• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

2005 Palm Harbor Worth $90. Sq Ft?

Status
Not open for further replies.

Jerry Still

Senior Member
Joined
Sep 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Folks,

My Aunts getting ready to pop for a 2005 Palm Harbor Wellington 1,920 Sq Ft triple wide with a two car attached garage and tiled Lanai. on a leased fee ($700 Mth) site. Cost $167,900. ($87.45 Sq ft). No HUD plate was visible on its vinyl siding and its on steel beams setting on block piers.

I don't have a NADA book and don't do many Trouse appraisals. Its in a nice 1,200 home gated community with a main 40,000 sq ft club house with swimming pool, restaurant & bar, barber/beauty shop, library and billiards room. Its also got a 27 hole golf course and four satellite swimming pools. Nice place.

New concrete block stucco exterior homes in my area are costing out in the 80 to $100 range pending on avg to good grade materials.

Even with a high entrepreneurial profit range...$87.45 for a Trouse seems to be in fantasy land!

Can any of you tell me from your NADA book what the real cost is on this home?

JS
 
Can't find a Wellington Model for Palm Harbor in NADA. Found Wellington's for Shult and a few others. Palm Harbor's appear to be at the low end of the Deluxe rating or Good quality.

At that size retail is about $70k plus options, adjustments, modifiers, foundation, blah, blah, blah. Maybe $95k total. Add in for the garage and lanai.

Keep in mind that a good park where they don't allow overnighters and all of the MH's are on foundations and have concrete perimeters can have a very large IPLV (in place location value) which can potentially exceed the cost of the unit.
 
Mr. Duck,

All put together its 48 x 40, I think three 16' sections?


Greg,

What you say about the $95. might make sense. Its pretty nice, vinyl thermo hurricane (130 Mph) windows, Steep gable roof, 2 tray ceilings, plaster skim coat over drywall walls/ceiling, the attached garage is 24x22, Lanai is really a tile floored multi windowed four seasons room, Lots of ceramic tile & Berber carpeting through out. vinyl siding with brick accents and stucco perimeter. (Don't like the vinyl siding). For an extra $7K they'll stucco it.

It just seems like a lot of money for a trouse. I hate to see her blow my inheritance.

Thanks guys, JS
 
For $95 a foot, you can buy a nice brick home on slab with a attached three car garage around here.
 
Originally posted by Tim Hicks (Texas)@May 14 2005, 09:27 PM
For $95 a foot, you can buy a nice brick home on slab with a attached three car garage around here.
But then you have to live around "there."
 
I don't care for vinyl siding. The overwhelming majority of MH's out here have hardiboard. That type of siding my look out of place in Florida though. I wonder if the market would return the cost for the stucco job? I think it would look a lot nicer, unless it was atypical in that particular park.

I ran NADA for a Palm Harbor by Palm Harbor (couldn't find your model) at 48 x 40 with most of the stuff you mentioned and made a few assumptions.

Came up with $126,225 and some change. NADA only allows about $8,000 for the garage, fully finished with windows and electrical. It's probably closer to $15,000 if costs to build are similar to California. $30 to $40 thousand for a very nice park location doesn't sound too bad. Some parks have "buy ins."
 
Greg,

I was just curious as to how badly she was getting ripped off. There isn't much we can do. If she wants to live in this complex, they have her over a barrel. Shes been looking at older (1988) junk units in the complex for a year. I talked her into buying new. They raised the new prices 20K from last year. Snow Bird people still seem willing to pay it. Shes lived down here for 40 years, talked me into coming down four years ago. God Bless Her!

As our feathered friend said, I can also buy a real house here with a three car garage for that money. But, it would be in a standard neighborhood with rug rats on three wheelers and teenagers (worse).

She buying the life style with the Trouse. They have theater plays and lots of doing for seniors at Del Tura (google Del Tura). She's moving from a nice custom CBS construction home in a small sub surrounding a large stocked pond (they call that a Lake down here). She's 85 and still in good health but concerned about the future. I'm her only relative, she wants to live close to me. I live in the complex.

I told her to buy it. I also told her, If she don't, when she passes away, I'll just spend the money on booze, broads and boats. The rest I'll waste.

Thank you,

JS
 
Jerry,

The newer Manuf. homes sometimes have the HUD plates on the side instead of the 'tail-light' end. I have found that the retailers mark-up can be 40% or more. Could account for the large per sq.ft. you are seeing.
 
It's the location. Even if you don't own the land, just being where it is has some value.

A manufactured home in a good park will sell for more than the same home in an inferior park. I just did one a couple of weeks ago where the location contributed almost $50k. The "park" had no trailers, no overnighters, all homes were on foundation systems with concrete perimeter enclosure walls. they were done in sets of two with each set sharing a caport structure with large storage area or work shop. The project looked like a PUD. Very clean and well maintained. The owner of the park is very strict. Sales of mid 80's MH's of average quality were going for $125,000. There are two other parks down the street. Different styles of MH's, mobiles, singlewides and some permanently parked 5th wheels. None on permanent foundations. Similar mid 80's to late 90's MH's were selling for $65 to $75k.

IPLV.

In addition to the IPLV, look in NADA. There is an 18% adjustment for "unique" parks.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Back
Top