Manufactured Home in Trailer Park

[Doug Meyer]

Wanted to try something different and agreed to take a personal property appraisal on a manufactured home in a park. The home is still personal property and the ground is leased. The appraisal is to be used for an estate. The accountant stated a simple appraisal (letter would be ok) with an estimate of value. MLS does not have personal property manufactured homes data, so I contacted the manufacturer who also runs the park. Limited information could be obtained but no sales data. They sell new dwellings, and remodel the older homes that they buy. The did not want to reveal any sales information. My only choice is to do a cost new less depreciation for the home. Any special items I need to watch for? The carport, enclosed porch and handicap ramp will also be included in the depreciation schedules. Any other bases I need to cover?

 

[CANative]

What definition of value are you planning on using?

If market value then you need to round up some in-park sales. This means you will have to go to the park manager and try to find some sales, get info about the units that sold, get information about the park and it's amenities and drawbacks. You will have to go to some competing parks and do the same.

There is a value in the location even if it's "personal property." That's because most people who buy in parks don't intend to move the unit.

Sure you want to do this one at this time?

 

[Mountain Man]

Ebay sales data?

http://realestate.shop.ebay.com/Man...e+home&_catref=1&_fln=1&_trksid=p3286.c0.m282

 

[Doug Meyer]

Greg there are no park sales and there are only three parks in the area all controlled by the manufacturer. Park manager refers me to the manufacturer/owner. I have all the park information and these are nice parks, well maintained and no noticeable deferred maintenance.

 

[Doug Meyer]

Ebay sales data?

http://realestate.shop.ebay.com/Man...e+home&_catref=1&_fln=1&_trksid=p3286.c0.m282

Good try, none listed for Indiana...

 

[CANative]

So all the parks are brand new, the manufacturer placed all of the brand new units in each park and invited people to start living in them without actually selling them?

 

[Ken B]

Knock on a few doors.

 

[Mr Rex]

Knock, knock. This here's a right nice trailer you got yourself. How much you hafta give for something like this?

 

[CANative]

There are surely some sales. But if they don't get listed in MLS you're out of luck there. And because they are generally personal property the sales won't be recorded in public record sources from the assessor. The recorders office may have some information.

These are very complex assignments. It takes special training to do them for HUD. Just costing them out is not a good methodology.

 

[Doug Meyer]

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.