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Posts Tagged ‘condominiums’

Extensive Housing Data from 2011

July 12th, 2013 Comments off

In a 2011 survey conducted by the U. S. Census Bureau and the Dept. of Housing and Urban Development (HUD), covering approximately 132.4 million housing units, 90 million are single-family homes, 9.07 million are manufactured homes, and 10.7 million are sited in two to four family buildings. 10.3 million of the units are condominiums or cooperatives, and just over five million are in larger apartment structures of 50 units or more. One third of the roughly 76 million owner-occupied dwellings are owned fee and clear, while 43 million have a single mortgage lien on the property and 6.5 million have two. In addition, as mortgagenewsdaily tells MHProNews, the median price for a home acquired in 2011 was $110,000, a 2.3 percent increase over 2009. The median monthly mortgage payment for homeowners was $1,015 in 2011.

(Image credit: theatlanticcities)

MHC Residents Seek Closure Ordinance

March 15th, 2013 Comments off

The dailypilot informs MHProNews from Costa Mesa, Calif., just south of Los Angeles, a number of MHCs, especially those with a view of the ocean, may be on the verge of conversion to condominiums or other types of development. The Golden State Manufactured-Home Owners League (GSMOL) has been meeting with residents of some of the 18 MHCs in Costa Mesa seeking support to encourage city council to pass an ordinance governing the closure of MHCs. A measure was approved by the planning commission about ten years ago but failed to pass the city council. That initiative began following the closing of two MHCs in which some of the residents allegedly faced an uncertain future when they did not receive fair compensation.

(Photo credit: Christopher Weddle/centredailytimes–MHC emptying out)

 

Measure Outlines MHC Closure Rules

October 31st, 2012 Comments off

Following up on a post we published Oct. 26, 2012 regarding legislation Pennsylvania Gov. Tom Corbett signed to protect residents of MHCs that close, LehighValleyLive informs MHProNews the drive for this measure began in 2006 when 50 families of the Barbosa Mobile Home Park in Northampton County were given 30 days to vacate with no required relocation expense. Ashley Development Corp., which had planned condominiums for the site, ended up providing $250,000 for relocation expense although they did not have to. The newly-signed legislation, scheduled to take effect this Dec., requires MHC owners to inform residents within 60 days of a decision to close; allows residents six months to leave; pays them up to $4,000 relocation expense for a single section and $6,000 for a multi-section home; and pays $2,500, or the value of the home, whichever is the highest amount for those unwilling or unable to relocate. The site of the former Barbosa MHC has yet to be developed.

(Photo credit: DoylestownPatch—Penn. House of Representatives)

Residents in MHC Live with Uncertainty

May 28th, 2012 Comments off

TahoeDailyTribune reports South Shore Capital bought Tahoe Shores Mobile Home Park near Stareline, Nevada in 2002 to develop the 17 acres into 143 condominiums. While the project awaits funding, South Shore has been buying the remaining homes and renting them out, telling residents the community could officially close at any time, but not allowing any new homes into the community. MHProNews.com has learned ot now owns 82 of the 140 plus units. Built on the site of an old airstrip at the south end of Lake Tahoe in the 1960’s, once the Tahoe Beach Club receives funding residents will be given six months to leave and their homes will be bought. Until then, homeowners have the option to sell their homes to South Shore at the appraised value. Tom Castaneda of South Shore says, “The homes aren’t new and the streets aren’t new like they were. We will put in whatever we have to put in to keep it livable and to keep renting those places.”

(Photo credit: TahoeDailyTribune/Dylan Silver)

Boston Poised for Housing Recovery?

February 28th, 2012 Comments off

Data from Multiple Listing Services Network PIN shows inventory of single-family homes and condominiums in the Boston area are down 17 percent from last year, number of days on the market declined 12 percent from last year, and median prices are up ten percent. BostonHerald tells MHProNews.com no major downtown condos have been built since 2007 for lack of funding. MIT Center for Real Estate lecturer and vice-president at Colliers International, Yanni Tsipis,  says, “In the downtown market, as existing inventory of newer construction burns off, it appears likely that there will be a build-up of demand for new production and upward pressure on pricing.” A similar trend is reflected in neighboring cities. Housing inventory at Cambridge is at an all-time low, 126 housing units, down 43 percent from last year, with a four percent decline in days on the market. The housing inventory in Arlington dropped 21 percent from last year, and days on the market fell 33 percent. Quincy’s numbers are not as good but still positive: Inventory fell six percent and days on the market dropped four percent.

(Photo credit: Wikipedia/Boston Custom House)

New MHC Opens on Chesapeake Bay

January 25th, 2012 Comments off

MHProNews.com has learned that manufactured housing will be part of the Whitehouse Cove marina development project in Poquoson, Virginia, just north of Newport News on the Chesapeake Bay. Robert Brown and Associates had initially proposed building condominiums with the full service marina and the restaurant, but complications about setbacks and building heights stymied the project, and developers opted for a 50 home site manufactured housing community. DailyPress says the Surf Rider restaurant will be open by May, and boat slips will be available for renting by the end of this month. Six of the manufactured homes have been set and are occupied, and two more will arrive in February.

(Photo credit: Whitehouse Cove)

Underwater Borrowers: A Chance to Breathe Again?

December 22nd, 2011 Comments off

OriginationNews tells MHProNews that after a two-year study, a Columbus, Ohio-based insurance company has introduced the Home Value Protection(HVP) plan to offer a modicum of protection to homeowners interested in refinancing or taking on a new mortgage. In light of the negative equity many homeowners face, Home Value Insurance Co. offers insurance against home devaluation due to local market conditions. With monthly premiums usually less than $50, homeowners can recoup the difference between the value of the home at the time the insurance is purchased and the amount for which the house is sold. Available for primary, owner-occupied single-family homes and condominiums, the program has been approved by the Ohio Department of Insurance. The policy will cover losses up to 25 percent of the home’s value, but with a ten percent deductible if the house is sold after the first year of coverage and five percent deductible if sold after the second year. The initiative fits nicely with the Home Affordable Refinance Program to allow homeowners to take advantage of low interest rates.
(Photo/graphic credit: Bankrate)