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Posts Tagged ‘New York’

Stop, Manufactured Home “Thief”

October 23rd, 2017 Comments off

ManufacturedHomeStolenNotMobileHomePostStarDailyBusinessNewsMHProNewsIn the latest in our Daily Business News periodic reports on problematic, or allegations of illegal behavior that occur in the industry, a Pennsylvania man who stole a manufactured home in a storage lot was sentenced last week.

Robert D. Brown pleaded guilty to second-degree grand larceny, a felony, for what the PostStar described as a $60,000, 70’ manufactured home.

The September 2013 theft occurred when a professional manufactured home transporter (a.k.a. ‘toter driver’) took a home from a parking lot near the Big Apple Diner in Hampton, NY per the PostStar.

The case summary, per Don Lehman’s reports.

The 2013 theft of the home occurred in a parking lot off Route 4, in Hampton, NY.

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Lehman mini bio, per the Post Star.

The home had been left there by the owner, “pending transportation elsewhere.”

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RobertDBrownPostStarTheftManufacturedHomeDailyBusinessNewsMHproNewsPolice and the owner located it in south central Pennsylvania in the spring of 2014, and alleged that Brown carted it off and gave it to a relative.”

  • Brown was picked up by Washington County sheriff’s officers from the jail in York County, Pennsylvania.
  • Brown completed a sentence there for possessing the stolen manufactured home, for a 2015 case in Pennsylvania.
  • Brown had worked for a company that transported manufactured homes. His former boss fired him for theft, had determined that a home he had brought to Pennsylvania was stolen.
  • Police recovered the home, which Brown had allegedly gave to a relative.  The home was returned to the owner.
  • Brown was represented by the Washington County Public Defender’s Office for his arraignment.
  • The charge of grand larceny was punishable by up to 15 years in state prison.
  • Brown had no prior criminal history, and made restitution, and was given a plea bargain.
  • Washington County Judge Kelly McKeighan imposed the sentence Friday, and directing that Brown make $3,882 restitution. If Brown violates probation, he then faces up to 15 years in state prison.
  • Washington County District Attorney Tony Jordan said restitution was for loss of the value while it was unaccounted for.
  • Brown had no criminal record before the home theft, and he paid the restitution at sentencing on Friday, Jordan stated. He also completed a jail term while awaiting disposition of the case.

As HUD Code manufactured home industry professionals know, in spite of the inaccurate moniker of ‘mobile home’ used too often by the media, this kind of theft is a rather rare occurrence in the industry.  The reasons are many, including the fact that specialized skills and equipment are needed to move a manufactured home. Moves of a true manufactured home are rare, not routine.

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So to call a manufactured home ‘mobile’ is not only technically inaccurate, but it’s the least common state of the home; manufactured homes are immobile far more than mobile.

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Learn more from videos and reports, by clicking the linked stills above.

 

By contrast, the theft of motor vehicles in 2016 is larger than the total retail sales of the new manufactured home industry last year.  About $5.9 billion was lost to motor vehicle theft in 2016, per iii.org.  ## (News, analysis.)

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

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

The Curious Case of a Sewer System… Or Not

May 27th, 2017 Comments off
creditpoststar-postedtothedailybusinessnewsmhpronewsmhlivingnews

A look at the community in the 70’s. Credit: Post Star.

An interesting situation is playing out in the case of a Moreau, New York manufactured home community.

According to the Post-Star, the owner of Bluebird Terrace is taking a unique stance on whether his community should get sewer service.

There are no septic system problems there,” said owner John Cannone.

But I also desperately need sewer.”

The confusing response from Cannone just scratches the surface of the issue. The Moreau Town Board has been considering the issue for weeks, but Cannone did not reach out to board members or attend the board meetings.

I read news coverage about it, but didn’t then check the town website for agendas or the meeting schedule,” said Cannone.

I never knew there was a meeting. I will be at the next one.”

The Town Board says that it could apply for a federal grant on Cannone’s behalf, to bring sewer service to the community, and the grant would like cover almost all costs. One board member objected on the grounds that Cannone should pay the costs himself; while another member said that the system was not necessary.

