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Posts Tagged ‘manufactured housing communities’

Passages: Curt Hames

May 8th, 2017 Comments off

(Curt Hames Credit: The Gazette)

After nearly half a century of selling factory-built homes, and according to his daughter, “a walking encyclopedia of the manufactured home industry,” Curt Hames passed away Sunday, April 30 at age 92, in Hiawatha, Iowa.

After retiring from the army in 1969, having served in WWII, Korea and Vietnam, he and his wife, Norma, founded Hames Homes in 1971 in Marion, Iowa, and to date has sold over 11,000 homes. The company now owns five manufactured home communities. Daughter Barbara, company president, said he did not want to leave the business, saying “retirement is for old people.” She added, “Working kept his mind sharp, it kept him around people, and he also figured he’s got 40 years learning the business, why retire and let that go to waste.”

According to a story in The Gazette in 1998, Hames said, “There aren’t any heroes here. We’re all just ol’ workers down in the trenches, providing good people with good housing.”

He served as president and vice president of the Iowa Manufactured Housing Association, and was inducted into both the national and Iowa manufactured housing halls or fame, all while working tirelessly to improve the image of the industry.

He was also very active in the Iowa Republican Party. Party Chairman Jeff Kaufmann said Curt would hold dinners to support new lawmakers, meals Kauffman called “GOP revival meetings.” He noted, “It was like a burst of energy when you walked away from one of Curt Hames’s dinners.”

In addition to his wife of 60 years, he leaves to cherish his memory children Troy C. Hames III (Sandi) of Coralville, Barbara B. Hames (Dan Bryant) of Cedar Rapids, and Cynthia G. Hames (Charles Tomes) of North Liberty, sisters Luella Lowery of Rogers, Arkansas and Nancy Loncarich of Bella Vista Arkansas, along with numerous grandchildren and great grandchildren.

MHProNews extends its deepest sympathies to his family.

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

Submitted by Matthew J. Silver to Daily Business News for MHProNews.

Sunday Morning Recap-Manufactured Housing Industry News June 26-July 3, 2016

July 3rd, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

St. Petersburg, FL – Misjudging Mobile Homes – Tale of Two Cities

What’s New in Manufactured Housing Industry Professional News

House committee requesting documentation from CFPB. Modular apartments replacing old apartment buildings. Zeman plans MH build in Florida. Maine city gets community development block grant for modular apartments. Kentucky city restricts MH to communities. Manufactured homes damaged moving from closing community to new site. Manufactured housing rEvolution. UMH hits 52-week high. Pending home sales slip. Dialogue results from visit to manufactured home communities. Norhtpoint Commercial Spreads Out. County sets hearing on MH siting. Restricted MH Community planned for Florida. YES! On block for $2 billion plus. MHI slammed for failing its mission. Air Force cadets build modular homes. Twin Cities trying to preserve MH as affordable housing. Much, much more in news, views and information you can use in your career.

Saturday, July 2, 2016

House Committee Pressing CFPB for Advertising Documentation

Friday, July 1

Modular Homes Rising where Irene Destroyed Manufactured Homes

Modular Container Home in High-end Calif. Market

British Columbia City may Allow Manufactured Homes for Foreign Agri Workers

UMH Properties is Top Gainer; MHCV slips, Skyline Falls

Maine City Receives Block Grant for Modular Apartments

UMH Properties hits 52-Week High, Projections Skyward

Thursday, June 30

Zeman Expands its Reach into Florida

Pending Home Sales Slip April to May

Skyline Outshines other MH-related Stocks; Dow Regains 235 Point

July 2, 2016 – the Manufactured Housing rEvolution!

Manufactured Homes Damaged in Moving to other Sites

KY City Restricts Placement of Manufactured Homes

Wednesday, June 29

Tony Prevatte Chosen to Head NC MH Association

Dow, Several MH-related Stocks Recover from Two Day Loss

Northpoint Commercial Finance Expands

Construction Employment Lack may Impact Overall Economy

Creating a Dialogue on Manufactured Housing as Affordable Housing in Seattle

Modular Homes for Dublin Homeless Finally Occupied

Tuesday, June 28

NM County Sets Hearings on Manufactured Home Siting

Skyline Corp. Bumps up +9.95 Percent, as Deer Valley Plummets -30.00 Percent

Singapore Investors Turn Sights on Yes! Communities for $2B+

American Banking News – Key MHI Staff “Excoriated” for Failing Their Mission, Members

Dodd-Frank Continues to be Batted About

Mon. June 27

MHLivingNews says Massachusetts is Smacked with Shortage of Mid-range Homes

Federal Preemption should Allow the Manufactured Home to be Sited

Deer Valley Skyrockets, while Dow Drops -290 Points, NASDAQ Falls -2.41%

Air Force Academy Cadets build Modular homes for Navajo

Twin Cities Trying to Preserve MH Communities as Affordable Housing

Sunday Morning Recap-Manufactured Housing Industry News June 19-June 26, 2016 ##

(Photo credit: MHProNews)

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

Michigan, Arbor Americana MHC Settle Lawsuit

December 10th, 2015 Comments off

gavel___cnnmoney__creditMHProNews has learned from washingtontimes that the owners of the Arbor Americana Manufactured Housing Community of Flat Rock, Michigan have settled a lawsuit over sewage overflows brought by the Michigan Department of Environmental Quality.

