Posted by Greg Shaw on June 22, 2008 at 08:06:17:
The price is driven by the market. There is no other reason that I can see.
The only really inexpensive homes available for 5000 or less require moving are very old and only usable for hunting camps. Also the fact that parks do not accept homes (coming in) older than 10 years prevents movement. Essentially when a home is placed in a park it is there to stay.
Value of Adult / Family MHP - Posted by Greg Shaw
Posted by Greg Shaw on June 21, 2008 at 06:07:13:
I am interested in knowing if there is any data or even a consensus among this board regarding the value of parks and the average value of homes in parks depending on it being a adult park (no children under age 18-21) as opposed to a family park. Is there a pattern which indicates across the country on average certain types of parks hold a higher value.
From what I see it appears homes in family parks are easier to sell due to a wider market and the homes in adult communities appear on average better maintained and therefor sell at a higher price.
Is this the case and are there any stats. to support the theory.
Re: Value of Adult / Family MHP - Posted by Shawn Sisco
Posted by Shawn Sisco on June 21, 2008 at 06:58:44:
Whether to go 55+ is just a strategey to best fill (and keep filled) lots, I think this is largely a local market housing supply/demand issue,not one that chages valuation.
Re: Value of Adult / Family MHP - Posted by Tony Colella
Posted by Tony Colella on June 21, 2008 at 06:13:39:
I will offer a personal opinion and that is, when we are valueing an income property, we value the income and weigh it against the expenses, time and effort to operate the property.
There are a variety of ways to value mobile home parks but I would caution anyone from taking too much into consideration that is not income based.
More investors get into trouble when they use factors outside of the income or outside of their personal understanding.
At the end of the month, if you can’t make the mortgage payment, the bank isn’t going to care if the collateral is 55+ or not.
Yes, some investors might find this a property that they believe is easier to manage. I suggest you sell to them at that premium then, but buy based upon income.
Just my belief.
Tony
Re: Value of Adult / Family MHP - Posted by Greg Shaw
Posted by Greg Shaw on June 21, 2008 at 09:31:59:
I presently own a Adult park in above average condition where the homes range in age from 15 to 40 years old most renovated and well kept. There resale value is between $20,000 and $70,000. I just wonder, on average, if a park full of younger families with children would the owners have the time, energy and inclination to take as much pride in ownership as the present owners do.
I do realise the value is mostly based on income but by the same token there is a ease of ownership factor
that does come into play which should impact the cap rate. Yes/No
Re: Value of Adult / Family MHP - Posted by Joe
Posted by Joe on June 21, 2008 at 09:50:57:
What type of 15 year old trailer do you have that is worth 75k?
Re: Value of Adult / Family MHP - Posted by Greg Shaw
Posted by Greg Shaw on June 21, 2008 at 11:13:24:
All types. This is Canada. Not the same world that you guys in the US operate in. Up a trailer from the 60s or 70s that you may consider scrap can sell for 10,000 and require a complete rehab. When done I have seen them sold for 40-45,000.
Re: Value of Adult / Family MHP - Posted by Joe
Posted by Joe on June 21, 2008 at 18:18:11:
Please educate me. I have heard that trailers are more expensive in Canada, but why? Codes? Import fees?
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