Posted by Glen SoCAl on October 12, 2003 at 01:01:02:
Duncan–
Thanks for the article on mobile home parks and rent control. Every city mentioned in the article has increased in value greatly over the last ten years. Some were backwaters that are now very desirable or have been encompassed by sprawl.
Glen
1958 Mobile Home – Worth buying?? - Posted by Elaine (CA)
Posted by Elaine (CA) on September 26, 2003 at 11:09:10:
Hi,
I would like to ask for some advice about the following mobile home. It’s a 1958 Mayflower; asking price is $9,000, 10x40, one bed/one bath. The seller says she has done some remodeling to include: dual paned windows, new linoleum, new wall paper, track lighting, closed in porch, it has a redwood deck and a large shed included.
I’ve read Lonnie’s book (but haven’t done any deals yet) and I know that a 1958 is waaaay too old and that the size of this mobile is not necessarily one he suggests buying, but I’m curious if anyone on this site has bought mobiles this size, this old and what kind of luck they’ve had selling it (either outright for cash or carrying a note.)
Any ideas or suggestions would be greatly appreciated. Apologies in advance if the answer to this question(s) exists in the archives.
Regards,
Elaine
Re: 1958 Mobile Home – Worth buying?? - Posted by Chuck
Posted by Chuck on September 26, 2003 at 17:24:10:
This is a direct cut/paste of an e-mail from my friend Samantha who lives in Texas.
Housing is critical in most of California. I read about a lesbian couple, one a doc and one a physical therapist who decided they could not stand one more second of snow covered winters. They hauled themselves to Southern California and even after having sold their previous home, the best they could do to buy was a 1970 era mobile home…double wide…for $150,000…which they put in about another $150,000 before they moved in it. That’s $300,000 for a 1970 mobile home… a $300,000 house should not be on wheels! …and they didn’t own the dirt it sat on.
There was a big brouhaha in Sacramento area where an oriental investor had essentially built a subdivision and then rented the houses. He had decided to liquidate his holdings and no longer wanted to be a landlord. I think there were about 300 houses in the subdivision. H e gave the current residents right of first refusal to buy, but he was selling at market value in that market and of course none of them could afford to buy. Sacramento city council was holding emergency meetings to try adn figure out a solution because 300 families to relocate in 30 days was a catastrophy. There were not 300 vacancies within a 100 mile radius of sacramento or within a $250 more per month price range and they did not know what to do. These families were going to be homeless with nowhere to go.
I looked at a 1970 era mobile home in the sacramento area…$125,000…with no air conditioning and no heating and green (oh yes green) carpet and paneling. Also on rented dirt. UNBELIEVEABLE. I don’t want to live in California.
Re: 1958 Mobile Home – Worth buying?? - Posted by Dan - GA
Posted by Dan - GA on September 26, 2003 at 14:01:49:
Is the value of a MH in CA just the fact that it exists and it has a space? What would a 1995 14x76 2/2 or a 1998 16x80 3/2 go for on that same space? I’ve just bought 3 repos, each for less than your example. If they magically became worth 40k+ in CA, I need to call my hauler.
Re: 1958 Mobile Home – Worth buying?? - Posted by Duke(CA)
Posted by Duke(CA) on September 26, 2003 at 13:32:41:
Elaine, Where are you at in Ca.? I’m in the Kings County, Kern County area
Samantha and I are friends but I hope you… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 26, 2003 at 23:38:10:
…don’t believe ANYTHING in that e-mail. I dont’ and I live and (occasionally) breathe in California.
Furthermore we have a state law that prohibits the ownership of more than 5 houses in any one subdivision by the same person.
$125k buys an absolutely beautiful, brand new, 2003 model mobile home 32 x 64 with about 2,048 square ft. of living space, with fireplace and pantry that has its own walkin closet, not an old 1970 model.
Not 300 vacancies within 100 miles of Sacramento? Good Gravy, that even includes San Francisco. Who do you think you are kidding? I thought that I was the champion teller of tall tales but this really takes the cake. I abdicate my throne. Within that radius live about 14 million people and you believe there are not 300 vacancies? You could find that many in a 3-4 mile radius. Sorry Charlie, you’ve been talking to the wrong Tuna.
