When Mobile Home Park Residents Buy Their Lots
Surf and Sand Mobile Home Park Residents are offering their park owner, Ron Reed, $6.75 million for their sub-divisions of property. Tho cost per space breaks down to $92,500. This action was brought on by Reed’s request to subdivide the 73-space park, and thereby ending rent control.
The park owner attempted to close the park, but the council denied the closure request. Then Reed asked for a subdivision, which is a scary prospect for residents because they do not know what the lot price will be.
Attempting to pull together the capital to buy a mobile home park is no easy feat. The residents without he cash to purchase the lot outright must search for financing options. With the backlash of the banking crisis, many manufactured home loan programs have been shut down or put on hold. Unfortunately, this also means that refinancing a mobile home is also very difficult in todays economic climate.
For more information, read the full article in the Mercury News
Penn State University carried out a mail survey in 12 rural Pennsylvania counties, the findings showed that mobile home residents were “overwhelmingly satisfied” with their housing choice. The survey elicited 385 responses. The results showed 48 percent of the respondents cited affordability as a benefit. Another 47 percent said the interior layout of the mobile unit contributed to their satisfaction.