The state alleges the MHC owners, in neglecting to repair the wastewater system, exposed residents of 123 manufactured homes “to raw and partially treated human sewage overflows, plus discharges to the ground and waterways,” as well as to the state waters.

The terms of the settlement require the owners to replace the wastewater treatment system, and certify the new one is compliant with the law by April 15, 2016.

In addition to being fined $300,000, they also paid $15,000 to Michigan’s General Fund for enforcement costs. The web lists Arbor Americana, LLC as the property owner but offers no contact information. ##

(Image credit: cnnmoney)

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

 

Sun Lights Up with Distributions

December 8th, 2015 Comments off

sun communities as of 12-22-2012 owns palm creek golf and rv esort communityFrom Southfield, Michigan, the board of directors for real estate investment trust (REI)T Sun Communities, Inc. (NYSE:SUI) announces quarterly dividends on three different stocks, according to euroinvestor:

  • $0.65 per share of common stock payable Jan. 15, 2016 to shareholders of record Dec. 31, 2015;
  • $0.4453125per share on the Company’s 7.125% Series A Cumulative Redeemable Preferred Stock, payable Jan. 15, 2016 to shareholders of record s of Jan. 1, 2016; and,
  • $0.40625 on the Company’s 6.50% Series A-4 Cumulative Convertible Preferred Stock, payable on Dec. 31, 2015 to shareholders of record Dec. 18, 2015.

MHProNews understands Sun owns and operates 235 communities comprised of 88,400 developed sites. 183 of the communities are for manufactured homes.

Meanwhile, according to putnamstandard, Wall Street investors believe Sun will post $0.88 earnings per share for the current quarter. ##

(Photo credit: Sun Communities, Inc.–Palm Creek Golf and RV Resort)

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

State Law Eases Manufactured Home Disposal

October 9th, 2015 Comments off

western_manufactured_housing_communities_association__wmaThe Western Manufactured Housing Communities Association (WMA) has notified MHProNews of a new California law that allows community owners to demolish abandoned MH as well as those acquired via a warehouse lien, a bill supported by the WMA. A warehouse lien is a charge for storage and preservation.

The law also states the communities will be held liable for any past due taxes or fees. Communities must remove all appliances, bathtubs, ovens, stoves, and HVAC systems before having them disposed of. Pictures must be taken to prove the MH was uninhabitable, and contents listed. The new law only applies to MH located in MHCs. ##

(Image credit: Western Manufactured Housing Communities Association)

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

Another Attempt by Locals to regulate Manufactured Homes may violate Federal Law

June 29th, 2015 Comments off

raycarverbuilding-pierce-citymo-credit-flickr-posted-daily-business-news-mhpronews-com-Melonie Roberts of the Monett Times  informs MHProNews of another incident of a troubling trend where local jurisdictions are attempting – perhaps out of ignorance – to regulate manufactured homes in a fashion apparently contrary to federal preemption. Pierce City, MO “Aldermen also approved an ordinance governing the age of mobile homes that can be brought into mobile home parks within the city. As building inspector, Abramovitz must verify each unit coming into Pierce City is no more than 10 years of age and in good condition.” stated Roberts.

As informed MHProNews readers know, the Manufactured Housing Improvement Act of 2000 provided for enhanced preemption over state or local officials with regards to manufactured housing. A copy of the MHIA 2000 is found here.  A proper understanding of the terminlogy is found at this link here. ##


(Photo credit: Flickr)

Equity Lifestyle Properties, Inc. Updates Q1 Earnings Guidance

February 27th, 2015 Comments off

equity-lifestyle-propertiesEquity Lifestyle Properties, Inc. (NYSE:ELS) issued an update on its first quarter earnings guidance on February 24.  American Banking News tells MHProNews that ELS provided earnings per share guidance of $0.78-0.84 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.76. ELS also updated its FY15 guidance to $2.91-3.01 EPS.

Shares of ELS opened at 53.60 on Wednesday, February 25.  The company has a one year low of $38.32 and a one year high of $56.94. The stock’s 50-day moving average is $54.97 and its 200-day moving average is $48.8. The company has a market cap of $4.496 billion and a price-to-earnings ratio of 38.83.

