It's funny how some people don't know what mobile homes cost

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SoFlorida
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Sat Sep 28, 2013 3:31 pm

I had a friend over today for lunch and so he could see my new place.

I asked him to guess how much it cost.

He guessed $60,000,

I told him less and he said $30,000.

He was surprised when I told him it only cost me $2,900. :D

I didn't really know how much they cost before I started pricing them either.

I have a mid 70's place, but it was redone in the past and has laminate wood floors and bathroom that was updated from the original.


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Greg S
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Tue Oct 01, 2013 6:54 pm

Redone mid 70s homes in our area usually sell between 60,000 and 80,000 depending on how "redone " they are.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

SoFlorida
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Wed Oct 02, 2013 8:58 am

Greg S wrote:Redone mid 70s homes in our area usually sell between 60,000 and 80,000 depending on how "redone " they are.
Homes or mobile homes? MH with land perhaps, but at a MH park or community with lot rent I know that even new ones depreciate a lot eventually.

I think when my friend guessed he was thinking closer to condo prices.

Mine wasn't that redone. but it was 20 times better than any other older home this community had and better than others that I saw for under $5K at other communities. The selling point for me was the wood laminate floors, at first I thought it was a vinyl floor because I hadn't expected for someone to have put money into putting in good floors. (plus it was joined sloppily at a few places.) The windows and porch were not updated and still crank up, but the community put in two newer windows in the living room. My neighbor redid his windows himself and he said it cost him about $100 each.

Also the bathroom was updated with a shower instead of a tub and it's the biggest bathroom I have ever seen in any apartment and bigger than some homes. The bedrooms are small though and that was what I had to consider when buying it, but it worked out well.

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Greg S
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Wed Oct 02, 2013 11:06 pm

60,000 to 80,000 single wide mobile homes, in a park, with lot rent ------ in Canada.
Depending on the area I have seen mobiles (single wide) up here in parks sell for 150,000 or more.
If well maintained ours do increase in value but usually only as a reflection of the updates. With surrounding stick built homes selling in the 4-500,000 range mobiles are bound to inflate as well.
A new single wide (fairmont) costs about 70,000 from the manufacturer. This is before set up costs. Part of that is due to the stricter Canadian building codes up here.

Obviously Florida's real estate economy is in the toilet and as such mobiles follow the trend. I also understand that Florida is not investor friendly when it comes to park ownership. Most investors in the US advise against owning Florida parks.
If homes sell for 2-3000 how much can an owner rent them out for.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

SoFlorida
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Wed Oct 02, 2013 11:13 pm

Greg S wrote:60,000 to 80,000 single wide mobile homes, in a park, with lot rent ------ in Canada.
Depending on the area I have seen mobiles (single wide) up here in parks sell for 150,000 or more.
If well maintained ours do increase in value but usually only as a reflection of the updates. With surrounding stick built homes selling in the 4-500,000 range mobiles are bound to inflate as well.
A new single wide (fairmont) costs about 70,000 from the manufacturer. This is before set up costs. Part of that is due to the stricter Canadian building codes up here.

Obviously Florida's real estate economy is in the toilet and as such mobiles follow the trend. I also understand that Florida is not investor friendly when it comes to park ownership. Most investors in the US advise against owning Florida parks.
If homes sell for 2-3000 how much can an owner rent them out for.
That's interesting and my friend grew up in Canada, but he was born in the US to Canadian parents and has lived here for 3 years.

Well the rents have to be at least the lot rent which is $615, (at my location) due to go to $640 in January. Plus water. Some newer ones and bigger ones would go for more, and you might be able to get up to $1000 or more for a 3 bedroom MH because renting a house or large apartment will cost more than that. I don't even know if this park allows you to rent them out. I know even if you want a roommate they have to be approved.

I was renting and my rent for a 440 sq ft apartment 2 blocks from the beach was $750 a month. I was there for 3 years and the rent never went up, and if it did I would have left sooner, but I was a very good tennant. Rents were stagnant for a long time and are just now starting to go up but there are many vacancies all around.

Before I bought the mobile home I was looking for apartments and now my lot rent for a two bedroom MH is less than what a studio/efficiency is going for. Plus there are a lot of other benefits to owning your own place. The landlord won't have keys and sneak around when you are not there, and the neighbors wall do not touch yours so you do not hear their every move. You can also do whatever you want inside, you can paint if black or knock down a wall.


Norm Frechette
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Thu Oct 03, 2013 7:13 am

Greg S wrote:60,000 to 80,000 single wide mobile homes, in a park, with lot rent ------ in Canada.
and in connecticut! without lot rent!

i bought my 2007 single wide in 2008 for 57k while some other new homes exactly like mine were going for the high 80s.

i got lucky as the owner wanted to get out of the area and the price was just too good to pass up. :wink:

SoFlorida
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Thu Oct 03, 2013 9:55 am

Norm Frechette wrote:
Greg S wrote:60,000 to 80,000 single wide mobile homes, in a park, with lot rent ------ in Canada.
and in connecticut! without lot rent!

i bought my 2007 single wide in 2008 for 57k while some other new homes exactly like mine were going for the high 80s.

i got lucky as the owner wanted to get out of the area and the price was just too good to pass up. :wink:
Okay $60k for a 2007 even can apply here, but we were talking about homes from the mid 1970s, but I guess if you are in an area where housing prices are out of control and rents are high I can see older MH selling for more depending on supply and demand.

