Saturday, July 09, 2005

WOW....Mobile Homes Over One Million

Buyers are paying seven figures for mobile homes in hot areas of California, while trailers in Key West, Fla., are reportedly going for a half-million dollars.

"Those are the hottest (prices) I've ever heard," says Bruce Savage, a spokesman for the Manufactured Housing Institute.

A two-bedroom, two-bathroom mobile home on a lot in Malibu, Calif., is selling for $1.4 million, while Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow.

Observers note that California's million-dollar trailers are located in gated communities with high-end amenities, ocean views, and spacious lots. And even with their big pricetags, they cost significantly less than nearby single-family homes.

FYI...Did you know there is an ocean view mobile home gated community in Rancho Palos Verdes with a golf course? Newport Beach has a lovely park on the bay.

However, mobile-home buyers do not own the land, are required to pay "space rent" that often tops the monthly mortgage payment. They also must make cash purchases or obtain personal loans because lenders do not provide mortgages if land is not included in the deal.

Source: USA Today (07/06/05); Krantz, Matt

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