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Mobilehome Sales Trends

Comparable Mobilehome Sales

(See tabulation of recent market activity below.)

The most comparable park to PSVE in location, age, physical characteristics and amenities is, of course, El Dorado, particularly since it adjoins PSVE, is about the same vintage with mobile homes similar to those in the PSVE park and has recently undergone the conversion process.

Lots were offered to residents for a limited period at $83,600 to $105,600 and have since been increased in stages and are now priced from $132,000 to $167,000.

 When residents that did not purchase their lots now try to sell their mobile homes, the buyer must purchase the lot separately at the new price set by the park owner.  Although, the home and lot are priced individually, the buyer is actually paying a single price for the total package and does not really care how the prices for the mobile home and the lot are distributed.

Buyers compare prices with like quantities in other parks and the prices they pay are what establish the current competitive market.   For instance, if buyers can purchase a comparable mobile home with the lot included in another comparable park for $180,000, then the price for the total package in other comparable parks would be the same, regardless of the prices attributed to the two price components.

The El Dorado park owner’s prices for the lots are not based on a competitive market for comparable lots, so the resident who wishes to sell is compelled to adjust his or her mobile home price to meet the prices the competitive market demands for the total package.  If the park owner sets a high price for the lot, the price of the mobile home will have to be reduced to meet the competitive market price for the total package.  Conversely, if the lot price is low, the value of the mobile home will be increased.  An inspection of current El Dorado sales highlights this market adjustment phenomenon.

Naturally, mobile homes and lots, and particularly mobile home parks, are never exactly comparable, so buyers must make value judgments for differences in age, location, quality and features.

A summary of recent MLS sales activity in the El Dorado and Palm Springs View Estates parks is compiled below.