Sunday, September 8, 2013

How Much Are Our Units Worth?

Mesa Dunes Sunflower
UPDATE:  At the HOA Meeting of 9/10/2013, Jeff McAlister inferred that financing our homes after conversion would be difficult because Murphy Bank wasn't big enough, Community West Bank wouldn't loan until 40-50 people had purchased and there were comps for the park and that none of the big banks would make mobile home mortgages.

My research agrees with the points about big banks and Community West Bank. (See Financing Highlights).  That left a question in my mind about whether or not Murphy Bank was "big enough."  So I sent Richard Laxton at Murphy Bank an email and asked him if they could handle 50 sales in the first 90 days. (After that Community West Bank would be interested.)

His response was brief and reassuring: "50 lots is fine."

Ed. Note:  this information was sent to me by a smart, savvy resident who prefers to remain anonymous.  I'm delighted to print anything that helps us understand more about our homes and potential value.

HOW MUCH IS OUR MESA DUNES MOBILE HOME WORTH TODAY?

Many of us have expressed concerns about the future value of our home if we purchase our lot.  Many of us do not know what our home's market value is in today's market.  Knowing today's value might impact our conversion decisions.

One resident recently obtained facts on specific sizes and ages of MD homes that sold during a one year period.  Since Mesa Dunes has over 300 homes of all ages, sizes and condition, present market value comparisons can only be done between similar homes.  If your home is similar, this information may help you find what your home likely is worth in today's market.  If you upgraded or remodeled your home, the market value may be higher than these averages.  There are many variables in real estate that we cannot identify in these sales prices.  Things such as home condition, park location, traffic, landscaping, lot size, view, condition of neighboring homes, etc.  Only a certified appraiser can inspect your home and give a market value of what your home is likely worth.  This comparison is for general information only.  

FACTS ON MD HOMES SOLD BETWEEN APRIL 1, 2012 AND MARCH 31, 2013

This comparison has eight sold homes.  All were built in 1999 or later, have at least 3 bedrooms and 2 bathrooms and are at least 1300 sq. ft.

SALE PRICE    SOLD          BED/BA     BUILT     SQ. FT.     $/SQ. FT

  54,000         5/4/2012        3/2        2000       1344           $40
  85,000         5/15/2012      3/2         2004       1630          $52
  74,000         7/19/2012      3/2         1999       1500          $49
  47,000         7/31/2012      4/2         2001       1560          $30
 136,000*       8/14/2012      3/2           ?          1990          $68
  82,500         9/25/2012      3/2         2000       1568          $53
  85,000         10/26/2012    3/2          1999      1512          $56
  87,500         12/27/2012    3/2          2001      1608          $54
  89,000         3/28/2013      3/2          2001      1500          $59

AVG. SALE                                            AVG AGE      AVG SIZE
$75,500 (not including *sale)                       2000         1528 sq. ft.

* This sale was reported by an anonymous comment ... Zillow.com says this unit had $40K of upgrades in past 8 years ... including a 40 foot trex deck.

Here's a recap of AG mobile home with lots listings as of 9/9/2013.  Both Bolsa Chica and Sunrise Terrace are "shared membership" parks.

Address
Price
Built
SqFt/ $ per sqft
Days on Market
812 Hacienda (ST)
$15K + memb
1976
1200
$179/sq ft
33
374 Sunrise (ST)
$20.9K + memb
1977
1440
$153/sq ft
74
296 Sunrise (ST)
$175K (includes memb)
1977
960
$182/sq ft
398
848 Convington (ST)
$250K
2003
1458
$171/sq ft
56
820 Innesley (ST)
$292.5K
1975 (remodeled)
1600
$164/sq ft
59
820 Broadmoor (ST)
$299.5K
2005
1357
$220/sq ft
294
350 Sunrise (ST)
$343K
2003
1570
$218/sq ft
23
812 Devonshire (ST)
$349K
2005
1790
$194/sq ft
536
Bolsa Chica #12
$239.5
2007
1612
$148/sq ft
60
Bolsa Chica #26
$255K
2001
1720
$148/sq ft
53

ST = Sunrise Terrace

Numbers Game:

Obviously, the numbers fluctuate a lot, however, between these two parks, it looks like you could take a range of $230K - $330K as an average listing price. Take away the average unit price of $75K and that would leave a land valuation of $155K to $255K.

This is another meaningless number of course until the actual appraisal is available, however, it does give us a range to think about.

Sales in Mesa Dunes 1998 - 2013

Connie Winstead, realtor, furnished us with detailed sales from 1998-2013.  Here are the median prices and average square foot prices.


Sales in Mesa Dunes 1998 - 2013




2 comments:

  1. Why was Space 212 not posted? It was sold for $136,000 on 8/14/12.

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  2. Anonymous ... oh how I wish you would identify yourself ... thanks for this. I'm checking to see why it was missed in the report ... maybe it was outside the parameters because it had a garage, view or some other difference. Great to hear about the higher price, though so I will definitely check it out. Joyce

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