In his defense, Cannone says he fixed all the septic systems in the year after he bought the community, and the state Department of Health confirmed that in 2015, and the community passed inspection.

But recently, residents have complained about issues with backed up toilets and odors, so the Department of Health inspected the community earlier this month.

Credit: Post Star.

The Department did not find any septic systems in failure or any evidence of sewage on the ground,” the department said in a statement.

However, two minor violations were cited related to the security of two septic covers. Although the security of the covers do not impact the ability of the septic system to function properly, the Department is in the process of following up with the park operator to ensure that these violations have been corrected.”

Cannone says that he’s also had to pump out one septic tank twice in the last month, but doesn’t think there are any problems with it.

That can fill up a tank quick,” said Cannone. And, he still wants the sewer service.

That would be awesome. Most likely because of neglect in the past, I’ve spent a small fortune just pumping septics. It’s not a great thing.”

The town board is due to discuss the grant application again at a June 12 meeting. ##

 

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

 

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RC Williams, MHProNews.

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

 

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City Residents Make Unexpected Moves – Opportunity for MH?

March 31st, 2017 Comments off
CityResidentsMakeUnexpectedMovesOpportunityforMHcreditForbes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Forbes.

New data shows an interesting trend – popular cities like New York, Los Angeles, and Washington D.C., normally destinations for living, are actually losing people in mass.

According to a study by Bloomberg, in the 100 most populous U.S. metros, the New York City area ranked 2nd, losing about a net 163,000 residents, Honolulu came in fourth, and Los Angeles came in at 14th.

These areas also have the distinction of having some of the highest inflows of people coming in from outside the country, which has a net result showing a steadily growing population, despite people leaving.

I have an idea of what’s going on here,” said Michael Stoll, a professor of public policy and urban planning at the University of California Los Angeles.

Soaring home prices are pushing local residents out and scaring away potential new ones from other parts of the country.

And, when those people leave, most often those who move in from abroad fill vacant low skilled jobs. How? Stoll has an idea about that as well.

They are able to do so by living in ‘creative housing arrangements,’” said Stoll.

They pack six to eight individuals, or two to four families, into one apartment or home. It’s an arrangement that most Americans just aren’t willing to pursue, and even many immigrants decide it’s not for them as time goes by.”

High skilled foreign workers coming into the country, specifically in the technology industry, they earn enough to live in high cost areas.

They are compensated appropriately and can afford to live in these high-cost areas, just like Americans who hold similar positions,” said Stoll.

One example is Washington, D.C., which had a lot of people from abroad arriving to soak up jobs in the growing tech-hub.

CityResidentsMakeUnexpectedMovesOpportunityforMHcreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

Rust belt cities like Cleveland, Dayton and Toledo, didn’t fare so well.

Even though the cost of living is low, the cities did not get the same influx of people that the other major cities did, which potentially shows that locals were leaving for lack of jobs.

This is part of a multiple-decade trend of the U.S. population moving away from these manufacturing hubs to areas in the Sun Belt and the Pacific Northwest,” said Stoll.

Retiring baby boomers are also leaving the Northeast and migrating to more affordable places with better climates.

 

Opportunity for Manufactured Housing?

Credit: Yahoo.

Many of those retirees have chosen a familiar location.

According to the Census Bureau, The Villages, Florida, was the nation’s fastest-growing metro area for the fourth year in a row, with a 4.3 percent population increase between 2015 and 2016.” The Villages includes a significant amount of manufactured home communities.

The Daily Business NewsMHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

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

City Makes Decision on Manufactured Home Zoning

March 29th, 2017 Comments off
amhinqueensburynycreditbayshorehomesales-postedtothedailybusinessnewsmhpronewsmhlivingnews

A manufactured home in Queensbury, NY. Credit: Bayshore Homes.

In Queensbury, New York, manufactured housing has scored a victory.

According to the Post Star, the town received word that a new state law will require it to allow the manufactured homes in residential districts.

The law, which originally passed in 2015, allows for any single-family manufactured home that “appears similar to other homes” to be included.

