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Movin’ Out, and We’re Not Talking About Billy Joel

Movin’ Out, and We’re Not Talking About Billy Joel

“Mama if that's movin' up. Then I'm movin' out”

Christopher Ebert
October 24, 2022

Well, I spoke too soon. The Minot park residents did not sit by idly while their rents were raised by $400. According to a resident cited in this article, “In the past two weeks, 10 trailers have been moved out.”

Also, can we take the word “mobile” out of “mobile home”? That way the media can stop pointing out this misnomer and using that as ammunition against park owners, such as this article. Just a thought.

Enjoy!

What We Are Reading

The Goods - Manufactured Housing

Mobile home parks’ residents seek answers, accountability

Nearly a year after Homes of America, LLC began buying mobile home parks in Minot, the issues and complaints being raised by residents remain the same. Communication remains a problem, with some waiting weeks or months for a response to their queries and requests.

Atherton couple buy mobile home park in San Jose for $41M

A couple from Atherton, considered the wealthiest town in America, has paid $40.7 million for a 315-space mobile home park in San Jose.

"We're gonna be homeless:" Mobile home residents have 6 months to move, abandon homes

“It couldn’t have happened at a worse time," said Tom Wozniak. Tom Wozniak has lived in Hi-Acres Mobile Home Park for 9 years — now he’s getting evicted.

Riverdale mobile home park redevelopment plans morphing, expanding

The area to be redeveloped into housing around Lesley’s Mobile Home park in Riverdale is morphing and expanding.

Owner of Gasparilla Mobile Estates makes decision: No more park, what's done is done

On October 10, while residents of Gasparilla Mobile Estates were busy picking up pieces of their lives from the neighborhood, the road and beyond, they received a letter they will never forget. It came from the owner of the property, letting them know their leases were terminated.

They own their homes but not the land. Residents want to change that.

Competition for housing has driven up home prices to record levels across Massachusetts. Some of the biggest gains have happened in communities where residents can least afford to pay more. GBH News is exploring the impact in the series Priced Out: The fight for housing in Massachusetts.

Opinion: More mobile home park residents deserve a shot at ownership

On Sept. 11, The Colorado Sun published a moving story about new laws changing Colorado’s mobile-home parks. A segment of the story involved the successful resident purchase of the Fort Collins’ Parklane Mobile Home Park. Parklane is home to 200 adults and more than 100 children, most of whom are Latino.

Why mobile home parks are better positioned for the Fed’S new interest rate jumps

Jerome Powell at the Federal Reserve is in the process of raising interest rates farther and faster than America has seen in over 40 years. And the effect of these increases has resulted in a plunge in the stock market coupled with a great deal of uncertainty regarding commercial real estate. While some sectors of real estate are already going down – such as single-family homes – the impact on mobile home parks has been much lower. Why is that?

Tiny homes, big change: How DC can adapt tiny homes to fight homelessness

On a late summer morning in Springfield, Missouri, Lymon Sanderson stood in front of his 400-square-foot house and drank in the vibrant oranges, blues and greens of his neighbors’ homes.

General Real Estate News

More than 60,000 Rent-Stabilized Apartments Are Now Vacant — and Tenant Advocates Say Landlords Are Holding Them for ‘Ransom’. (Link)
Home Prices Down Again in August With Average Home Nationally Now 2% Off June Peak; Inventory Growth Stalls as Sellers Step Back. (Link)
Existing home sales fall to a 10-year low in September, as mortgage rates soar. (Link)
The Best Cities for Remote Work. (Link)
Demand for Prefabricated Apartments Climbs as Costs Balloon for Multifamily Development. (Link)
Global Housing Market Pain Has Echoes of a Crash 30 Years Ago. (Link)

Regulatory and Affordability

Is Wall Street Really to Blame for the Affordable Housing Crisis? (Link)
California's push for affordable housing is rankling the rich. (Link)

Charts Making Us Smarter

Public Markets Corner

Flagship Communities Real Estate Investment Trust To Host Conference Call For Third Quarter 2022 Results

Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX: MHC.UN) ("Flagship REIT" or the "REIT") today Oct. 18, 2022, announced that senior management will host a conference call on Tuesday, November 15, 2022 at 8:30 a.m. ET to discuss the REIT's third quarter 2022 results.

Equity LifeStyle Properties Third Quarter 2022 Earnings: Revenues Beat Expectations, EPS Lags

Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 5.3%. Looking ahead, revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the REITs industry in the US.

Recent Acquisitions

Christopher Murton Tanner Westerheid & Jeff Flynn are pleased to announce the sale of the Pinnell MHP located in Baldwin, LA.

Capstone Manufactured Housing has brokered a 216-site MHC Portfolio in Altoona, PA for $15,800,000.

Congratulations to the original 1973 family developer partnership, the buyer in expanding their awesome portfolio.

SOLD! Congrats to Carter Miller for closing on this Idaho Portfolio.

Suncrest Capital is excited to have officially closed on long awaited Springfield, MO portfolio, Missouri MHC Portfolio Two!

SOLD! Congrats to Christopher Murton for closing on the West Yellow Water Park located in Hammond, LA.

Deals We’re Reviewing

MHC portfolio

Pittsburgh, PA MSA and Charleston, West Virginia

Property Size: 737 Sites | Price: $30,285,000