We have a 1992 double wide approximately 1900 square feet, we bought it brand new in 1992. We have been pleased with the construction and it has provided us a nice place to live for almost 14 years now. It is on a permanent foundation and is very well built (we bought the model off the dealers lot that had been used as a display in the Southern Home Show - so it may have been better built, because it was on display for the public - who knows, but it is sound) but I hear stories that double wides just don't hold there value and go down like a rock. I hear financing is hard to get in a re-sale enviroment. I'm wondering if the market is changing as more and more people are buying manufactured housing. I will probably want to sell in about 5 more years and am scared it will be hard. Can anyone provide any insight? Also, if anyone else has this same model, I'd be curious to know how it has held up for you.
Thanks!
1992 Saint Charles by Norris Homes
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David Oxhandler
Re: 1992 Saint Charles by Norris Homes
Im afraid that you have been misinformed about home appreciation/depreciation - But dont feel like your alone. "Many Americans have been victimized by an outdated conception of manufactured homes—one which has been perpetuated in the news media... IN FACT, manufactured homes held up well, even when compared to site-built homes. That this was be the case should not really surprise anyone: since 1999, manufactured homes have been built and installed to standards tougher than any but the most recent codes for site-built structures." (http://www.builtstronger.com/myths.html)
For a point of view from the Lakeland Florida area, where there are more manufactured homes per sq mile than any place else on earth, take a look at this article from LEN BONIFIELD. He tells us "As with all real estate, location and maintenance of the home play a huge role in determining the rate and extent of appreciation. In a community setting, location equates to amenities, location in the state, proximity to rivers, lakes coastlines, etc. In most average communities, homes that are 25 to 30 years old can be found selling for $15,000 to $30,000, when they sold new for under $10,000. It's not much, but it is some, appreciation. A recent newspaper article related a manufactured home for sale for more than $250,000 in Broward County. It is common to see 30-plus-year old homes sell for more than $100,000 in the Fort Myers area." He tells us "If you go to Natalie Estates in Stuart and hundreds of other good communities in Florida, you will find 1970's parks where housing has appreciated greatly. California is another classic example of selling prices several times more than they sold for originally." Read the entire article - Factory-Built Homes Appreciate
Consumers Union also has point of view different than yours
http://www.consumersunion.org/pdf/mh/Appreciation.pdf Read it and learn that "average appreciation rates of manufactured homes packaged with owned land are statistically in line with the site built market, and there are few inherent reasons that a home built in a factory should perform differently than one built on site"
"For many years, people have assumed that the value of manufactured homes depreciates. This is not so. Studies conducted at two Universities revealed that the determining factor of appreciation in both types of homes was their location. Maintenance also plays a major role.
If a home of any kind is built or setup in a bad neighborhood or area it will probably depreciate no matter what. In a good area or neighborhood they will generally appreciate in value depending on the local housing market and economy. In the case of a manufactured home, if it is setup on a permanent foundation with a concrete pad, blocked properly and anchored properly, with good drainage so water does not sit under the home and if one buys from a reputable dealer who uses good setup people, the home will be no different than a site built home. It would appreciate in value at the same rate as a site built home in the same area.
