Some are ABC Technologies and Skybridge Technologies. Maybe their customer was not paying on time as is usually the case in automotive??
 

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Canary in the coalmine? I'm 100% sure over the next few months, years there will be more to follow. The automotive industry has been giving me strong 2008 vibes for many months now. We're slow, and have a lot of jobs on hold right now......

There's more to it than that, but I don't have a great feeling I'll be employed here this time next year.
 
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