Home Buying in Half Moon Bay>Question Details

Raymond Gall, Home Owner in Elizabethtown, KY

A list price for a mobile home does that include any mobile park fees or HOA? Many homes in Canada Cove Ave are listed for less than $250K

Asked by Raymond Gall, Elizabethtown, KY Sat Dec 15, 2012

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This question was asked from this property: http://www.trulia.com/property/3073661297-174-Canada-Cove-Av…

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Glen is spot on. If you have an opportunity to purchase a manufactured home in a resident owned condo conversion, sub division or planned unit development (PUD) in an area like Santa Cruz I'd take a very aggressive look at it.

However, if ti's in a Coop or corporation non profit or for profit I wouldn't touch it. This scenario can be worse than even a rent/lease park/community as you can't refi your home or qualify for a reverse mortgage if or when the need should ever arise. You don't own the dirt. What you own is stock in a corporation which a lender cannot lend on because they cannot calatoralize it with a stock certificate. They can only loan on the real estate which is own by the corp and not the individual.

However, once again just make sure you don't purchase a home that was built before June 15, 1976. This is a PRE HUD home and virtually impossible to finance. Additionally, many pre HUD homes were built using various caustic and carcinogenic chemicals i.e. formaldehyde and asbestos.
0 votes Thank Flag Link Mon Dec 24, 2012
Many of the parks in the HMB area you don't own the land. This keeps the overall home price down, but does allow rental rates to be much higher. Another coastal town to consider would be Santa Cruz. About an hour south there are parks where you own both the land and the home. Monthly HOA fees are much less. Let me know if you are interested in seeing any.

Glen Mitchell
Real Estate Broker and
Licensed Manufactured Home Dealer
0 votes Thank Flag Link Sat Dec 22, 2012
Seems pretty pricey but if it's close to the beach or has any other amminities it may be worth probing a little further. I'd just make sure to have a thorough inspection done by an experienced MH inspector and not just any home inspector.

Feel free to contact me for more details. I don's service that area but I'd be happy to discuss this with you at no charge just to make sure you're not getting ripped off. My cell is 760 815-6977. Or you can email me at onthelevel@cox.net.
0 votes Thank Flag Link Fri Dec 21, 2012
Space rent on that one is listed as $934 per month. Let me know if I can get you any more info on that home or others in the area.

Thanks,

Glen Mitchell
Real Estate Broker
Licensed Manufactured Home Dealer
650-260-4536
0 votes Thank Flag Link Sat Dec 15, 2012
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