Manufactured Home - No Comps

[CANative]

Depends on quality. Are you using NADA or M&S?

 

[Johnny Knucks]

As far as P/SF I generally consult local builders, however Economic Life is different.for economic life I would say M&S, that's what I put on my appraisals, in conjunction with local builders.

 

[CANative]

When you say local builders do you mean that you tour the local manufacturing home plants and obtain pricing from them?

That's not a serious question. If you'e doing this for a GSE type lender you need to have a recognized data source for costs.

This is a very weird thread.

 

[Mr Rex]

As far as P/SF I generally consult local builders, however Economic Life is different.for economic life I would say M&S, that's what I put on my appraisals, in conjunction with local builders.

Interesting comment.

 

[CANative]

Comparable sale 3: 2651 Hot Springs Rd. Although this property is very distant from the subject and required very large adjustments, it is otherwise the most similar sale found. Similarities include a large 191 acre lot, a three section newer HUD code home, a barn and small outbuildings and is enrolled in the Williamson Act. This property is located about 3 miles west of the downtown section of Cloverdale in Sonoma County about 80 miles south of the subject. The area is in closer proximity to the major metropolitan centers to the south and property pricing is much higher here than in the more remote areas of northern Mendocino County. The appraiser has chosen to present the adjustment for location and parcel size difference in the site area of the sales grid because the difference is one of land vaue rather than marketability. Please refer to the attached exhibit addendum pages showing land/lot sales for both the Laytonville/Branscomb area and for undeveloped acreage lots in Sonoma County. Based on an extraction of the improvements to Comp sale 3, sales and listings of similar size parcels in Sonoma County and land and lot sales and listings in the Laytonville area, the subject's land value is about $2,800 per acre while Comp sale 3 land value is about $6,800 per acre. I have made a downward adjustment of $4,000 per acre to the total 191 acres for comp sale 3 which will account for both the size difference and the difference in location. Comp sale 3 features a partial view of Lake Sonoma (a small portion of the lake near a parking lot at the end of Hot Springs Road) and have made a downward view adjustment. Few other adjustments were required.

 

[Johnny Knucks]

No, I meant that I normally would consult local builders for general construction prices. I can easily do the math for this one and get the P/SF because I have the contract in hand. I'm more interested in the economic life to do adjustments to the comparables.

I'm looking at the grid. I'm from MD and I don't know how you ever figured out those land adjustments, especially 764k for 30 acres 191 vs 162. Did you use the assessed values (which is what I normally use)? And you're comparing lakeview with hill/valley? Seems like the adjustments should be for loc/view not site.

 

[CANative]

Read the comments (copied and pasted from my report.) The adjustment is for land value difference, not site area alone.

If your assignment is for a typical lender you should withdraw because IMO you don't have the experience or the proper data sources to do this.

 

[Johnny Knucks]

I would withdraw, but it's too late for that. I have a call into FHA Research Center to try and get some guidance for this. If it comes to experience, I'd be surprised if any appraisers in the whole state have experience with this, since 99% of all non-stick built homes are modular, and I have plenty of experience with those. In fact that's how I got into trouble, I thought this was just another modular. It said manufactured on the order but who pays attention to those, right. I thought they just had it mixed up.

 

[Deleted member 128537]

Remaining economic life will depend upon quality of the subject. A single wide typically has about a 35 to 40 year life. A doubble wide (average) is about 50. I think for a good or very good manufactured home you could make an argument for 55 to 60 years. A good or very good manufactured is about the quality of a modular. When I look at some of the homes that were built in the 1940's that are still around and very functional I think a manufactured home of today is better built than these homes.

 

[hastalavista]

I would withdraw, but it's too late for that.

I'm not trying to "pile on" but the above is never correct.

Good luck!