I think that's why we have a lot of seasonal Canadian snowbirds in MH here because they can be found cheap but they still have to pay full year lot rent but it's much cheaper than owning a second home.

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Greg S
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Thu Oct 03, 2013 6:22 pm

Lot rents in our park (and the area) are top end $240/ month plus water (18/month). We also have government rent controls so many lot rents are considerably lower. We do have parks in the $600/month range but they are high end gated adult only communities with all possible amenities.

Because your lot rents are so high it is devaluing the home prices. Lot rent on top of a mortgage of $50,000 or more would not be manageable for most in the manufactured home demographic.
Whereas up here we generally have higher incomes and more seniors looking to downsize into the nicer communities (which ours is).
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

ponch37300
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Sun Oct 06, 2013 9:49 am

It's interesting to read how different values and rent cost can be in different areas. Just for comparison we have a 2000 model single wide that we paid around 25,000 for ours about 8 years ago. Paid off last year. I haven't compared a lot of other homes to it for price wise but I consider it to be "better" built with 2x6 walls and insulation and double pane insulated windows along with other nice features.

We pay 340 a month in lot rent which doesn't include water, used to but they took that away. It used to be a nicer park and still isn't too bad but they have been letting anyone rent here in the last few years. Used to have a background and credit check but it seems like the standards have been lowered a lot just to get some of the vacant lots filled. We have the police in here a few times a week now for whatever reasons. Also used to have VERY clean lots but now it's getting more and more like the reputations of a "trailer park" with junk in peoples front yards.

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Greg
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Sun Oct 06, 2013 11:55 am

Hey now, watch the use of that "T" word!! :lol:

Greg
"If I can't fix it, I can screw it up so bad no one else can either."

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Greg S
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Sun Oct 06, 2013 5:50 pm

Ponch you should get a group of concerned residents together to approach the owner. Lay out your concerns and complaints regarding the standards of the community and ask that they take action to enforce the community rules. A suggestion that some are considering moving their homes to another community may encourage the owner to have a reality check.
Ask the owner if they will indorce a community standards committee that can have the authority to put residents on notice for upkeep and other park rule violations. Also ask if the community can establish a applicant screening committee to assist the owner in maintaining the new resident standards. If all you get back is resistance from the owner then expect the situation to only get worse.
In that case I would advise residents start making plans to move before the park deteriorates to a point where you will not be able to sell.

Residents set the standard for their own community. Residents must collectively insure the community is up to the standards outlined in the park rules. If the majority of residents are not prepared to maintain the standards of their community then the standards will deteriorate to the level of the lowest common denominator. It's the residents community and therefore they must take responsibility for it's standards. Residents not prepared to live up to the standards should be persuaded to move along. Residents that do not request that a park owner actively maintain the standards have no grounds to complain or to automatically expect standards will be maintained.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

SoFlorida
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Sun Oct 06, 2013 7:15 pm

Greg wrote:Hey now, watch the use of that "T" word!! :lol:

Greg
Yes I hate that word. My friend who was over used the work park and in a joking tone I told him it's a mobile home community.


I've seen trailer parks and I don't live in one. A trailer park has dirt floor between the crowded in homes. We each have a nice lawn area and it's up to us to keep it up or they will send you a notice that they will mow and charge you $50.

In fact the woman who is two doors from me is getting kicked out. From what I understand she did not pass the background check and is not authorized to live there. 3 cop cars were there yesterday, I guess to try to get her out. I don't know if she is still there. Otherwise it's very safe and quiet here. It's 55 and older so I had to get it with my father on the application. There is a home across the way that has a lot of young people either living or visiting there. One young jerk loves to get into his car and rev the engine for 10 minutes before he goes anywhere.

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Greg S
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Sun Oct 06, 2013 7:39 pm

SoFlorida wrote:[There is a home across the way that has a lot of young people either living or visiting there. One young jerk loves to get into his car and rev the engine for 10 minutes before he goes anywhere.

Have you reported them to the park owner yet.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

SoFlorida
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Sun Oct 06, 2013 8:19 pm

Greg S wrote:
SoFlorida wrote:[There is a home across the way that has a lot of young people either living or visiting there. One young jerk loves to get into his car and rev the engine for 10 minutes before he goes anywhere.

Have you reported them to the park owner yet.
No, I really don't want to start trouble since I recently moved in. But if I ever want to get a roommate and they are under 45 which is the minimum age to live here I will ask why so many young people live at that other home, park on street (which they are not supposed to do) and park in the driveway of the home for sale next door to them. Plus it's not that bad, just some jerk kid trying to be cool by revving his engine.

Plus we are owned by a corporation who's office is out of state and they own many properties. We only have a property manager/salesperson, she's a nice lady. I had a refund due form the closing costs for $200 which was a happy surprise. The problem was that it was made out to both my father and I and he is not here now and can't endorse it. I returned it two weeks ago for them to make it out to me "or" both of us instead of "and" so I could cash it and I'm still waiting.

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Greg S
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Sun Oct 06, 2013 10:43 pm

[quote="SoFlorida"] No, I really don't want to start trouble

That is the most common reason indivuales use to avoid being responsible for their community and the number one reason park owners are unable to maintain the standards of their community.
Residents then often blame the owner for the deterioration when in fact it is the residents own lack of responsibility.

The reality is that residents must be involved in their communities or live with the consequences. Owners do not have magic powers to make things right.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

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