What to Do. What to Do...

[Surf Cat]

Yikes....

 

[TerryRohrer]

Speaking of siding... Lennar recently bought out a local builder that was part owned by the son of an appraiser. So, their new homes are the same price, only instead of brick siding and vinyl trim, the new ones under construction are all vinyl siding... I bet there are other issues. They are not competing with anyone else in town except Horton...and what kind of competition is that?

The Chained CPI (C-CPI-U) removes substitution bias from the traditional CPI by updating its market basket of goods more frequently (monthly/quarterly) to reflect how consumers shift purchases in response to relative price changes, unlike the older CPI which used fixed baskets, thus overstating inflation when prices rose. It uses a formula that "chains" these updated baskets together, giving a more accurate picture of the true cost of living by incorporating substitution across categories (like buying chicken instead of turkey when chicken prices rise). While technically superior, it has a time lag and isn't used for most U.S. government inflation adjustments.

Alan Greenspan explained it thusly (near as I can remember): When the price of hamburger rises, people buy less hamburger and more Hamburger Helper. Since they still eat, and their overall cost for "hamburger something" remains stable, there is no inflation. So, if your home has siding, be happy and pay your mortgage!

 

[sputnam]

I don't know if it is still true.. but, in the lending world, it used to be 'once a MH always an MH'. No matter how much renovation and addition a manufuactured dwelling received, it was still a manufactured dwelling........ for lending and thus for appraisal purrposes.

 

[Vermonter]

So, my choice is a non-modified MH, or a small older low quality stick built for comps. Any strategy suggestions?

I've done similar properties and end up using both with very clear disclosures of what is what

 

[shrubberyvaluation]

Private transaction. REO property a contractor bought at tax sale, remodeled the kitchen and new flooring. I cannot see the under carriage but it clearly started out life as a single wide with vaulted ceiling. Then sometime since 1985 it was added on...twice. One end and one full side so that it now is a 'blended" part MH and part stick. HUD/FNMA not applied. Private sale, non-conforming 15 year note likely (definitely it isn't secondary market because this bank does not do that) so this is a question of valuation, not regulation. What's it worth?

More to the point, what do you do when you have no comparables that are blended MH/stick built. The sale price is below the typical stick built house of the same age and above any older MHs. More like that of the newer MHs in the area (and this is an area of predominately MHs and older stick builts, just outside a city limits and in a small rural subdivision.

There is no MLS listing of it recently. But was listed in 2009 which makes no mention of the MH undercarriage. So, my choice is a non-modified MH, or a small older low quality stick built for comps. Any strategy suggestions?

I'm assuming no prior sales with the current configuration.

Since the main part of the dwelling (I'm assuming) is MH I'd lean towards that unless you have data to show otherwise.

 

[shrubberyvaluation]

What would a typical buyer think of it? Would it matter to them if its a hybrid or not? Also, IMO, depends on the value range.

Its hard to say without market evidence. I would lean towards what the main structure is before the addition(s). But like anything else in real estate it could vary by location and market expectations.

 

[Terrel L. Shields]

Since the main part of the dwelling (I'm assuming) is MH I'd lean towards that unless you have data to show otherwise.

It appears to be about 50/50, with 2 additions (one side and an end) being stick built. The marriage line in the vaulted ceiling suggests it was a single wide originally as are many of the nearby older units.

 

[Zoe]

Some modern mobile homes or modular homes are finished way better on the interior than stick built. In the County I work, they no longer allow manufactured homes on a vacant lot.

I would be concerned with the local code enforcement where I work. Was a permit pulled? How is the subject classified with local code and tax assessor? I have seen people build a structure around a mobile home and you could not tell it was not stick built from the exterior or maybe barely on the interior. Safety and code are important in the market I work.

On some manufactured homes (mobile homes), they are knock down gorgeous on the inside. Very high quality finish.

 

[Zoe]

Some people spend like $2 million +/- on an RV today. I have seen one or two. They are worth more than my stick built house.

I would trade with them though. LOL

 

[Fernando]

Yikes....

View attachment 105608

Is that the border wall? Should had immigrant labor built it.