This is the catch: if it fits in aesthetically with the character of the neighborhood,” said Supervisor John Strough.

Now, traditionally, mobile homes [sic] are not allowed in your traditional residential district. Now, you cannot zone out manufactured homes.

New York state law now refers to so-called “mobile homes” as manufactured homes. As Daily Business News readers are already aware, most references to “mobile homes” by publications are incorrect, as the last mobile home was built in the U.S. in 1976. For a more detailed history on the journey from mobile to manufactured homes, please click here.

With the news, town officials say that they are now struggling to implement the law.

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Credit: Google.

The difficult part is if it fits in with the character of the neighborhood, said Strough.

Your opinion? My opinion? The neighbors’ opinion? Who does decide? What if it has a homeowners’ association?

It appears that the decision could be left to the town code enforcer or the Planning Board.

I can see some issues,” said Strough. “We’re going to be forced to deal with it.

According to state lawmakers, the law was designed to promote more affordable housing. Town attorneys are researching other municipalities to see how they are handling the integration.

 

Same Old Stereotypes?

The Daily Business NewsMHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

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

Landmarkers send Aluminaire House Packing from NY to CA

February 14th, 2017 Comments off
LandmarkerssendAluminaireHousePackingtoPalmSpringscreditCurbed-postedtothedailybusinessnewsmhpronewsmhlivingnews

The Aluminaire. Credit: Curbed.

After a strange four-year saga, a very unique prefab is finally getting a “home”.

According to Curbed, Aluminaire House, the 1931 modernist home designed by Albert Frey and A. Lawrence Kocher, was the subject of a heated fight between Queens, New York preservationists and two architects several years ago. During that fight, the home had been sitting in a storage facility on Long Island, as it waited to see if a place would be found for it in Queens.

While Queens didn’t work out, Palm Springs, California did.

And now the Aluminaire is on its way out west, where it will eventually be assembled on a site close to the Palm Springs Art Museum. And the story of how the trip, and the new home came about has its own twists.

Architects Michael Schwarting and Frances Campani, had a vision for a low-rise development in Sunnyside that would have included the Aluminaire as its centerpiece.

We thought it was a no-brainer,” said Schwarting. “We thought it was absolutely the right place.

LandmarkerssendAluminaireHousePackingtoPalmSpringscreditPalmSpringsLife-postedtothedailybusinessnewsmhpronewsmhlivingnews

Michael Schwarting and Frances Campani. Credit: Palm Springs Life.

The proposed site for the Aluminaire was a former playground within the Sunnyside Gardens Historic District, which meant that the architects would need to secure Landmarks Preservation Commission (LPC) approval before it could be put in place.

This did not go as planned, as more than 50 people testified at a hearing about the matter, and many of them vehemently opposed its placement in Queens.

This silver, modern, spaceship-looking edifice was going to be plopped down in the middle of our community,” said City Council member Jimmy Van Bramer.

Whether you like it aesthetically or not, it just didn’t belong there.

Schwarting and Campani said that the reason they selected Sunnyside was specifically because of its layout and its low-slung feel.

We wanted a site within a low-rise, high-density New York neighborhood to showcase the building as it was originally intended, ‘an easily constructed, low cost, modern urban house prototype,’” said the duo.

LandmarkerssendAluminaireHousePackingtoPalmSpringscreditOfficialPhotoRobertMoon-postedtothedailybusinessnewsmhpronewsmhlivingnews

Palm Springs Mayor Robert Moon. Official Photo.

Both the Aluminaire and Sunnyside Gardens were included in a 1932 exhibit at the Museum of Modern Art that showcased innovation in modern, affordable housing.

Once the LPC ruled against placing the Aluminaire in Queens, the city of Palm Springs stepped in. Mayor Robert Moon led a campaign to raise $600,000 to transport and rebuild the home in the city.

While about a quarter of the money has been raised, it was enough to get the Aluminaire on the road, and preservationists in Palm Springs are optimistic that they can restore the home to its former glory.