The cost of manufactured homes is significantly lower than the cost of site-built homes. This gives them an instant appreciation between what the home actually cost the homebuyer and what its market value is. In some cases, a multi-section manufactured home has sold for more the second time than the first. Properly setup and well taken care of, you are talking about a fantastic investment potential." (http://www.rebelhome.net/myth.html)
Here are a few more opinions - lifted from the MHI web site:
Manufactured Housing Research ProjectUniversity of Michigan, 1993Dr. Kate Warner and Dr. Robert JohnsonThis study is divided into six sections dealing with various questions surrounding manufactured housing: Quality, Costs and Finance, Values, Impacts on Adjacent Property Values, Manufactured Housing and the Senior Population, and Alternative Ownership and Innovative uses. Findings included: - Manufactured housing quality has become essentially equivalent to that of conventional housing - Manufactured housing compares favorably with site-built housing as an affordable housing option - Manufactured housing, like site-built housing, can be viewed as an investment with probabilities of appreciation and equity accumulation - Manufactured housing has no impact on the appreciation rates of surrounding properties, putting to lie the myths of negative property value impacts.The Future of Manufactured HousingHarvard University Joint Center for Housing Studies, 1997Kimberley Vermeer and Josephine Louis The Harvard Joint Center report is essentially a survey of previous academic studies of manufactured housing. It draws from earlier Joint Center studies, particularly Residential Property Value and Mobile/Manufactured Homes: A Case Study of Belmont, New Hampshire," which is Thomas Nutt-Powell’s 1986 examination of property value impacts of manufactured housing, as well as the Manufactured Housing Research Project abstracted above. The Future of Manufactured Housing points out some areas that the industry needs to address (many of them dealt with in the Manufactured Housing Improvement Act, such as installation) and the conclusions that it draws are generally very favorable for the industry. The Impact of Manufactured Housing on Adjacent Site-BuiltResidential Properties in North CarolinaEast Carolina University, 1997Dr. Richard Stephenson and Dr. Guoqiang Shen.The first examination of property value impacts of manufactured housing that draws on real-world spatial relationships via GIS data, The Impact of Manufactured Housing on Adjacent Site-Built Residential Properties in North Carolina dispels the twin myths that manufactured housing automatically depreciates and drags down surrounding property values. The most telling findings were: - Manufactured homes with a fixed foundation or listed as real property appreciated at comparable rates to site-built residential properties - There is no clear negative correlation between the overall appreciation rate of site-built residential properties and the presence of manufactured housing in close proximity Manufactured Home Life, Existing Housing Stock Through 1997Iowa State University, May 1998Dr. Carol B. Meeks An update to an earlier study conducted when Dr. Meeks was with the University of Georgia, this study takes a more comprehensive look at the manufactured housing stock to determine the life expectancy of manufactured homes. Manufactured Home Life, Existing Housing Stock Through 1997 finds that the life expectancy of manufactured homes is comparable to the life expectancy of new site-built homes.Code Comparison Study - MHCSS vs. CABO One- and Two-Family Dwelling and Model Energy CodesUniversity of Illinois at Urbana-Champaign School of Architecture, January 1998Jeffrey Gordon and William B. Rose Compares the applicable requirements of standards for construction of a home built to the federal Manufactured Home Construction and Safety Standards (HUD Code) with the CABO One- and Two-Family Dwelling Code and Model Energy Code. The comparison concludes that while in some areas the HUD Code requirements are more restrictive, and in other areas the CABO code are, on balance the two codes are comparable, resulting in houses that perform similarly.Identification and Measurement of Zoning Barriers Related to Manufactured Housing: A Location and Accessibility Analysis East Carolina University, 1999Dr. Richard Stephenson and Dr. Guoqiang Shen The 1999 ECU Study examines what impact zoning has on manufactured housing placement and it’s proximity to "positive" versus "negative" public facilities. For the purposes of the study, "positive" facilities included environmental, health and emergency rescue services; cultural, recreational and education services; and auto, food, shopping and other business services. "Negative" facilities include landfill and solid waste sites and other similar uses. Findings include: - Manufactured housing is located farther from "positive" community facilities, which is especially significant in the area of life safety services - Manufactured housing is located closer to "negative" public facilities such as landfills and solid waste facilities - Zoning districts where manufactured housing is a permitted use have a higher percentage