$300k would buy you any one of 5,000 beautiful, brand new, two story, 4 bedroom stick built houses with a Spanish tile roof and a 3 car garage. Even today.
Everything about that e-mail is bogus, including the paper that it is written on.
:~0
Regards, doc
Samantha and I are friends but I hope you… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 26, 2003 at 23:36:10:
…don’t believe ANYTHING in that e-mail. I dont’ and I live and (occasionally) breathe in California.
Furthermore we have a state law that prohibits the ownership of more than 5 houses in any one subdivision by the same person.
$125k buys an absolutely beautiful, brand new, 2003 model mobile home 32 x 64 with about 2,048 square ft. of living space, with fireplace and pantry that has its own walkin closet, not an old 1970 model.
Not 300 vacancies within 100 miles of Sacramento? Good Gravy, that even includes San Francisco. Who do you think you are kidding. I thought that I was the champion teller of tall tales but this really takes the cake. I abdicate my throne. Within that radius live about 14 million people and you believe there are not 300 vacancies? You could find that many in a 3-4 mile radius. Sorry Charlie, you’ve been talking to the wrong Tuna.
$300k would buy you any one of 5,000 beautiful, brand new, two story, 4 bedroom stick built houses with a Spanish tile roof and a 3 car garage. Even today.
Everything about that e-mail is bogus, including the paper that it is written on.
:~0
Regards, doc
Re: 1958 Mobile Home – Worth buying?? - Posted by Elaine
Posted by Elaine on September 26, 2003 at 17:09:33:
You should call your hauler. 
I believe the value of an MH in CA has to do with the housing shortage, for example, in the Bay Area where I live. The average single family home in the Bay Area is 400k. Mobile homes that I’ve seen listed in newspapers, etc.,(again in my area) vary in prices; anywhere from 20k to 125k (depending on where the home is located). I’m not sure that the folks selling homes for these prices are actually getting what they’re asking for, but there are several homes older than yours that are going for quite a bit.
Re: 1958 Mobile Home – Worth buying?? - Posted by Elaine
Posted by Elaine on September 26, 2003 at 16:53:32:
Bay Area
Re: Sacramento Area Situation not that Bleak - Posted by Gary CA
Posted by Gary CA on September 27, 2003 at 05:14:58:
Actually the Japanese investor did own hundreds of rentals in the same general area of Sacramento, as well as others in a couple of additional California cities, although I don’t remember any mention of the tenants being given the option to buy the homes they resided in once the investor decided to sell. The local newscasts covered the story daily for several weeks, but the assessment of the housing situation isn’t correct. You can buy brand new mobile homes in the Sacramento area for as little as $36,000, and I have seen used ones for sale for as little as $1500 (No idea of the condition). A 2400 sq. ft. triple wide may cost as much as $150,000, but there are many models in between these two extremes. Also, you can still buy stick-built homes within 50 miles of Sacramento for less than $125,000 (Check any newspaper in the counties north of Sacramento).
I don’t have the exact figures, but my guess would be that literally thousands of new homes and apartments are being built in the area, with some developments covering several square miles of territory (i.e. Roseville-Lincoln Hwy 65 corridor and North Natomas). Same goes for parts of Stockton and Modesto.
Re: Samantha and I are friends but I hope you… - Posted by Chuck
Posted by Chuck on September 28, 2003 at 10:25:11:
Frankly Doc… your perfectly within your rights NOT to believe anything in that post… unfortunately, doing so doesn’t prevent you from looking like a fool in print.
Have a nice day.
Re: 1958 Mobile Home – Worth buying?? - Posted by Glen SoCal
Posted by Glen SoCal on September 26, 2003 at 23:25:56:
Hello Elaine–
I’m in Los Angeles. Do you know how much the typical lot rent is in the parks where the high priced mobiles reside?
Thanks, Glen
Re: 1958 Mobile Home – Worth buying?? - Posted by me
Posted by me on September 27, 2003 at 21:48:01:
It’s worth it.
Lot rent up to $5000/month in this MHP - Posted by Duncan W (DC Metro area)
Posted by Duncan W (DC Metro area) on October 11, 2003 at 22:41:54:
http://www.siliconvalley.com/mld/mercurynews/news/local/states/california/central_coast/6727408.htm
$2300 average. Must be some darn nice mobiles.