Posts Tagged ‘manufactured home land lease community’

Dickens Moans, but Equity Lifestyle Properties had already done the right thing

September 3rd, 2013 Comments off

bay-indies-manufactured-home-community-els-creditheraldtribune-posted-daily-business-news-mhpronewsWhen two Sarasota Florida area manufactured home communities had their tax appraisals, property owner Equity Lifestyle Properties (ELS) appealed the stiff jump in what the county Value Adjustment Board wanted. The appeal was successful. It saved Bay Indies MHC residents some $96,000 according to the HeraldTribune. The nearby Lake Village land lease community also won their appeal in a similar challenge, saving residents there about $105,000 in taxes that are normally passed through to the home owners. At Bay Indies, taxable value per the county rose from $38.5 million to $47.5 million, or about a 23.5 percent. At Lake Village, the value has supposedly increased from $11.4 million to $19.5 million, or 71.5 percent. This sparked ELS’ ultimately successful appeal. But that might have been missed if the only facts brought to light were the allegations of Ishbel Dickens. “The homeowner loses out every time,” says Dickens, executive director of the National Manufactured Home Owners Association (NMHOA), based in Seattle. “When owners pass along the taxes, rents go up, creating the illusion that income and the value of the park has gone up…It creates its own dilemma. Their homes aren’t increasing in value. They’re decreasing more in value as the rent goes up. The homeowner is trapped.” Dickens says. But the facts of the case betray Dicken’s allegation, as ELS not only appealed, but won. Reasonable community property owners want to make it as easy as possible for residents to afford their home-site, so there is a significant degree in the commonality of goals between residents and community owners.  Groups  like NMHOA either misunderstand – or some community owners alleged, deliberately distort – that common interest in resident well being, in order to keep and attract more members. Unfortunately, too often in the media only hear or report one side of the issue, at least in this case, facts presented painted a picture that a discerning person can better understand. ##

(Photo credit: HearldTribune)

Movie Star’s Two Million Dollar Manufactured Home Masterpiece Creates Teachable Moment

September 2nd, 2013 Comments off


Following up on a popular story from last Friday, is showcasing Saw move star Betsy Russell’s $1,999,999 luxury pad overlooking the Pacific in posh Malibu, California. Numerous media outlets picked up on the real estate listing in exclusive Pointe Dume Club manufactured home land lease community. But LAist, TMZ and others often missed the point or disrespected a home and lifestyle they were simultaneously gushing about. “We have an opportunity to turn this into a teachable moment for the media and public.” trade publisher and consultant L. A. “Tony” Kovach said. “Check out this story and dazzling photos at this link, but also share it via social media and your media outlet!   This is an opportunity to sell more homes in your market, because some of those who may see your emailed link, Facebook post or Pinterest pin could realize the quality and appealing lifestyles that our industry is all about.” ##

(Photo Credit: MLS/Redfin)

Tiny House, not ok’d for Manufactured Home Community

August 30th, 2013 Comments off

tiny-house-Bob Pritt’s 208 square foot home is only 208 square feet, cost him about $20,000 to build, but Anderson County can’t say yes, because his home is not a HUD Code certified manufactured home, so it can’t be placed in a manufactured home land lease community. Pritt’s had his home titled as an RV, WBIR tells MHProNews. But as community owner-operators in many parts of the U.S. know, manufactured home communities are often only allowed to have pre-HUD code mobile or post HUD Code manufacured homes in them, no RVs or tiny houses are allowed. It is interesting to note that Pritt’s tiny house, on a cost per square foot basis, is about 3 times the price of many 16×80 single section manufactured homes. ##

(Image Credit: WBIR)

200+ site manufactured home community may be sold and redeveloped

October 5th, 2011 Comments off

Gaslight_Village_-_credit_MHVillageLJWorld reports that Gaslight Village Mobile Home Park in Lawrence, KS is under contract to be sold for redevelopment, a decade after the community was split to allow construction of a Best Buy, Home Depot and other commercial development northeast of 31st and Iowa streets. Edwardsville-based Mid-America Manufactured Housing Communities, which owns the manufactured home land lease community, has distributed notification letters to residents of the 148 homes at the park, which has 241 spaces. “The rumors are flying wildly again,” said Tom Horner, corporate secretary for Mid-America. “There is a potential buyer out there that is looking at buying it. We just wanted to be honest with our residents and tell them the truth.” While Horner would not comment on the proposed use, citing a confidentiality agreement, city officials have been contacted by a company that envisions a project “along the lines of a residential use,” said Scott McCullough, the city’s planning director. This may include single family, or multi-unit projects, including townhomes, condos or apartments. Relocation assistance would be provided to existing residents, if the sale and land use goes through. As Gaslight Village’s owners say in their letter to residents: “We will keep you informed as the potential sale progresses during the next several months.”

(Photo credit: MHVillage)

Dearing announces Sun’s dividend and new revolving credit facility

October 3rd, 2011 Comments off

Sun_Communiities_logoMHProNews has learned that Sun Communities Inc. (SUI) announced today that its Board of Directors declared a quarterly dividend of $0.63 per share for the third quarter of 2011.  According to Karen J. Dearing, Chief Financial Officer,  the dividend is payable October 21, 2011 to shareholders of record October 13, 2011.  Sun Communities has 21.7 million shares outstanding. Sun is a Real Estate Investment Trust (REIT) that currently owns and operates a portfolio of 155 manufactured home and RV communities comprising approximately 53,600 developed sites.  In other corporate news, Sun also announced today it has entered into a senior secured revolving credit facility in the amount of $130.0 million (the “Facility”) with the Company’s bank group led by Bank of America, N.A. (Administrative Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (Sole Lead Arranger and Sole Book Manager). The Facility replaces the Company’s $115.0 Million revolving line of credit scheduled to mature on October 1, 2011.  The Facility is secured primarily by a first priority lien on all of the Company’s equity interests in each entity that owns all or a portion of the properties constituting the borrowing base.  The Facility has a built in accordion feature allowing up to $20.0 million in additional borrowings and a year extension option, both at the Company’s discretion.  The Facility will bear interest at a floating rate based on Eurodollar plus a margin determined on the Company’s leverage ratio calculated in accordance with the Facility, which ranges from 2.25% to 2.95%. Based on the Company’s current leverage ratio, the margin will be 2.75%.  Other banks participating in the transaction include Fifth Third Bank (Syndication Agent), PNC Bank, The PrivateBank, Citibank, N.A. and Comerica Bank.  At the time of the closing, there were $95.0 million of borrowings under the Facility, including letters of credit issued in the normal course of the Company’s business.  Sun Communities Inc. stock (SUI) is tracked by the market report in our Daily Business News.

(Graphic credit: Sun Corporate Logo)