New York’s loss is our gain. Now it’s being appreciated.” ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

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

Future Looks Bleak for MHC

February 13th, 2017 Comments off
FutureLooksBleakforMHCcreditWIBX-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: WIBX.

In the Mohawk Valley of New York state, an ongoing battle between a manufactured home community and the town it’s in, one side landed what could be a knockout blow.

According to the Times Telegram, Bill and Virginia Jaquish, owners of the Creekside Mobile Home Park in German Flatts have been in a battle to keep the community open since 2013, and last Thursday, State Supreme Court Justice Norman I. Siegel denied a motion by the couple to set aside a judgment he issued in November.

The November ruling called for the Jaquish’s to close down the community, which is located in a flood zone. The couple applied for a floodplain development permit, and the town of German Flatts denied their permit. The town also claimed that Jaquish’s have “encroachments built in the floodway” of the creek that the community sits near.

According to town officials, the “floodway” is defined by law as the area where all development is generally prohibited due to the danger of flooding, according to a statement issued by the town.

As a result of the ruling, the Jaquish’s must close down and vacate their property, along with the residents, by May 31st, 2017.

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Bill & Virginia Janquish. Credit: Utica OD.

The floodway is defined by law as the most dangerous area, where all development is generally prohibited,” said German Flatts Supervisor, Frank Spatto.

The town board is encouraged by the Judge’s ruling again upholding our denial of the Jaquishs’ floodplain Development Permit.  We now look forward to the Jaquishs’ compliance with the Judge’s order to close the Creekside Park and move the residents of the Park out of harm’s way by May 31, and before another flood should occur.

Even with the denial of motion, it appears that the Jaquish’s plan to keep fighting however they can.

We brought this motion to ask the judge to reconsider based on evidence we believe he did not consider in earlier decision,” said Attorney Mark Wolber, who represents the couple.

The reason we brought the motion is that when you do an appeal you can only bring what was brought before the trial judge.

FutureLooksBleakforMHCcreditWKTV-postedtothedailybusinessnewsmhpronewsmhlivingnews

A sign at the Creekside Mobile Home Park. Credit: WKTV.

Wolber stated that there is another notice of appeal on this order and he expects the appeals will be consolidated and brought before the Appellate Court. He plans to ask the Appellate Court to stay the judge’s order until it makes a decision and to file the application for the stay in the next 30 days.

The appeal itself will probably take about a year,” said Wolber.

This mobile home park [sic] has been there for 50 years,” said Wolber. “It was flooded on only one occasion when the rest of the town was also flooded. To close it does not make any sense to me at all.

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A home at Creekside Mobile Home Park. Credit: Scoop Nest.

But Spatto contends there’s more to the story.

We all remember the storm of 2013 when residents of the park were evacuated to safety by town personnel and equipment. The flood law that the town board must enforce is important for public safety, and to maintain the town and its residents’ eligibility for federal flood insurance and flood relief,” said Spatto.

The Jaquish’s have refused to comply with this flood law, even though their property is clearly in a regulated flood zone defined by the federal government. The town cannot sacrifice programs, which are of benefit to the entire town and its residents, especially others who live in the flood zone, both upstream and downstream, to favor one single property owner. We would be shirking our public duty and responsibility if we did that.” ##

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

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

MHC Residents Hear Proposal for Superstorm Sandy Relief

February 8th, 2017 Comments off
MHCResidentsHearProposalforSuperstormSandyReliefcreditBayShoreHomeSales-postedtothedailybusinessnewsmhpronewsmhlivingnews

The entrance to Ba Mar MHC in Stony Point, New York. Credit: Bayshore Home Sales.

For the residents of Ba Mar Manufactured Home Community in Stony Point, New York, Superstorm Sandy is still fresh in their minds from the damage it inflicted in 2012.

On January 26th, residents packed Stony Point Center to learn about what options would be available to them through the Governor’s Office of Storm Recovery (GOSR).

According to the Rockland Times, this is not the first program offered, but it may very well be the last.

The problem is that the limit on what can be offered and spent by the Federal Emergency Management Agency (FEMA) is capped. Under the new proposal, those with a family of four or more would receive up to $125,000; three people, up to $115,000; for one or two people, up to $105,000.