ELS last posted its quarterly earnings results on Monday, January 26th. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.65 by $0.01. The company had revenue of $190.30 million for the quarter, compared to the consensus estimate of $189.83 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. Analysts expect that ELS will post $2.88 EPS for the current fiscal year.

Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a hold rating and set a $52.50 price target (up previously from $48.00) on shares of Equity Lifestyle Properties in a research note on Wednesday, February 18th. On a related note, analysts at Cantor Fitzgerald reiterated a hold rating and set a $47.50 price target on shares of Equity Lifestyle Properties in a research note on Tuesday, January 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $48.00.

ELS is a real estate investment trust (REIT). The Company is a fully integrated owner and operator of lifestyle-oriented properties. The company has two segments, which include Property Operations and Home Sales and Rental Operations segments. ##

(Graphic Credit: Equity Lifestyle Properties)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Manufactured Home Communities Becoming Emerging Investment Trend

January 19th, 2015 Comments off

storz-management-california-mhpark_1

The increased investment interest in manufactured home communities is similar to that seen in recent years for multifamily properties, according Mark Weiner, chief financial officer for Storz Management, Orangeville, California. “Unlike apartments, manufactured home communities only rent space rather than the living units themselves, which are still owned by the residents,” he explained. “Not only does that significantly reduce maintenance costs, it gives residents equity if they live in a park with rising value.”

Weiner said Storz, which operates more than 40 manufactured home and recreational vehicle communities, has received more attention from bank lenders in recent months who are lured by the prospect of strong returns.

The Sacramento Business Journal  tells MHProNews  that Storz Management just closed refinancing on loans for two properties: Mobile Country Club in Rancho Cordova, California, and Meadowbrook Manufactured Home Community in Antelope, California.A lot of these big banks were bidding on it,” Storz said. “The $10 million financing for Meadowbrook was for a 10-year loan with a 3.75 percent interest rate, strong for such properties.”

He explained that Meadowbrook got the financing from Voya Investment Management, while another lender refinanced $15 million for the Mobile Country Club. Weiner said he’s also on the verge of obtaining $20 million in refinancing for other manufactured home property loans with Freddie Mac.

Such properties are not only good investments storz-management-california-mhpark_2now, but are set to become more so in the future,” Weiner said. “Developers rarely build new parks or communities anymore, and in particularly desirable communities, they’re being demolished to make the way for more lucrative housing projects.” However, he explained that in California, demographic trends suggest that both retirees and working-class residents will demand such communities as affordable options.

From his experience, Weiner believes that among real estate investments, no segment provides a better risk-adjusted return to investors than manufactured home communities. And, unlike most real estate segments, the lack of new manufactured home communities coupled with a growing population and demand for moderately-priced housing continues to create simple, but substantial economic benefit for manufactured home community investors. He added, “Better yet is that American manufactured home communities can never be ‘off-shored.’”

Weiner stated that his company, Storz Management has led the acquisition of more than 25 parks by pooling approximately $200 million in invested capital over the years. “This strategy has provided sound investment diversity and exceptional returns for our investors, as well as sustainable asset value for future generations,” he added.  ##

See related article, Investors Discover the Walmart of Affordable Housing.

(Photo Credit: Storz Management)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

 

Equity Lifestyle Properties (ELS) Reaches New 1-Year High at $56

January 16th, 2015 Comments off

equity-lifestyle-properties-collage-credit=els-posted-daily-business-news-mhpronews-The Ticker Report tells MHProNews that Equity Lifestyle Properties (NYSE:ELS) reached a new 52-week high during trading on Thursday. The company traded as high as $56.57 and last traded at $55.70, with a volume of 104,135 shares changing hands. The stock had previously closed at $56.30.

Several analysts have recently commented on the stock.  Analysts at The Street upgraded shares of Equity Lifestyle Properties from a “hold” rating to a “buy” rating in a research note on Monday, November 3rd.  Separately, analysts at Citigroup, Inc. reiterated a “neutral” rating and set a $48.00 price target (up previously from $45.00) on shares of Equity Lifestyle Properties in a research note on Thursday, October 23rd.

The stock has a 50-day moving average of $51.75 and a 200-day moving average of $46.79. ELS has a market cap of $4.692 billion and a price-to-earnings ratio of 41.28.

Equity Lifestyle Properties (NYSE:ELS) last released its earnings data on Monday, October 20th.

The company reported $0.69 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.68 by $0.01. The company had revenue of $200.56 million for the quarter, compared to the consensus estimate of $186.94 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis.

