Interesting Priority to Real Estate
While in California a couple of weeks back, I strolled around in a senior citizen manufactured home park. Others might call them mobile homes, and I even hear people call em trailer parks. I think they could be a lot of all things, as this particular park I was in had homes from the late 1960’s and all the way up to literally brand new builds.
I grew up calling them trailer parks, but they did come in a wide variety. I can remember as a young boy, my grandparents lived in a park like this in Southern California near Santa Barbara, you could eat off the ground, the clubhouse was spotless, and anyone under 21 was not able to swim in the pool after noon each day…….but I digress, because 40-ish years later, I’m walking thru this one, and bam, I couldn’t believe my eyes, but lo and beyold, an owner in there has a Maserati. Being a car guy, this isn’t the type of vehicle I would have expected in a “park”…….but then I started to wonder why I thought that.
The next day I was back out and one of the homes in this park was for sale. Asking was $157,000. I walked thru it, and had I not known I was in a “mobile-manufactured” home, it felt and looked exactly like a stick built “normal” home. I also had the chance to go thru one built in 1970, it was nicely remodeled with an open concept type layout. In short, very nicely done, very comfortable and as livable as any home anywhere. Purchase price was $35,000 (this year purchased), and I figure around $25,000 put into it to tune it up.
Now down this way, homes are $500k and up. That gets you a very ordinary home in a very ordinary neighborhood. Or you pay $150k, and buy a Maserati, roll around town in style and still have roughly $250k in change laying around……….
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