Funds can be used to either buy a new home in another manufactured community, receive homeownership assistance for a single family house or condo, or receive 42 months of rent, made in two payments, based on household composition and eligibility.

For those who choose to take advantage of one of the three options, they would have their Ba Mar home demolished with installation costs for only a new home located outside the flood plain zone at no charge to them.

2MHCResidentsHearProposalforSuperstormSandyReliefcreditBayShoreHomeSales-postedtothedailybusinessnewsmhpronewsmhlivingnews

A home in the Ba Mar community. Credit: Bayshore Home Sales.

Moving costs would be covered by the Federal Highway Administration, with a standard relocation rate of $1,000-$2,000.

But many of the residents at the meeting expressed concerns about a number of potential issues.

Those that have children in the North Rockland School District had concerns about finding a new manufactured home in the same area, or not being eligible for homeownership due to poor credit.

Other residents said that rent offers most likely would not likely cover the average rental fees.

And comments from a resident who has already moved seemed to validate some of the concerns.

The cost for both a deck and a shed cost me $5000 out of pocket,” said Nancy McErleane, who had already moved to a new manufactured home in Stony Point under a previous GOSR offer.

You need a deck to get into the house.

Supervisor Jim Monaghan reassured the audience that the Ba Mar property is zoned for manufactured homes and will remain that way. For those who want to stay put, they can.

The GOSR provided caseworkers at the meeting to help residents get the process started if they wanted to take one of the relocation options, and would have someone on site at the community 2 to 3 times per week to help residents as needed.

3MHCResidentsHearProposalforSuperstormSandyReliefcreditBayShoreHomeSales-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bayshore Home Sales.

I hope things will work out for people still living here,” said Ba Mar spokesperson Millie Garcia.

Manufactured home communities are few and many residents will have difficulty finding decent housing, whether in North Rockland or elsewhere.

For at least one former resident, it’s not that easy.

We lost everything,” said Andy Lopez.

And there is no help out there for us.

The Rockland Action Coalition is working with GOSR to help Ba Mar homeowners and renters decide the next step. RAC can be reached at 845-708-5799 Ext. 202. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

Single Women Dominate Men in Home Buying

February 2nd, 2017 1 comment
LindseyBostickSunshineHomesManufacturedHomes-ManufacturedHousingIndustryNewsMHProNews

Image credits, Lindsey Bostick, Inside MH Road Show, home photo, Sunshine Homes and ManufacturedHomes.com.

In what could be considered a case of “don’t believe everything you hear,” it turns out that single women are active when it comes to home buying in a big way.

According to Newsmax, new research about women is revealing.

Women earn less than their male counterparts, pay harsher workplace penalties for pursuing parenthood, struggle more with debt, and save less for retirement.

But the one area of personal finance where single women are outpacing men in the U.S. is an important one: home ownership.

Women have been pacing ahead of men in data from the National Association of Realtors (NAR) since 1981, but Jessica Lautz, NAR’s managing director of survey research and communications says that the gap has widened even further in recent years.

SingleWomenDominateHomeBuyingcreditTwitterJessicaLautz-postedtothedailybusinessnewsmhpronewsmhlivingnews

Jessica Lautz. Credit: Twitter.

Single women are also likelier than single men to be parenting on their own, and therefore likelier to seek stable housing for raising children,” said Lautz.

If you have children, it’s definitely going to play a role in where you’re thinking of living and how. And a mortgage can provide financial security. I think women, even with lower incomes, want a place where they can have roots and really own a place. The psychological desire to do that is great.

And that was the case for Michelle Jackson, a 30-something writer from Denver.

SingleWomenDominateHomeBuyingcreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Michelle Jackson. Credit: Bloomberg.

I wanted to have my own place,” Jackson said.

A lot of people in my circle of friends were women purchasing their homes when they got married, but I still felt like I wanted to build my own wealth and buy. If and when I met someone, it’s something that just added to what I bring to the relationship. It didn’t make sense to wait.

