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| Stonehenge at Montana de Oro |
Other Conversions:
It is always enlightening to look at other mobile home park conversions. It may take awhile to gather the information about conversions in our area and others but it should be helpful to look at ... and learn from ... their experiences.
NOTE: Please help make sure this information is timely and correct by adding your comments, questions and suggestions. Feel free to email me ... jwycoff@me.com.
Windward Village, Long Beach -
Bolsa Chica Mobile Estates, Arroyo Grande - This 55+, 65-unit, small but lovely park has a club and a pool. The residents bought the park 18 years ago for about $1.5 million so each resident owns a share of the park. The HOA fee is $148 per month. They do not have land deeds as is proposed for Mesa Dunes, which makes getting financing difficult. When I visited on 9/10/2013, there were four units for sale in the park and most were in the mid-$250K range. I asked Gloria, the manager, whether the inability to get mortgages was causing any sales difficulty and she said no … that most buyers were paying cash from previous home sales. We were parked in front of a unit with an "in escrow" sign on it and she told me it sold for $200,500 and was a 1977 unit that was basically a pull out that would be replaced with a new unit.
Sunrise Terrace, Arroyo Grande - This 55+, 300-unit park on 54 acres is a "non-profit mutual benefit corporation" where residents own a share in the park, currently priced at $200K (same price since 2005). The park has a lovely greenbelt which includes a 3-hole, Par-3 golf course, and a large, inviting clubroom, heated pool, exercise room and tennis court area. HOA fees are $175 per month and have not changed since 1997.
During a visit on 9/21/2013, I picked up a "Homes for Sale" flyer which showed 13 homes for sale, which included: 1 empty lot, 7 units built in the 1970s priced from to $175,000 (probably a pull out) to $389,900, and 5 units built since 2003 ranging from $250,000 to $359,900.
Knollwood Village Mobile Homes, Santa Maria ... see Ann Silver's report of this local, successful conversion.
San Luis Bay Mobile Estates, Avila Beach
Whale Rock Terrace, Cayucos
Sunny Oaks Mobile Home Park, Los Osos
Daisy Hill Estates, Los Osos
Rancho Colina, Morro Bay - Conversation with Natasha at the office. 68 units conversion 2011. Took 5 years. Currently 75% sold. Initial appraisal was $225-275k but because of the decline in the housing market, a second appraisal was required which valued the lots at $165- 195k. The owner offered a 60k price reduction for quick sale. Last unit sold was a newer unit: 350k.
Quail Run Mobile Homes, Paso Robles
Chumash Village, SLO
Info Source:
Keith Byrd Team has a listing with basic information of all parks in the region. Some of the information is out of date but it's a useful guide. Click here to go to the guide.
Author Affiliation: This blog does not represent legal opinion, park management, park ownership, the Homeowners' Association or any other person or entity other than the author (See About). However, information, ideas, or opinions from all of the above are welcome.
