Too Big

[PerseverancePLUS]

Your thoughts - I'm appraising a manufactured home that has been modified (will require and engineer's report) that is over 3000 sf. I have found NOTHING over 2500, ANYWHERE. The local manufacturer's biggest is 2880 and I'm thinking of treating anything over 2880 GLA as over-improved. My rationale is that if it is not being produced by a well known, and long standing manufacturer in the area, then it simply isn't marketable. Of course as soon as you go to stick built that are 3000 sf then the value is not even remotely close to this beast. It's a purchase and my value seems to work with how I have described. Any ideas?

 

[Mr Rex]

I often use $10/sf GLA adjustments on larger HUD code homes here. Might consider $5/sf for such a large air box.

 

[Howard Klahr]

I'm thinking of treating anything over 2880 GLA as over-improved.

That is a reasonable approach in that there is the economic principle of diminishing returns. That fits in with Rex's comment.

 

[PerseverancePLUS]

That is a reasonable approach in that there is the economic principle of diminishing returns. That fits in with Rex's comment.

Appreciate your help!

 

[PerseverancePLUS]

I often use $10/sf GLA adjustments on larger HUD code homes here. Might consider $5/sf for such a large air box.

Thanks Rex! I always get the good ones!

 

[Terrel L. Shields]

then it simply isn't marketable.

I don't believe that for a minute. It may suffer obsolescence but it is almost certainly marketable. And I would estimate my Sf adjustment using sensitivity analysis. I don't has stock adjustments. Market data rules. And we do have some 3200 SF MHs in this area.

 

[PerseverancePLUS]

I don't believe that for a minute. It may suffer obsolescence but it is almost certainly marketable. And I would estimate my Sf adjustment using sensitivity analysis. I don't has stock adjustments. Market data rules. And we do have some 3200 SF MHs in this area.

I have used sensitivity analysis - sf is much higher. Happy with my findings. We simply do not have manufactured homes that big - as mentioned it has been modified (addition).

 

[Terrel L. Shields]

e simply do not have manufactured homes that big - as mentioned it has been modified (addition).

I am thinking of one that was 32' x 80' with a MH add-on, another that had an addition on slab, the latter being a sale it clearly suffered substantial functional obsolescence.

 

[Jo Ann Meyer Stratton]

I hope you separated the two different livable areas. The GLA of the manufactured home should be reported on the GLA line. The site built addition should be reported on one of the lines below that. The manufactured home was constructed to the HUD building code. The site built addition should have been constructed to whatever the applicable building code for that location. Same thing for the comparables that have site built additions. Keeping the two different types of structures on two different lines enables apples to be compared to apples and oranges being compared to oranges.