Jackson ended up being pre-approved for a 30-year, fixed-rate mortgage and had put an offer in on a small, one-bedroom home in a triplex in Denver for $72,500.

She still lives there, and the home was recently appraised for double what she paid. She wants to renovate and possibly buy another property nearby.

I’m so happy,” said Jackson.

It’s completely changed how I feel connected to the place where I’m living. It’s one of the best things I’ve ever done.

SingleWomenDominateHomeBuyingcreditNAR-postedtothedailybusinessnewsmhpronewsmhlivingnews

What the chart above reveals is that single women are the next largest group of home buyers, behind married couples, but ahead of single men and unmarried couples. Credit: NAR.

The trend also runs contrary to popular belief  that women “feel the clock ticking” when it comes to settling down. One professor says that isn’t the case.

Despite the stereotypes that insist that women care more about marriage than men do, it may actually be single life that women embrace more than men,” said Bella DePaulo, a professor at the University of California at Santa Barbara and the author of “Singled Out.

Some research suggests that single women are especially unlikely to be lonely—again, contrary to our stereotypes. … I think that buying a home is a way of living your single life fully, rather than seeing your single years as just marking time until you find The One.”

And for Rachel Weiss, a fashion executive in New York, she’s embraced that mantra, using a chunk of saved cash to work on a dream home in Manhattan.

I outgrew my apartment 10 years ago, and buying a home was always in the back of my mind,” said Weiss.

But I didn’t know what to do and never knew if I could afford an apartment. I started looking online at Trulia and Streeteasy, and the next day [real estate agents] started calling. It wasn’t premeditated or anything. It was almost like I was on Tinder for an apartment.

Weiss ended up putting an offer down on a one-bedroom co-op in Chelsea for $640,000. It was accepted, and she moved in last August.

There was a psychological aspect to it, too,” said Weiss.

I’m in my 40s, and I looked at what my life was like. I’m not married, I don’t have kids. I can live alone, and fabulously. I feel empowered.

A Single Female in Manufactured Housing Speaks

Linsey Bostick of Sunshine Homes, a single, millennial female, recently spoke to MHProNews and MHLivingNews on the topic of home ownership.

LindseyBostick-SunshineHomesManufacturedHousingIndustryDailyBusinessNewsMHProNewsMany desire to move from renting to owning, but often struggle to find that a real possibility in the current site-built market. The manufactured housing industry can offer a solution to that problem,” said Bostick.

Bostick has lived in several kinds of housing, and now is a manufactured homeowner herself, so she knows.

Today’s manufactured homes can look and live like a conventional, site-built house, and can be half the price of new construction. Additionally, many manufactured homes are Energy Star rated, so they are more efficient than older, existing homes.

The story on Millennials and quality affordable housing is linked here.

Associated research from Pew is available here, and here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

Security Mortgage Group Finances 80,032,500 for Several Communities

January 24th, 2017 Comments off
SecurityMortgageGroupRecentCommunityLoansClosed-ManufacturedHousingIndustryDailyBusinessNews-MHProNews-

This community photo, logo and other images from the Security Mortgage website are the property of that firm, and are provided here under fair use guidelines. Text graphic and collage by MHProNews.

Rochester, New York-based Security Mortgage Group, a national award-winning MH Community lending broker, has provided $80,032,500 in financing for several manufactured home communities throughout the nation over the last few months.

Managing Director, Gerard D. DiMarco, Jr., secured financing for several MHC portfolios, including a repeat client’s portfolio of Midwest MHCs with a total loan of $6,900,000, an upstate New York MHC portfolio acquisition for a repeat client for $4,050,000 and a $14,500,000 loan for a client’s Ohio MHC portfolio.

GeraldDiMarcoJrSecurityMortgageGroupManufacturedHousingCommunityIndustryFinancingReFi-postedDailyBusinessNewsMHProNews-

Gerald DiMarco Jr, Managing Director, Security Mortgage Group. This photo and other images from the Security Mortgage website are provided under fair use guidelines.

Additionally, DiMarco helped to negotiate refinancing for a repeat client’s community located in South Bloomfield, OH with a loan of $5,297,000, and financing for a client’s purchase of an existing MHC located in Ocala, FL. The loan amount was $1,718,500.

