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Old 03-08-2007, 11:37 AM
Kimber Pro Tac's Avatar
Kimber Pro Tac Kimber Pro Tac is offline
 
Join Date: Apr 2005
Location: Michigan
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 29
Default Michigan Manufactured Home

Greetings all -Does anyone know of a source for statistics for any of the following:

1) Declining housing market in Michigan and/or specifically manufactured homes

2) Depressed recreation property market in Michigan

3) Declining lender sources for the manufactured home market

Any help is appreciated - Thanks -Marko
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Old 03-25-2007, 12:28 AM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 17,467
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Mark I am moving to Michigan as soon as I sell my house in Iowa and I can tell you that in southeast Michigan I can accurately prove a 20% decline in home prices with sales from 2002-3 to 2007.

I have looked at two homes that sold for about $350,000 in 2003 and one sold for $260,000 and the other is listed for the umpteenth time now at an all time low of $244k, and will not fetch that.

Another sale (HUD foreclosure sale) started off at a listing price of $240k and sold last week for under $162k.

Tough market. Any information you get about manufactured homes would be helpful to me as well as mobile homes...there are a ton of them in Michigan and I have never appraised one although I have appraised a mobile home park.
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Old 05-02-2007, 04:38 PM
Charley Horse Charley Horse is offline
 
Join Date: Aug 2004
Location: Northern Michigan
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 321
Default Manufactured Homes for $240k?

..."I have looked at two homes that sold for about $350,000 in 2003 and one sold for $260,000 and the other is listed for the umpteenth time now at an all time low of $244k, and will not fetch that.

Another sale (HUD foreclosure sale) started off at a listing price of $240k and sold last week for under $162k.

Tough market. Any information you get about manufactured homes would be helpful to me as well as mobile homes...there are a ton of them in Michigan and I have never appraised one"...

Looks like they've lost something besides their jobs down there... the median value of HUD Manufactured houses in our market is significantly less than $100k... you can buy a decent new HUD up here for $65k + site + utility hookups, etc... wonder what these $240k HUDs look like

In regards to recreational markets, some have gone down, some have gone up.. many are stagnating... hard to generalize with all the different types of recreational properties throughout Michigan... I have noticed a trend in our market of boomers downsizing and moving closer to town w/better linkage to conveniences, medical facilities, employment, etc. My mentor would probably disagree... but then he just moved from one of those recreational developments to smack dab in the middle of one of our higher density areas... GAS just jumped over 40 cents a gallon today... time to get out the motorcycle...
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