FannieMae Announcement 02-02 Appraising Manuf. Housing

[Nancy in Friday Harbor]

Jo Ann,

Great link!! I knew about, but have never seen, the hinged roof on either HUD-Code or modular houses. Pictures, yes. "In the flesh", no. For some reason, no one up here has used them.
I'll have to find out where in Seattle Noji Gardens is (are?).........

I'm struggling with a MH right now on Orcas ---
First problem: no current sales
Second problem: old sales are mostly 1100SF-1400SF. Subject is 1800SF
Third problem: MH costs $58K, land $30K, well & site improvements $40K
mortgage company is "looking for" a $190,000 to $200,000 value 8O Now, I've used all of my fingers and most of my toes -- and there ain't no way it adds up!! They're expecting instant equity?!?
Fourth problem: Is probably the challenge of getting paid for this!

Cheers,

Nancy

 

[Rich Heyn]

Nancy:

Noji Gardens is located west of M.L. King Blvd. south of Juneau. You have to take Orcha west from MLK and then drop south to Juneau. I believe it's somewhere between 31st and 32nd but I could be off a block or two. The development covers several blocks so it shouldn't be too hard to find.

I visited Noji Gardens last fall and took some pix for the seminar on Manufactured Housing that I developed for AI a few years back. Very interesting. When I use those slides in the seminar it's fun to watch the reaction when I tell the folks that those are HUD code homes. Some don't believe it until I show the slide with a close-up of the red HUD tag.

I was lucky enough to get a tour from an employee of the developer. We toured a two-story, 3br, 1.5 bath with an attached one-car garage. About 1,200 sq.ft. Drywall interior, fair quality fixtures and finish. I asked, how much? Oh, about $185,000

Rich Heyn

 

[Jo Ann Meyer Stratton]

Rich:
Have you printed out Section 304 in the new guidelines? Just some slight changes to 02-02. That new page needs to be in your class materials!

 

[Nancy in Friday Harbor]

Rich,

Prices in the Seattle area continue to rise despite Boeing layoffs and the failures of a number of dot.coms. When you all out there in Forumland talk about $60,000 homes, all I can do is shake my head. Prices for a used, not so new, run hard & put away wet, double-wide at "The Oaks -- A Manufactured Home Community" on San Juan are running on the far side of $125,000! And that includes the right to pay $200+ a month in ground rent and water/sewer.

Nancy