Manufactured Home in Trailer Park

[CANative]

The manufacturer still owns the parks after 15 or 20 years? And everyone who lives there has lived there for 15 or 20 years?

It doesn't matter if it's for HUD or not. I was just pointing out that this is not a basic assignment. You need some sales and you need cost data including the "IPLV - In Park Location Value" aka "blue sky value."

 

[Ken B]

This is not for HUD. This is for a valuation for an ESTATE. There are 300+/- units here, should I go and knock on all these doors? Yes Greg, the manufacturer place many brand new units in the parks. These parks are 15-20+ years old. The manufacturer does not want to release any sales data to me.

I suppose an option to knocking on 300+/- doors might be a review of personal property tax records.

 

[Ken B]

If we ever take a class together, you can buy me a beer.

http://www.in.gov/dlgf/5584.htm

 

[Doug Meyer]

If we ever take a class together, you can buy me a beer.

http://www.in.gov/dlgf/5584.htm

That is the Indiana property tax disclosure site. Manufactured personal property items are not listed on that site. We use that site. Many of these sales do appear to be privately financed.

 

[Doug Meyer]

The manufacturer still owns the parks after 15 or 20 years? And everyone who lives there has lived there for 15 or 20 years?

It doesn't matter if it's for HUD or not. I was just pointing out that this is not a basic assignment. You need some sales and you need cost data including the "IPLV - In Park Location Value" aka "blue sky value."

Yes Greg the manufacturer owns these parks as they lease the lot and make good money. They also buy the homes when they come up for sale, remodel them and resell them as private sales. I will try again to contact the main owner next week to obtain some sales data. No I am not trying to do a pie in the sky approach to value, that is why I am looking for some good advice here on the forum!

 

[CANative]

Not "pie in the sky." "Blue Sky." The value attributable to the units permance in the location and the value factor of the community. You can use NADA Green Section to make an adjustment under the Land-Lease Community Adjustment section but you'll have to be able to describe and rate the parks ammenities. It's better to be able to extract it from the market using sales from the subject's park measured against sales of similar units in competing parks.

 

[Jerry Still]

Run like the wind.... The complexes with leased land are the same here in FL. They (now) don't want you to have sales data unless you are a lap dog doing an appraisal on one of their new sales. And, they give you bogus data. No closing statements. They don't want anyone to know how much the units drop in price (worse than Chrysler cars).

I was doing appraisals in DEL Tura, a up scale Fort Myers Fl manufactured home community, from 2003 through the boom years 2006. I was their "fair haired lad" until prices went through the sewer. They were giving me verifiable date, then stopped when a home seller complained that I didn't hit the number in 2006. The new units that sold for $170K in 2006 are now listed at $140 with no takers. http://www.hometownamerica.com/Communities/community/Listings.aspx?community=8053&hometype=4&sort=1The older used units are in the 40/60K range. Lot rents from $500 to 1,000 mth, pending on golf and/or water (pond) locations. the rents are raised every year which hurts sales.

There is one lap dog appraiser out of the city of Punta Gorda (20 miles north) that they feed their sales data to. They do not offer data to any one including Realtors. They handle all sales in the complex and must approve all buyers. FSBO's have a snow balls chance of selling their units themselves. Most other complexes in the area operate the same. Can you say "Restraint of Trade"?

Again...Run Like the Wind.

JS

 

[Doug Meyer]

Jerry:
This is not for a sale. They do have used dwellings that they are reselling, that is the information that I want, not new homes. Again this is for an estate. There were two ladies that had bought the home, then after 15 years the one died and left the home to the survivor. Tax people want a reasonable value on the home. No other heirs to the property and will not be disputed by the owner.

 

[Jerry Still]

Doug,

I understand, I'm in the land of the dying (FL). I've done many here for estates. Hell...that's about the ONLY appraisal I'm now doing! IMHO...YOU STILL NEED SALES DATA for Estates, most of the time retroactive as of DOD.

Current or past listings don't work (for me). We can't get new or used sales here, only current listing via sales office fliers or the net. As many (more than stick blt) manufactured homes on leased land are sold in Florida, You'd think they'd have some type of local or state sales data somewhere?
Peace Bro,

Jerry

 

[Mark A Rewbury]

Hi Jerry, go over to Country Lakes on the west side of I-75 near Luckett Road, they have a sales trailer there. They sell the site and then sell the unit, so there are sales there that are seperate from the land. Hope that helps.