likelihood of being located in flood zones The general conclusion is that many of the negative perceptions of manufactured housing are in fact self-fulfilling prophecies perpetuated in part by the limited placement opportunities created through local government zoning actions.The Impact of Manufactured Housing on Adjacent Site BuiltResidential Properties in Two Alabama CountiesAuburn University - Montgomery, 2000Charles E Hegji and Linda MitchellThis study used property valuations from Montgomery and Lee Counties in Alabama to assess the impact of proximity to manufactured housing on site-built property value. Using a methodology similar to that use by East Carolina University in their earlier study, including a spatial analysis using GIS, the Auburn University - Montgomery study concluded that: - The appreciation rates of individual manufactured homes in both counties were comparable to those of site-built properties - Proximity to manufactured housing did not appear to be a significant determinant of property values of site-built residential housing (www.manufacturedhousing.org/)
"The appreciation in value of manufactured homes comes back to the old real estate axiom -- location, location, location. When properly sited and maintained, manufactured homes will appreciate at the same rate as other homes in surrounding neighborhoods" (http://www.mhao.org/myths.asp)
webmaster
For a point of view from the Lakeland Florida area, where there are more manufactured homes per sq mile than any place else on earth, take a look at this article from LEN BONIFIELD. He tells us "As with all real estate, location and maintenance of the home play a huge role in determining the rate and extent of appreciation. In a community setting, location equates to amenities, location in the state, proximity to rivers, lakes coastlines, etc. In most average communities, homes that are 25 to 30 years old can be found selling for $15,000 to $30,000, when they sold new for under $10,000. It's not much, but it is some, appreciation. A recent newspaper article related a manufactured home for sale for more than $250,000 in Broward County. It is common to see 30-plus-year old homes sell for more than $100,000 in the Fort Myers area." He tells us "If you go to Natalie Estates in Stuart and hundreds of other good communities in Florida, you will find 1970's parks where housing has appreciated greatly. California is another classic example of selling prices several times more than they sold for originally." Read the entire article - Factory-Built Homes Appreciate
Consumers Union also has point of view different than yours
http://www.consumersunion.org/pdf/mh/Appreciation.pdf Read it and learn that "average appreciation rates of manufactured homes packaged with owned land are statistically in line with the site built market, and there are few inherent reasons that a home built in a factory should perform differently than one built on site"
"For many years, people have assumed that the value of manufactured homes depreciates. This is not so. Studies conducted at two Universities revealed that the determining factor of appreciation in both types of homes was their location. Maintenance also plays a major role.
If a home of any kind is built or setup in a bad neighborhood or area it will probably depreciate no matter what. In a good area or neighborhood they will generally appreciate in value depending on the local housing market and economy. In the case of a manufactured home, if it is setup on a permanent foundation with a concrete pad, blocked properly and anchored properly, with good drainage so water does not sit under the home and if one buys from a reputable dealer who uses good setup people, the home will be no different than a site built home. It would appreciate in value at the same rate as a site built home in the same area.
The cost of manufactured homes is significantly lower than the cost of site-built homes. This gives them an instant appreciation between what the home actually cost the homebuyer and what its market value is. In some cases, a multi-section manufactured home has sold for more the second time than the first. Properly setup and well taken care of, you are talking about a fantastic investment potential." (http://www.rebelhome.net/myth.html)
Here are a few more opinions - lifted from the MHI web site:
Manufactured Housing Research ProjectUniversity of Michigan, 1993Dr. Kate Warner and Dr. Robert JohnsonThis study is divided into six sections dealing with various questions surrounding manufactured housing: Quality, Costs and Finance, Values, Impacts on Adjacent Property Values, Manufactured Housing and the Senior Population, and Alternative Ownership and Innovative uses. Findings included: - Manufactured housing quality has become essentially equivalent to that of conventional housing - Manufactured housing compares favorably with site-built housing as an affordable housing option - Manufactured housing, like site-built housing, can be viewed as an investment with probabilities of appreciation and equity accumulation - Manufactured housing has no impact on the appreciation rates of surrounding properties, putting to lie the myths of negative property value impacts.The Future of