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Posts Tagged ‘manufactured home’

Nobility Homes: Poised to Regain the Crown?

July 30th, 2013 Comments off

Florida-based manufactured home producer Nobility Homes (NOBH) may become a good turnaround stock buy as baby boomers age and look for inexpensive housing in Central Fla. Currently saddled with a large inventory of new and pre-owned homes, Nobility has been run by CEO Terry Trexler since 1967, and with his CFO son, Thomas Traxler, controls 67 percent of the stock. They do not pay themselves outlandishly, and while the company’s market cap is $34 million, the current p/e ratio is 17.8. At $30k to $100k, their homes are aimed at the low to middle markets, and sales rose 30 percent from 2011 to 2012. This year, however, sales have been relatively flat. As long as the company can move its backlog of repossessed homes, and the housing market continues to improve in central Fla., seekingalpha.com says the company has no debt and earnings should significantly increase. As MHProNews reported, in yesterday’s (July 29) trading, Nobility’s stock rose 5.58 percent to 9.00.

(Photo credit: Nobility Homes)

TV Show no help to Manufactured Housing Image

July 29th, 2013 Comments off

The reality TV show “Duck Dynasty” about the backwoods family who started a lucrative duck call business and has now hooked up with Clayton Homes perpetuates the stereotype of people who live in manufactured homes (MH) as “rednecks,” an image the industry is trying to dispel. Kirk Walker of The Home Place, an MH dealer in Pinson, Ala., says, “I have family members that think I’m in the trailer business. And of course they’ve been in and looked and can’t imagine that this is what a manufactured home has come to.” He says while sales have been slow, the new homes are much more energy efficient than the old homes, and a new MH costs about half as much as a traditional home. While business in 2012 increased 20-25 percent over 2010, Sherry Norris, Executive Director of the Alabama Manufactured Housing Association (AMHA), says federal restrictions on loans for MH are still too tight. “We haven’t been able to sell the homes we would like because of the strenuous regulations that have been put on financing,” she says. According to marketplace.org, many people are still lured away by foreclosed homes that may be less expensive, but many of them need a lot of work. MHProNews knows Alabama has many manufactured housing producers throughout the state.

(Photo credit: Deer Valley Homes)

Council Calls for more Manufactured Housing Communities

July 29th, 2013 Comments off

City councilors in Campbell River, British Columbia, Canada are encouraging the creation of manufactured housing communities and have set up a study to identify properties that might be developed as a viable and affordable housing option. Prompted by petitioners who are being forced out of communities where owners are seeking to redevelop the land, the city’s Official Community Plan (OCP) wants to keep the communities in the city where seniors and young people can take advantage of lower cost housing, and out of rural areas. Councilor Andy Adams says, “We certainly recognize that there is a very valuable and important need of manufactured home facilities in our community, and also recognizing the number that are being displaced, particularly over the last couple of years, and more pending.” As courierislander tells MHProNews, planning services manager Paul Stanton, noting the ill will associated with the poor quality factory-built homes of the 1950′ and 1960s, says, “Campbell River still has a few of those homes in existence that no doubt have outlived their usefulness. (But) the standards have changed dramatically. They don’t carry the same stigma they used to carry 30 and 40 years ago.”

(Photo credit: castanet–Sunrise Village MHC, British Columbia, Canada)

Manufactured Home Receives Arkansas Variance

July 23rd, 2013 Comments off

The Magnolia (Ark.) Planning Commission approved a variance request for the siting of a manufactured home in an R-2 zoning. Virginia Ball asked for the variance so she may provide living accommodations for a relative. She has one year to site the home, after which she will have to ask for another variance, according to magnoliareporter. A new ordinance is pending, as MHProNews reported here July 16, 2013, that will restrict manufactured homes to R-3 zoning.

(Image credit: Fleetwood Park Homes)

When is a Manufactured Home not a Dwelling?

