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Posts Tagged ‘price tag’

FHA Bailout may be Impending—Price Tag Nearly a Billlion

September 26th, 2013 Comments off

Word is making the rounds the Federal Housing Administration (FHA) will need a U. S. Treasury bailout when the fiscal year ends, as HousingWire has learned from a report by Reuters. There was a suggestion several months ago from FHA and the White House of a possible need for a $943 million bailout—FHA Commissioner Carol Galante said the funds may be required at some point. Rep. Scott Garrett, R-N.J., wrote, “For several years now, President Obama has kicked the can down the road while the Federal Housing Administration’s (FHA) fiscal position continues to worsen. This bailout would require no congressional action, and that’s a problem. The PATH Act, recently passed by the House Financial Services Committee, will reform our housing finance system and get the FHA back on track to prevent future bailouts.” As MHProNews has learned, HUD did not immediately comment on the report.

(Image credit: HousingWire)

Vermont Promotes Energy Efficient Manufactured Homes

September 20th, 2013 Comments off

An innovative collaboration between affordable-housing and energy-efficiency advocates has resulted from the destruction wrought by Tropical Storm Irene that destroyed or damaged 560 manufactured homes in Vermont. Many manufactured housing communities (MHCs) are located in low lying areas, making them more susceptible to flood water damage. Since many residents of factory-built homes are at the lower range of the income scale, according to vnews.com, the challenge to recover from such a loss is a bit more difficult. The Manufactured Housing Innovation Project concluded that building a manufactured home to be super stingy with using energy will cost more initially but will save enough energy to justify the higher price tag. MHProNews has learned manufactured homes being built in White River Junction through a pilot project will put the report’s conclusions to a test. Although conventional mortgages are not generally available to buyers of manufactured homes, and coming up with a down payment can be tough, subsidies and tax credits are available through affordable housing programs.

(Image credit: Nobility Homes)

Aussie Firm Expands Manufactured Home Reach

September 4th, 2013 Comments off

Ingenia Communities (ASX ticker:INA) of Sydney, Australia has acquired two manufactured home communities in Mudgee, New South Wales, Australia for $11.2 million. The Mudgee Valley Tourist Park had a price tag of $4 million, according to proactiveinvestors.com.au, while the Mudgee Tourist and Van Resort sold for $7.2 million. Ingenia specializes in senior housing communities, owning 44 properties with 3,200 units, including 1,105 manufactured homes. MHProNews has learned Mudgee is in southeast Australia near Sydney.

(Photo credit: Darren–Brisbane, Australia manufactured 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)

Modular Cottages Going up for Seniors

August 15th, 2013 Comments off

The city of Saco in southern Maine near the Atlantic Ocean is partnering with the Biddeford Housing Authority to develop modular homes on a donated three acre parcel of land for seniors who are seeking to downsize. Because the land has an industrial past going back to the 19th Century, the city received $200,000 from the Environmental Protection Agency (EPA) to clean the brownfield site and make it suitable for housing. With a price tag of $140,000, the homes would be marketed to over-55 seniors seeking affordable housing who cannot afford to move out of their current homes. As keepmecurrent reports, the development is in its early stages and plans have yet to be submitted to the Saco Planning Board. The single-family homes would be individually owned and the land would be common land. MHProNews has learned the goal is for each modular cottage to be pre-sold prior to the actual development to keep the costs low.

(Image credit: keepmecurrent/images)

Modular Units Transform into Hotel in Japan

July 1st, 2013 Comments off

Factory-built homes in Japan are a rarity, in part because Japanese roads are narrower and strict regulations govern size of cargo that can be moved on them. One man in Ibaraki Prefecture has a part-time operation importing very basic modular homes from Canada. Though very plain looking, they were built to withstand Canadian weather and are thus airtight and structurally sound. Although they move on wheels much like pre HUD Code homes, they can also be folded down into a more compact unit for transport, but even then the maneuvering through roadways is still tight. The main advantage to these homes is they are not subject to property taxes, and the price tag of $3,000 to $7,000 make them very affordable. Four innkeepers who lost their facilities in the tsunami of March 2011 that wiped out Onogawa were denied the right to rebuild because the government said the land had to be raised 12 1/2 feet, an expensive, time-consuming operation. Instead, they combined resources and spent $100,000 assembling a community of factory-built homes they operate as a hotel. As MHProNews has been informed by japantimes.co, El Faro has 108 beds as well as a front desk and attached restaurant.

(Photo credit: Philip Brasor/japantimes.co)

Long Island Builder Moves to Modular

January 9th, 2012 Comments off

Before the housing bubble burst, builder Howard Kipnes would buy land speculatively and then build the home upon receiving a contract. That ended with the housing bust. Newsdays tells MHProNews.com that according to the U.S. Census Bureau, permits for single-family homes on Long Island, New York, fell to 90 in November, 2011, compared to 160 four years earlier. In New York, 421 modular homes were shipped in the third quarter of 2011 as opposed to 338 in the same period 2010. Kipnes began selling modulars because they require half the time as a site-built dwelling, and their price tag is 5-10 percent less. Westchester Modular Homes in Wingdale, NY manufactures the custom-built modular homes that he then assembles on clients’ property. Now completing his fifth modular home, he received a $480,000 Small Business Administration loan to remodel an 8,000 square foot space (he shares some of the space) and showcase his new product, including a large flat-panel monitor customers can use to design their home. He says buyers are still cautious about factory-built homes, but the inquiries have increased in the past year. He currently is working on 30 proposals.

(Photo credit: Ed Betz/Newsday)