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Posts Tagged ‘central florida’

Gentrification: A New Challenge for Manufactured Housing

May 29th, 2017 Comments off

Manufactured homes in Florida. Credit: Bankrate.

In Central Florida, Ro-Mac Lumber and Supply Inc. CEO and host of the “around the house” radio show Don Magruder, touched on a very important subject for those who live in, or are looking to live in manufactured housing.

There are an estimated 20,000-plus older manufactured homes with improper tie-downs in Florida, and the state has designated $2.8 million this year for a Mobile Home [sic] Tie-down Program. The issue for many homeowners is qualifying for the program,” said Magruder, in his commentary in the Daily Commercial.

Throughout Lake and Sumter counties there are thousands of older manufactured homes providing low-cost housing solutions to seniors with fixed incomes and middle-class working people.”

Magruder continued, calling out a significant issue.

Don Magruder. Credit: Ro-Mac Lumber and Supply Inc.

Through building codes and insurance regulations, there seems to be a coordinated effort to eliminate manufactured homes as a housing source for people with lower incomes so that properties can be turned into higher-end, single-family developments.

The problem for most is that a person living in a 30-year-old manufactured home cannot afford a site-built home. Some argue this is gentrification of lower income seniors and working people,” said Magruder.

As Daily Business News readers are already aware, manufactured housing communities often represent the most financially attractive pieces of property in large cities, with the opportunity to develop higher priced housing.

Magruder uses a common comparison to support his point on the issue.

Imagine if Florida implemented a code then pressed insurance companies not to issue policies for any car built before 1999. What would happen if every person owning an older car was told their car had to be upgraded to today’s new safety standards? It would mean adding computers, airbags, crash technology and seat belts,” said Magruder.

This is essentially what is happening of older manufactured homes, and it is being done under the guise of the health and safety of the homeowner. Shouldn’t that logic apply to old vehicles, since both are licensed by the same department?”

Magruder also points to the importance of verifying that a used manufactured home has been properly upgraded, and if it hasn’t what a potential buyer would need to do.

Before you buy a used manufactured home, it is imperative to verify if the home has been upgraded to the 1999 tie-down installation standards instituted by the Florida Department of Highway Safety and Motor Vehicles,” said Magruder.

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A home at Lamplighter Village. Credit: Florida Today.

If not, you may not be able to purchase homeowners insurance. Installation standards for anchors and tie-downs is very specific, and it can be very expensive to retrofit on an older manufactured home. For example, an inspection to check the tie-downs on an older manufactured home normally costs around $300 and a prospective homeowner could spend anywhere from $1,800 to $3,000 to upgrade tie-downs to the 1999 code.”

Others around the country are working to assist owners of older manufactured homes to secure needed repairs, upgrades, or in some instances new homes. For more on those efforts in the state of New York, click here. ##

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Nobility Homes Records 32 Percent Sales Increase

September 16th, 2015 Comments off

nobility_homes_logoFor its third fiscal quarter 2015 ending Aug. 1, 2015, Nobility Homes reports sales increased 32 percent to $7,059,263.00 over $5,346,639 for the same period of 2014. As einnews tells MHProNews, income from operations rose from $289,126 for Q3 2014 to $787,272 for the same period in 2015. Net income after taxes rose from $252,568 to $746,770. Diluted earnings per share increased from $0.06 last year to $0.18 Q3 2015.

Sales for the first nine months of fiscal year 2015 rose 29 percent over the same period last year, $19,342,181 compared to 2014’s $14,969,094, producing income from operations of $1,872,811 over $678,940 last year. Net income after taxes was $1,907,111 compared to $640,570 last year. Diluted earnings per share for the first nine months was $0.47 in 2015 as compared to $0.16 last year.

Nobility President Terry Trexler, noting the challenging economic environment and the uncertainties of the U. S. economy in general, says, “Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.

Nobility has been producing manufactured homes in central Florida for 48 years. ##

(Image credit: Nobility Homes)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Modular Housing for Crime Victims

June 4th, 2013 Comments off

According to the orlandosentinel, local and national law enforcement efforts are being stepped up in Orlando, Fla. due to a recent rash of human trafficking cases. Supportive services including modular housing are on the agenda for the newly-created task force established to deal with the victims. Central Florida non-profit, The Lifeboat Project, is currently seeking land for the emergency shelter, the most pressing need. MHProNews has learned separately Lifeboat provides rescue and personal recovery services for victims of forced human exploitation.

(Photo credit: Malcolm Denemark and Tim Wlaters/portcanaveral)

Housing Market not Strong, but Stable

October 3rd, 2012 Comments off

Encouraged by a variety of signs, fourteen economists surveyed by CNNMoney believe the housing market has finally turned the corner on its way back to health. Only three months ago half of those surveyed did not believe the turnaround would come until next year, or later. The economists cite three consecutive months of increases in the Case-Shiller home price index, gains in sales of existing homes and home construction, a rise in the price of new home sales and continuing record low mortgage rates. “We’re seeing the signs of a pulse in a sector that has been flat-lined for a number of years,” said Sean Snaith, economics professor at the University of Central Florida. Housing was a drain on the nation’s gross domestic product through early 2011, but beginning in Q4 2011, housing has been adding to growth. While lacking the robustness it exhibited pre-downturn, MHProNews has learned the housing market is at least providing some stability to the economy.

(Image credit: mortgageorb)

Paul Ryan Makes Campaign Stop at The Villages

August 20th, 2012 Comments off

Yahoo!Canada reports Reuters says The Villages in central Florida, the largest retirement community in the world and one of the largest land lease communities in the country with thousands of manufactured homes among the 40,000 houses spread over 20,000 acres, hosted (presumed) Republican vice presidential candidate Paul Ryan who brought his 78 year-old mother on stage during his speech in which he vowed to maintain Medicare for the elderly. “When I think of Medicare, it’s not just a program, it’s not just a bunch of numbers, it’s what my mom relies on, it’s what my grandma had,” Ryan, 42, said. Since being named as Romney’s running mate, Ryan has distanced himself from earlier statements about reducing Medicare coverage, especially in retirement-rich Florida where Romney and President Obama are running neck- and-neck. MHProNews has learned (presumed) Republican presidential candidate Mitt Romney has visited The Villages twice in the past year.

(Photo credit: Scott Audette/Reuters—vice-presidential hopeful Paul Ryan with mother Betty Douglas)

Green Courte Acquires Fla MHC

June 4th, 2012 Comments off

MarketWatch reports Chicago-based Green Courte Partners, LLC announces the acquisition from CRF Communities of Plantation Landings, an MHC in Haines city Florida. The four-star 394 home site age-restricted community is fully leased, MHProNews.com has learned. In 2009, Green Courte’s second fund, Green Courte Real Estate Partners ll, LLC, purchased Royal Palm Village from American Land Lease, Inc., which is just north of Plantation Landings. As it is the principal manager of Green Courte’s manufactured housing portfolio comprised of over 18,500 home sites, American Land Lease will operate Plantation Landings as part of its age-restricted lifestyle brand, Solstice Communities. Green Courte’s chairman Randy Rowe, noting his desire to work with CRF in the future, says, “We are pleased to add this high-quality property to our existing portfolio of ’55+’ retirement communities in central Florida.” Terms of the transaction were not disclosed.

(Image credit: Green Courte Partners)