Posts Tagged ‘1 million’

Stunning 2 Million dollar manufactured home, but TMZ and media struggle to ‘get it’

August 30th, 2013 Comments off

betsy-russell-saw-star-1,999,999-manufactured-home-'mobile-home'-credit-redfin-mls-posted-daily-business-news-Saw star Betsy Russell recently listed her lavish, custom manufactured home overlooking the Pacific Ocean in ritzy Malibu for just a buck under a cool 2 million. TMZ and other media outlets both raved and ranted. “On top of the nearly $2 million price tag, the HOA fees will run the new owner a whopping $3,565 a month. That’s another $42,780 a year.” The media has little notion of the advantages that millionaires such as Russell, or more millions of owners of more modest means have with modern manufactured homes, including those placed in land lease communities. What sounds like a lot of money for site fees (aka “lot rent”), in many jurisdictions means you have little or no real estate taxes, and may have little or no personal property taxes. This is why the listing agent can correctly boast that it is the most amazing home-with-a-view value under 2 million dollars in Malibu, CA. For those who don’t know that market, another manufactured home sold in the same community for 1.1 million. will showcase Russell’s manufactured castle as a “featured home” as part of an article which will include 17 photos. Check back for a link here once its posted, or sign up for our popular, free twice weekly emailed news and tips alerts to get the link to that upcoming story. ##

(Image Credit: MLS/Redfin)

Bulldozer Roars through Manufactured Housing Community

August 12th, 2013 Comments off

Three months since Barry Swegle allegedly drove his bulldozer through a manufactured housing community east of Port Angeles, Washington, damaging or destroying four homes and other property, he remains in jail in lieu of a $1 million bond, while those impacted by his actions continue to rebuild their lives. A resident of the Gales Addition community for decades, Swegle was angered by a fence a neighbor had installed, and in addition to the homes, he also purportedly destroyed the neighbor’s pickup truck, a boat and trailer, two tool sheds, a riding lawn mower, as well as a power pole that cut electricity to thousands of people. The Clallam County Sheriff’s Office estimated the damage initially at $300,000, according to peninsuladailynews. Swegle’s older brother, Jeff, has been selling some of Barry Swegle’s logging equipment to help pay for compensation to the neighborhood, while his brother remains in jail charged with first-degree assault with a deadly weapon, four counts of burglary with a deadly weapon and four counts of criminal mischief. Fortunately, as MHProNews has learned, no one was hurt during the swath of destruction.

(Photo credit: Jeremy Schwartz/peninsuladailynews–Dan Davis, left, and Tom Duce installing a replacement manufactured home.)

North Dakota Oilfield Camps in Jeopardy of Being Closed

August 7th, 2013 Comments off

Williams County commissioners in Williston, North Dakota are denying two Conditional Use Permit (CUP) extensions for workforce camps built to service oilfield workers. The extension for Rik Ostert was denied because he did not build a road he agreed to three years ago, and then rented space on his property for a commercial business after the commissioners denied his request to do that. Ostert was given 60 days to remove his seven modular homes. The extension for Stallion Oilfield Services was denied because the company is using 52 skid trailers and recreational vehicles for housing instead of modular units, and rented space to another company. Stallion was also given 60 days to vacate, as MHProNews has learned from In addition, Target Logistics owes over $1 million in fees, including $608,000 for 2013, and back fees for 2012. With over $3 million still owed to the county, those in arrears were given one week to pay their fees or risk having their facilities shut down.

(Photo credit: associatedpress–modular mancamps at Williston, ND)

Wisconsin Land Lease Community Converts to Co-operative

July 18th, 2013 Comments off

With $1 million in financing from ROC (resident-owned communities) USA Capital, Prairie Lake Estates land lease community became Prairie Lake Estates Homeowners Cooperative, as the residents of this 70 homesite community became a Wisconsin limited-equity housing co-op corporation. The Northcountry Cooperative Foundation (NCF) provided leadership and technical support to the residents, marking the seventh conversion for the non-profit in Wis. and Minn., placing 530 homesites under resident control. Nearly all the households in Kenosha’s Prairie Lake Estates became members of the co-op. NCF will continue providing support and guidance to Prairie Lake, as MHProNews has learned from Warren Kramer, Exec. Dir. of the non-profit. ROC USA, also a non-profit but on a national scale, specializes in conversions to community ownership, and has assisted in converting 49 communities in 14 states, representing $116 million in financing.

