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Ram B, Home Buyer in Hillcrest, San Diego,...

I like a modular home.How should we use COMPS of onsite built homes to modular home?By what % less is it

Asked by Ram B, Hillcrest, San Diego, CA Sat Jul 5, 2008

Please advice. the price per sq feet for normal onsite built home is 190/sq ft. I would also want to know from realtors that do people like modular home. Will I find it difficult to sell .

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Modular homes on foundations in my area and those I know of are the same as site built homes. you don't even have to disclose its modular. Manufactured homes are different and typically require mre down and or higher interest rates. Therefore they tend to sell for less, but still go up and down at the same rate as the market in general. What area are you in?
0 votes Thank Flag Link Fri Sep 19, 2008
Our MLS allows us to note the style of the homes and that's where it is noted, Manufactured and Modular/Mobile. Although it's a bit different because Modular home can be contructed on a regular homesite or at a mobile homesite.

However, sincer there are not many of those in Marin, or probably, anywhere, I also remember seeing an owner has to get special approval from her town / neighborhood to build a luxury modular home; and I am talking about LUXURY home, I wonder how much statistics are out there for comps.

Sylvia
0 votes Thank Flag Link Sat Jul 5, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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I am amazed there are markets that differentiate between stick and modular homes for sale purposes. In PA, not only is it not necessary to disclose but most of the time people don't even know if a house is stick or modular. The real difference is in the construction method, not the final quality. Are the other answereres talking about kit or manufactured homes? Obviouosly they are very different. Modular construction can be a big cost saver in large metro areas where stick construction costs are high. For example it makes a LOT of sense to build modular in New York City, where you have major union issues and high labor and material costs - you can order a modular house built in non-union areas of rural PA for a SIGNIFICANT price reduction and then just have it finished on site. A couple of things I would suggest keeping in mind:

1. Accessibility - You are sending a fully made house to your jobsite. Dont let the manufacturer tell you they can do it, without doing your own research. If they can't fit your house down your street there is nothing they can do and they will keep your money and you will lose your house (unless you get a helicopter to bring it in).
2. Location - In lower labor cost areas like Philadelphia stick framing can make a lot more sense $$$ wise. I can build a 3 story house at a high construction grade with finished basement and over 2400 square feet for under $100,000. However stick framing means you deal with many trades and its easy to find unscrupulous trades who will rip you off or not do the work/... Make sure you're built for the stress.
3. Timeframe - Modulars take a few months to create. There was huge backlogs at the end of last year that could seriously delay your delivery date. Right now it is a good time to order modulars. Like Chevy and GM, they have gas guzzling trucks and they are trying to give them away, modular builders are doing a similar thing in this tough market.

Call or email me if you have any questions or want advice.
0 votes Thank Flag Link Sat Jul 5, 2008
When doing comps the agent should compare apples to apples. In other words homes typically in the same neighborhood or area. The same square footage, year built, number of stories, type of sale, A modular home is no where in the ball park of a stick or site built home. I would recomend contacting a Realtor who is famillar with the area you are moving to give you advice about prices.
0 votes Thank Flag Link Sat Jul 5, 2008
Hi Ram:

Your profile and question do not say where you want to buy.

On our MLS in Marin,CA; we have a special category for Modulars homes and we do comps specifically for those. You want to be careful of module homes because there are other fees associated with that.

My suggestion is for you to talk to a Realtor in your local area. They will be able to not only provide you with a comp for modular homes, but the trend in your area - whether Modular homes will be good investment in the long term.

Sylvai
0 votes Thank Flag Link Sat Jul 5, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
Not many are sold you may need to work with realtor and appraiser determine how long properties set on the market and etc. Research is going to be key http://www.lynn911.com
0 votes Thank Flag Link Sat Jul 5, 2008
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