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Posts Tagged ‘Pacific Ocean’

Capital One Arranges Purchase of CA Manufactured Home Community

July 23rd, 2015 Comments off

mfg community  california  progressive housing creditAccording to abladvisor, Capital One has provided a $4.6 million fixed-rate loan for a repeat client to acquire Ocean West, a 127-unit, age-restricted manufactured home community (MHC) in McKinleyville, California. Built in 1979 and renovated in 1986, the property is located less than a mile from the Pacific Ocean, and remains near full occupancy.

Two parcels of adjacent land associated with the community ownership may be developed at some point for expansion. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, who originated the transaction, said, “To facilitate this expansion, we inserted language in the loan documents that would allow the second phase to be added to the existing collateral at a later date. This sets the stage for an additional loan once the second phase is leased.

MHProNews has learned the 12-year fixed-rate loan has five years of interest-only payments and 11.5 years of yield maintenance, followed by a 30-year amortization payable on an actual/360 basis. ##

(Photo credit: progressivehousing–manufactured home community in California)

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

CBS Highlights Manufactured Homes

May 19th, 2014 Comments off

On the CBS Sunday Morning show segment May 18, the commentator -Mark Straussman – interviews a man standing in a manufactured housing community (MHC) in Santa Fe, New Mexico, who refutes the stigma often attached to residents, saying, “That is totally unfair, these are really good people, hard-working people you would find in any residential community.”

The CBS News commentator notes that there are more than 8 1/2 million manufactured homes in the U. S. and “They all start as boxes on wheels, in a factory, then driven to a home site,” sounding as if one might actually drive them as one drives an RV or a car, but then says 97 percent of them are never moved again.

An old newsreel depicts cars pulling travel trailers as the voice over says the upsurge began after WWII and they evolved into low-cost housing, and then into a more affordable housing option today.

Interviewing MH retailer Mike Bustamante in Santa Fe who is standing inside a new 2,300 square-foot MH homes that sells for $115,000 including delivery and set-up, Bustamante says it is one of his best-selling models. When he first started selling homes, they were little more than boxes, but have now become affordable luxury, as the camera pans the inside of a beautiful new home.

Jennifer Siegal, of Office of Mobile Design, a designer in California of more upscale MH and modular homes, says manufactured housing has gotten a bad rap because of the materials used. She designs “green” homes that are “a new experience that’s full of light, that’s fresh, that’s responsive, and affordable.”

The commentator then highlights the Paradise Cove Mobile Home Park in Malibu, CA where spectacular homes for the one-percenters sell for seven figures, in part because of the view of the Pacific Ocean. Realtor and resident Kirk Murray proclaims the materials, the finishes and the construction are as good as any site-built home. ”Not only is there no stigma to these mobile homes, it’s trendy,” he says. “This is the hot spot to be in.” He says the sites may rent for $3,000 and that the residents could live anywhere, but they like the sense of community and the security of it being safe to raise a family.

 

If your web-browsing device isn’t “flash friendly,” you can find the CBS News video at this link.

Note: CBS News video begins with a short commercial, before the report begins.

Switching back to Jennifer Siegal and one of her upscale designs, the commentator asks, “So is the McMansion dead, long live the mobile home?” “Absolutely,” comes the reply.

While the report uses incorrect verbiage, such as “mobile home” or “trailer,”  the overall tenor of the report is clearly favorable for the industry and its home owners. ##

(Photo credit: Office of Mobile Design–Jennifer Siegal standing in front of one of her homes.)

Stunning 2 Million dollar manufactured home, but TMZ and media struggle to ‘get it’

August 30th, 2013 Comments off

betsy-russell-saw-star-1,999,999-manufactured-home-'mobile-home'-credit-redfin-mls-posted-daily-business-news-Saw star Betsy Russell recently listed her lavish, custom manufactured home overlooking the Pacific Ocean in ritzy Malibu for just a buck under a cool 2 million. TMZ and other media outlets both raved and ranted. “On top of the nearly $2 million price tag, the HOA fees will run the new owner a whopping $3,565 a month. That’s another $42,780 a year.” The media has little notion of the advantages that millionaires such as Russell, or more millions of owners of more modest means have with modern manufactured homes, including those placed in land lease communities. What sounds like a lot of money for site fees (aka “lot rent”), in many jurisdictions means you have little or no real estate taxes, and may have little or no personal property taxes. This is why the listing agent can correctly boast that it is the most amazing home-with-a-view value under 2 million dollars in Malibu, CA. For those who don’t know that market, another manufactured home sold in the same community for 1.1 million. ManufacturedHomeLivingNews.com will showcase Russell’s manufactured castle as a “featured home” as part of an article which will include 17 photos. Check back for a link here once its posted, or sign up for our popular, free twice weekly emailed news and tips alerts to get the link to that upcoming story. ##

(Image Credit: MLS/Redfin)

West Coast Housing Gaining Momentum

December 28th, 2012 Comments off

Santa Cruz Sentinel says the median home price in Santa Cruz, Calif. as of Nov. was $510,000 for a two bedroom on the west side of this Pacific Ocean border town. The same 510k would get you a three or four bedroom home in other parts of the city. Listings have been shrinking—down a full third from two years ago to 598 and some buyers in this area south of San Francisco are unable to find what they want. Gary Gangnes of Real Options Realty says the median price has been above $500,000 for five consecutive months; and 14 of the last 15 months sales have been above the previous year’s. Default notices dropped 25 percent from 2011, and the unsold inventory index fell to 3.5 months, half of what it was in 2010, and the lowest since 2005. As MHProNews has learned, ordinarily any number below six months will lead to increased prices.

(Photo credit: Rick Puckett/santacruzpictures)

Astounding Price Tag of Modest Factory-built Home

April 19th, 2011 Comments off

America On Line (AOL) tells of a $2.5 million factory built home in tony Malibu, California, set on a bluff overlooking the Pacific Ocean and the Santa Monica Bay.  The two-bedroom, two bath, 2,300-square-foot home occupies a homesite that rents for $2,000 a month.  According to realtor David Carter, several other homes in the Paradise Cove community that do not have breathtaking views of the ocean typically sell in the $300,000-600,000 range.  All the residents have access to the famed Malibu Beach private beachfront.  There are traditional homes nearby priced at $45 million and up.