(Photo credit: ROC USA)

Patrick Ind. Set to Release Financials

July 16th, 2013 Comments off

Patrick Industries, Inc., manufacturer and distributor of component parts for the manufactured housing and recreational vehicle industries will release its Q2 2013 financials before the market opens July 25, 2013. Based in Elkhart, Ind., Patrick reported a first quarter increase in revenue of 38.4 percent which produced income of $5 million. As RVBusiness informs MHProNews, that was $1 million over the first quarter of 2012.

(Image credit: Patrick Industries, Inc.)

Harvard Study Cites Critical Shortage of Affordable Housing

July 5th, 2013 Comments off

According to the State of the Nation’s Housing report released by Harvard University’s Joint Center on Housing Studies, the housing recovery is well underway, but the millions of borrowers delinquent on their mortgages or underwater continue to pull at the edges of the recovery. In addition, the number of renter households grew in 2012 by 1.1 million, the second year of double-digit growth in the rental market. As that sector increases, homeownership declines, MHProNews has learned from appliancemagazine. The report states, “With rising home prices helping to revive household balance sheets and expanding residential construction adding to job growth, the housing sector is finally providing a much needed boost to the economy. But long-term vacancies are at elevated levels in a number of places, millions of owners are still struggling to make their mortgage payments, and credit conditions for homebuyers remain extremely tight. It will take time for these problems to subside. Given the profoundly positive impact that decent and affordable housing can have on the lives of individuals, families, and entire communities, efforts to address these urgent concerns as well as longstanding housing affordability challenges should be among the nation’s highest priorities.”

(Image credit: Fotosearch–homeownership)

Affordable Rental Units becoming More Scarce

June 27th, 2013 Comments off

The competition for affordable rental housing resulting from the recession, itself partly a product of the roughly 4.4 million people who lost their homes to foreclosure, has led to a shortage of homes for the extremely low-income sector. Defined as those earning less than 30 percent of the median income in their communities, their numbers increased by 2.1 million in the years from 2007-2011 to 12.1 million. Meanwhile, the number of rental units affordable to them dropped in that same period from 6.9 million to 6.8 million, according to a report by Harvard University’s Joint Center for Housing studies. As tells MHProNews, tighter government budgets are reducing the building of subsidized housing just as more people are falling into poverty. Additionally, the number of households spending over half of their income on housing hit 20.6 million in 2011, an increase of 14.6 percent since 2007, and 49 percent more than in the previous decade.

(Photo credit: zimbio)

Cavco Industries Shares Graded Up and Down

June 20th, 2013 Comments off

Shares of Cavco Industries, Inc. (NASDAQ:CVCO) stock have been commented on by three different analysts, going in different directions each time, in the last seven weeks. On May 1 The Street downgraded Cavco from a buy rating to a hold rating; May 28 The Street upgraded shares from hold to buy; on June 3 analysts at Thomson Reuters/Verus downgraded the shares from hold to sell; and Mon., June 17 Sidoti upgraded Cavco shares from a neutral rating to a buy rating. Cavco Industries closed down -0.18% at 48.60 today, Wed., June 19, on a day when all housing stocks except one that we track closed down—and Cavco lost the least percent of those. According to, the company’s 50-day moving average is 46.15, the market cap is $338.1 million, and price to earnings ratio is 68.58. As MHProNews knows, Cavco is the second largest producer of factory-built homes in North America.

(Photo credit: Cavco Industries, Inc.)

Home-building Spurring Gross Domestic Product

June 17th, 2013 Comments off

As of April 2013, home building employment totaled 2.1 million people, up nearly 100,000 in the last year, according to the labor department. Home building contributed 20 percent to the growth of the Gross Domestic Product (GDP) in the last six quarters. Residential Fixed Investment (RFI), the home building component of the (GDP), measures spending on residential structures, including manufactured housing, single and multi-family homes, as well as remodeling and improvements that extend the life of the home. For the last six quarters RFI has averaged a 14 percent growth rate, as usnews has informed MHProNews. The National Association of Home Builders (NAHB) reports housing, defined as the combination of the monetary value of newly-built housing and sales of existing housing, has often accounted for 17-18 percent of the overall economy. The first quarter of 2013 saw that number at 15.18 percent.

(Photo credit: Liberty Homes–manufactured home)

Eastern PA Applies for Modular Housing Funding

May 29th, 2013 Comments off

The independentweekender informs MHProNews the Susquehanna County Redevelopment Authority plans to construct six modular, senior rental units in New Milford Borough in northeast Pennsylvania in an attempt to increase the affordable housing stock. The authority is seeking $1.1 million for the project through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) program, which provides housing assistance to communities impacted by the Marcellus Shale energy dig.

(Photo credit: Erica Fisher/energeticcity–modular housing for seniors)