All of the non-recourse loans featured a long-term fixed rate for repeat clients, DiMarco told MHProNews.

AnthonyDiMarcoSecurityMortgageGroupManufacturedHousingCommunityIndustryFinancingReFi-postedDailyBusinessNewsMHProNews-

Anthony DiMarco, Managing Director, Security Mortgage Group. This photo and other images from the Security Mortgage website are provided under fair use guidelines.

Managing Director Anthony J. DiMarco, also negotiated refinancing for several repeat clients including a loan of $15,375,000 for a 488-site MHC located in Cedar Rapids, IA, a $4,807,000 loan for a St. Louis area MHC, a $7,520,000 loan for a 333-site community located in Cedar Falls, Iowa and a $4,700,000 loan for an Indiana MHC portfolio.

Additionally, he secured financing for a repeat client’s purchase of a MHC located in Port Huron, MI with a loan of $13,500,000. The 496-site community includes a clubhouse and playground.

Vice President Pierce Redmond assisted in the negotiation of refinancing for a repeat loan of $1,665,000 for the Clintonview & Swiss Gardens Townhomes located in New Hartford, NY.PierceRedmonVPSecurityMortgageGroupManufacturedHousingCommunityIndustryFinancingReFi-postedDailyBusinessNewsMHProNews-

The Security Mortgage Group website says they are a premier national lending source for Manufactured Home Communities, and a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute (MHI.)

A look at Security Mortgage Group’s recent performance, which featured $40,853,000 in financing over the course of a week, is linked here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

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

Equity Lifestyle Properties (ELS) Investor Action

January 9th, 2017 Comments off
ELSmanufacturedhomephotocreditSeekingAlpha-postedDailyBusinessNewsMHProNews580x434

Credit: Seeking Alpha.

Investors are making moves in their positions of Equity Lifestyle Properties Inc. (NYSE: ELS), led by Waterfront Capital Partners LLC, which purchased a new position in the company during the second quarter.

Waterfront Capital Partners purchased 189,000 shares valued at approximately $15,129,000.

Other ELS investor moves include:

  • Checchi Capital Advisers LLC increased its position by 90.8 percent in the second quarter;
  • New York State Teachers Retirement System increased its position by 30 percent in the second quarter;
  • First Midwest Bank Trust Division purchased a new position in ELS during the second quarter worth about $200,000;
  • Janney Montgomery Scott LLC increased its position by 1.3 percent in the second quarter.

According to AR News, Equity LifeStyle Properties share price is up 3.52 percent over the last month, 4.12 percent over the last quarter, and 2.41 year to date.

InvestorActionatEquityLifestylePropertiescreditBloomberg-postedtothedailybusinessnewsmhponewsmhlivingnews

ELS 1 year look. Credit: Bloomberg.

As the Daily Business News previously reported, ELS updated its FY17 earnings guidance on November 29th, providing new guidance of $3.45-3.55 for the period, compared to the Thomson Reuters consensus earnings per share (EPS) estimate of $3.53. The company also updated its Q4 guidance to $0.75-0.81 EPS.

MargueriteNaderELS-MHProNews

Marguerite Nader, ELS.

Each year, we finish our budget process in October and provide detailed projections for the following year,” ELS CEO Marguerite Nader commented at the time.

We have issued guidance of $3.50 for next year, which is a 6.6% growth in FFO per share. Certain line items like seasonal and transient activity require more visibility to be able to forecast with more accuracy. As is our practice, we will update guidance each quarter as we have more knowledge about reservations at the property level.

ELS Q3 earnings report is linked here.

As manufactured housing professionals, investors and enthusiasts know, ELS is a REIT – a Real Estate Investment Trust – and is one of the largest owner/operators of manufactured home communities and RV parks in the nation. ELS is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. ##

(Editor’s Note: for A Cup of Coffee interview with ELS CEO Nader, click here.

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Sam Zell, ELS Chair, credits, MHProNews.

Sam Zell on Donald Trump’s victory, click here.)

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

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