South Florida has long been associated with its abundant senior population. It has been over 25 years since the first Seinfeld episode satirizing the Del Boca Vista condominium complex aired and shed comedic light on a geographic phenomenon nearly fifty years in the making. All kidding aside, the presence of a more age advanced demographic produces an abundance of estate property unmatched by any other state. A function of my career as an appraiser, specializing in the valuation of estate property, including: fine art, jewelry and residential content, it is fair to say that people’s stuff is always on my mind. You need not be an expert as it relates to the collectibles markets or have an advanced degree in estate administration to understand the correlation that exists between tangible personal property and the need people have for additional storage. With rising home interest rates, the continual influx of new residents to south Florida and the aforementioned abundance of estate property, there is no faster growing industry.
If you have not noticed the overwhelming emergence of do-it-yourself self-storage options like CubeSmart, Life Storage and Extra Space, you will now. Whereas this entry level storage option is sufficient for people’s needs related to low value and limited use items, such as used furniture and holiday decorations, it is far from the ideal way to safeguard and preserve, intrinsically and sentimentally valuable, estate property. The lack of climate control invites the irreversible effects of environmental damage, and an easily bypassed perimeter fence wall does not do much to deter a resolved trespasser.
On the opposite end of the storage cost and security spectrum you will encounter full-service firms, like UOVO, Gander & White and Robovault. These are state of the art facilities that provide first class service offerings, but whose monthly invoice could easily be mistaken for a mortgage payment. These companies publicize their packing, shipping and storage services are GRASP Certified or By Royal Appointment, which is a fantastic accomplishment, but overkill as it relates to the temporary storage of most, if not all, estate property.
Whether you are in the market for an entry size self-storage unit for newly inherited Estate property or a private storage vault at a state-of-the-art high-end collectible focused facility, there is no shortage of “good enough” options. However, in a time and place where some people are not willing to accept just “good enough” or commit to a monthly storage cost of $1,500 or more, there is a new option that offers the best of both worlds. Imagine an Estate property storage scenario in which cost, quality and convenience intersect and the name behind this synergy is one that the community has trusted for generations. The good news, if you find yourself in this predicament, is now there is an option that checks all these boxes and more.
When selecting a facility to safeguard treasured Estate property, clients should avoid being dollar wise and penny foolish. Sentimental value, unlike intrinsic value, is impossible to replace in a worst-case scenario. Pay particular attention to the security features of the facility, reputation and menu of services offered by the provider. White-glove service offerings, including storage, packing, shipping, and collection management are equally important to having a state-of-the-art facility offering Category 5 hurricane protection, climate control and 24/7 security monitoring. Regardless of your capacity, albeit as a Personal Representative or as a beneficiary, you have been empowered to store, pack and ship, single items, or entire collections without having to visit a faculty, collect the property, arrange insurance, or coordinate shipping. It is easy to understand why this dynamic is the preferred choice of Florida’s trust and estate professionals.
Andrew Kravit is an entrepreneur specializing in the valuation, brokerage, storage, litigation support and collection management of tangible personal property. Mr. Kravit holds degrees in International Business and Marketing from the Stern School of Business and has also earned a Graduate Gemologist degree from the Gemological Institute of America and an Accredited Member designation from the International Society of Appraisers.