30-yr-old mobile home if own land = smart buy?

[Judith]

I've been reading Randy's books, and he advises against buying older mobile homes, thinking they'll have any investment or resale value. I got the books AFTER making an offer on a 1970 Scandia double-wide that's in Montevalle, a place that doesn't look like a mobile home park at all (within the industry, it's well-known, because it's so exceptional and beautiful--views of mountains, heavily wooded 44-acre hillside setting w/homes on 3 levels, 2 "lakes," 2 pools, security guard, etc., etc.). Many homes here are classified by lenders as condos, because people build foundations and they own the property--and the property where it's located is quite valuable (Scotts Valley, California, near Santa Cruz and Silicon Valley). Homes here typically sell for around $269k lowest to more than $400k (the latter have spectacular views of mountains, nothing else), usual is about $289-325,000. (Yes, older mobile homes. This is a VERY expensive area--rents are highest in the entire country right now, and we're locked in by ocean and mountains, very no-growth culture, so that's not going to change much, ever.)

This photo http://www.mlslistings.com/common/prope ... erty&name= doesn't show the best part: huge wraparound deck, view of trees, nobody behind it (although they're going to build 31 condos a block away, but cluster of trees will block part of that). It's very nice inside, too, many updates; however, needs $4000 in termite extermination. It does NOT have a concrete perimeter foundation, either, which some lenders require, and would need earthquake bracing at minimum, because we're in the 'quake zone.

Owner rejected my offer of $272k about 3 weeks ago, holding ot her asking price of $295,000. Now she's willing to go $280, close to what I offered, but I'm concerned that, despite how unusual the park and the lot are, the home itself is just too old. This is the first offer I ever made, and it's a real stretch for me financially, so would appreciate advice. Thanks! -- Judith

[rmurray]

This is an entirely unusual situation...You are buying the location more than the house...This proves resale is only LOCATION

[Judith]

That may indeed be the best way to look at it. I really appreciate your replying.

Judith