July 17th, 2013 Comments off

The definition of a dwelling in the Sussex County Code in southern Delaware is, “A building or portion thereof containing cooking and housekeeping facilities, designed or used exclusively for residential occupancy…,” but it excludes hotels, motels, lodges, tourist courts as well as manufactured housing (MH). An editorial in capegazette.villagesoup asks why MH is not included, above all in light of an ongoing discussion of a recreational vehicle (RV) community proposed for Massey’s Lake. The code has attracted attention since attorneys for the development say residents of manufactured homes are not entitled to the same protection as other homeowners. Inconsistent in the code, ordinance 2512 refers to manufactured and modular homes as dwellings, MHProNews has been informed. The editorial states: “Everyone who lives full time in a residential structure deserves equal protection under county code no matter how the home was built.”

(Photo credit: Ron MacArthur/capegazette–Rehoboth Shores near Long Neck Del.)

Texas Investor Continues his Manufactured Housing Roots

July 15th, 2013 Comments off

Real estate bargain-hunter mogul John Bushman of Odessa, Tex. started a used car business in Midland, in 1968 with $1,500. A year later opened he A-1 Homes, selling factory-built homes that grew to 23 locations and later included a factory making manufactured homes. The automobile business also did well, and he expanded his operations to include insurance for manufactured homes as well as a savings and loan association. The thrift failed in 1988 despite his attempts to bolster it with assets from his other holdings, leaving him with only his profit-sharing plan. He rebuilt his manufactured-home operation in 1989, eventually expanding it to 30 company-owned locations, 30 franchises and five manufactured home production plants. As gazette.com informs MHProNews, Bushman sold the company to Champion Homes but later bought eight locations back for much less than what Champion had paid for them. His 150 properties include seven hotels, four shopping centers, a TV station and six radio stations, and six office buildings, all in Odessa. He also has interests in manufactured housing industries including seven sales sites as well as oil and natural gas holdings. “Pretty much everything we owned but the manufactured housing business and the radio stations had been lender-owned or in receivership,” he said.

(Photo credit: Christian Murdock/thegazette–John Bushman)

Manufactured Home to be Replaced with Apartments

July 11th, 2013 Comments off

The planning commission in Juneau, Alaska has approved a conditional use permit to replace a manufactured home site with a twelve unit multifamily apartment building. Proposed by Delta Park LLC, the two-story structure will sit on a parcel of land zoned for 18 dwelling per acre. Building projects have increased in Juneau, MHProNews has learned from juneauempire, with residential permits issued 82 percent up over the same time last year, and commercial permit applications up 120 percent.

(Photo credit: MHProNews)

City Revises Manufactured Housing Rule to be in Sync with State Law

July 11th, 2013 Comments off

The Liberty City Council in Liberty, Tex., just northeast of Houston, revised its ordinance regarding the replacement of a manufactured home destroyed in a natural disaster so it aligns with state law. A home ruined by a fire or natural catastrophe does not count under the one-time replacement rule as long as the replacement home is a newer model of the same or larger size. The owner would still be able to replace that home under the one-time rule. In addition, as yourhoustonnews informs MHProNews, the newer home must have been manufactured within ten years of the replacement date.

(Photo credit: Champion Homebuilders, Inc.)

Owners Request Move out of Manufactured Home Designation

July 9th, 2013 Comments off

The Watertown Plan Commission in South Dakota has received a petition from Douglas and Teresa Engels to rezone a property currently designated R-4 Manufactured Home Residential District and C-3 Highway Commercial District to C-2 Local Commercial District. The petition will be considered by the plan commission July 18, as MHProNews has been informed by thepublicopinion.

(Photo credit: inhabitat–manufactured home moving out)

Manufactured Home Demolished in Accident

July 8th, 2013 Comments off

A semi towing a manufactured home in Stevensville, Mont., south of Missoula, tipped over, closing part of the highway for several hours. The home was a total loss and the driver was transported to the hospital with non life-threatening injuries. As nbcmontana tells MHProNews, the trailer hauling the home was allegedly not securely fastened to the tractor.

(Photo credit: Scott Zoltan/nbcmontana)