Equity LifeStyle Properties, Inc., (NYSE:ELS) is a real estate investment trust (REIT). The Company is a fully integrated owner and operator of lifestyle-oriented properties and has two segments that include Property Operations and Home Sales and Rental Operations.  ##

See related articles here:

(Photo Credit: Equity Lifestyle Properties)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

 

Authorities Prevent Residents’ Association From Raising Their Own Site Rent

January 9th, 2015 Comments off

52-seminole-drive-wheel-estates-manufactured-home-resident-owned-community-credit=century21-posted-daily-business-news-mhpronews-com-smaller-

A manufactured home community in North Adams, Massachusetts, has experienced some roadblocks in trying to raise their own site rent $40 per month in order to make needed improvements. Wheel Estates was purchased by the tenants in 2013, with the help of ROC USA, as was reported here in the article linked here.

The property is managed by a democratically elected board of directors voted in by homeowners, according to their website.

Last fall, their Association voted to apply for a rent increase — up from the current $349 per month — based on “what we needed to run the park in the coming year with all the increases in electricity and the sewer and water [fees] and other utilities that were going up,” Sandra Overlock, president of the Tenants Association, said. “We all agreed that in order to run the park and pay the bills we have to pay, we need to increase the rent,” she explained.

The Berkshire Eagle  tells MHProNews  that at a recent meeting of the Tenants Association, Rent Control Board Chairman Wayne Wilkinson asked the Tenants Association to withdraw its request. “Right now we don’t have enough information to be able to pursue this petition,” Wilkinson said, adding that if the association didn’t withdraw the request “you’re probably going to be an unhappy camper” when the hearings are complete.

Wilkinson warned Overlock and Tenants Association Vice President Jesse Martinez that their application should be based on the previous year of expenses, not what increases are anticipated. The Tenants Association only provided 10 months of prior expenses, Wilkinson noted.

Rent Control Board Vice Chairman James Morocco also pointed out that rent increases based on capital expenditures should be applied for separately. The increase was partly to pay for “a water project that we have to finish in the cul-de-sacs in the other part of the park in the spring,” Overlock said. Once a project is paid for and taken out of the park’s budget, it would have to be subtracted from the rent, according to Wilkinson.

The project is intended to reduce water line breaks, according to Martinez, and was not covered under a recently completed $1.1 million capital improvement investment.

Wilkinson questioned increases in fees and a 10 percent rise in employee costs in the community’s budget, in addition to being puzzled by the layout of the park’s expenses. “Nothing in your petition matches up to your expenses in any way shape or form because they’re based on two different timeframes,” Wilkinson said.

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Rent Control Board Vice Chairman James Morocco also pointed out that rent increases based on capital expenditures should be applied for separately. The increase was partly to pay for “a water project that we have to finish in the cul-de-sacs in the other part of the park in the spring,” Overlock said. Once a project is paid for and taken out of the park’s budget, it would have to be subtracted from the rent, according to Wilkinson.

The project is intended to reduce water line breaks, according to Martinez, and was not covered under a recently completed $1.1 million capital improvement investment.

Wilkinson questioned increases in fees and a 10 percent rise in employee costs in the community’s budget, in addition to being puzzled by the layout of the park’s expenses. “Nothing in your petition matches up to your expenses in any way shape or form because they’re based on two different timeframes,” Wilkinson said.

The Wheel Estates Tenants Association is expected to submit a revised application early next year.

Mary O’Hara, with ROCUSA told MHProNews that, “like every other community owner, ROCs have to work within the local regulatory system and respect local jurisdictions’ need be consistent not absolutely not set precedent.”

Ms. O’Hara added, “Wheels Estates ROC has completed $1MM in improvements and is about to complete their final phase this spring, about $400,000 worth of work.  The Rent Control Board acted on their petition without prejudice because the resident corporation does not yet have a full year of post-improvement operating expenses to present.” 

The insights and ironies in this story are many.  The residents are wisely wanting to invest in their own property, to make sure that needed maintenance is properly done in a timely fashion.  That same need to invest in a property exists with investor owned properties, not just resident owned communities.

Yet here the local jurisdiction – because of rent control, etc. – are making it harder for residents to do what is needed to keep their property up.  Properly operated MHCommunities – resident or investor owned – need standards. A better understanding by media and public officials of that reality, which is no different than a neighborhood homeowners’ association for site-built housing, can only help home owners in communities across the country.  ##

Editor’s Note1: Related article:

http://www.MHProNews.com/blogs/daily-business-news/high-demand-for-manufactured-homes-in-manitoba-but-limited-spaces-in-mh-communities/ 

Editor’s Note2: Mary O’Hara will be at the Lessons Learned in Manufactured Home Communities Panel Discussion in Louisville, KY.  See link here to this event, which is free to most MH Industry professionals. Other panelists will be from UMH Properties, Newport Pacific and from a ‘mom and pop’ family operated community backgrounds.

(Photo Credits: Century21, Wheel Estates and CDI.org)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.