Manufactured HousingHarvard University Joint Center for Housing Studies, 1997Kimberley Vermeer and Josephine Louis The Harvard Joint Center report is essentially a survey of previous academic studies of manufactured housing. It draws from earlier Joint Center studies, particularly Residential Property Value and Mobile/Manufactured Homes: A Case Study of Belmont, New Hampshire," which is Thomas Nutt-Powell’s 1986 examination of property value impacts of manufactured housing, as well as the Manufactured Housing Research Project abstracted above. The Future of Manufactured Housing points out some areas that the industry needs to address (many of them dealt with in the Manufactured Housing Improvement Act, such as installation) and the conclusions that it draws are generally very favorable for the industry. The Impact of Manufactured Housing on Adjacent Site-BuiltResidential Properties in North CarolinaEast Carolina University, 1997Dr. Richard Stephenson and Dr. Guoqiang Shen.The first examination of property value impacts of manufactured housing that draws on real-world spatial relationships via GIS data, The Impact of Manufactured Housing on Adjacent Site-Built Residential Properties in North Carolina dispels the twin myths that manufactured housing automatically depreciates and drags down surrounding property values. The most telling findings were: - Manufactured homes with a fixed foundation or listed as real property appreciated at comparable rates to site-built residential properties - There is no clear negative correlation between the overall appreciation rate of site-built residential properties and the presence of manufactured housing in close proximity Manufactured Home Life, Existing Housing Stock Through 1997Iowa State University, May 1998Dr. Carol B. Meeks An update to an earlier study conducted when Dr. Meeks was with the University of Georgia, this study takes a more comprehensive look at the manufactured housing stock to determine the life expectancy of manufactured homes. Manufactured Home Life, Existing Housing Stock Through 1997 finds that the life expectancy of manufactured homes is comparable to the life expectancy of new site-built homes.Code Comparison Study - MHCSS vs. CABO One- and Two-Family Dwelling and Model Energy CodesUniversity of Illinois at Urbana-Champaign School of Architecture, January 1998Jeffrey Gordon and William B. Rose Compares the applicable requirements of standards for construction of a home built to the federal Manufactured Home Construction and Safety Standards (HUD Code) with the CABO One- and Two-Family Dwelling Code and Model Energy Code. The comparison concludes that while in some areas the HUD Code requirements are more restrictive, and in other areas the CABO code are, on balance the two codes are comparable, resulting in houses that perform similarly.Identification and Measurement of Zoning Barriers Related to Manufactured Housing: A Location and Accessibility Analysis East Carolina University, 1999Dr. Richard Stephenson and Dr. Guoqiang Shen The 1999 ECU Study examines what impact zoning has on manufactured housing placement and it’s proximity to "positive" versus "negative" public facilities. For the purposes of the study, "positive" facilities included environmental, health and emergency rescue services; cultural, recreational and education services; and auto, food, shopping and other business services. "Negative" facilities include landfill and solid waste sites and other similar uses. Findings include: - Manufactured housing is located farther from "positive" community facilities, which is especially significant in the area of life safety services - Manufactured housing is located closer to "negative" public facilities such as landfills and solid waste facilities - Zoning districts where manufactured housing is a permitted use have a higher percentage likelihood of being located in flood zones The general conclusion is that many of the negative perceptions of manufactured housing are in fact self-fulfilling prophecies perpetuated in part by the limited placement opportunities created through local government zoning actions.The Impact of Manufactured Housing on Adjacent Site BuiltResidential Properties in Two Alabama CountiesAuburn University - Montgomery, 2000Charles E Hegji and Linda MitchellThis study used property valuations from Montgomery and Lee Counties in Alabama to assess the impact of proximity to manufactured housing on site-built property value. Using a methodology similar to that use by East Carolina University in their earlier study, including a spatial analysis using GIS, the Auburn University - Montgomery study concluded that: - The appreciation rates of individual manufactured homes in both counties were comparable to those of site-built properties - Proximity to manufactured housing did not appear to be a significant determinant of property values of site-built residential housing (www.manufacturedhousing.org/)
"The appreciation in value of manufactured homes comes back to the old real estate axiom -- location, location, location. When properly sited and maintained, manufactured homes will appreciate at the same rate as other homes in surrounding neighborhoods" (http://www.mhao.org/myths.asp)
webmaster
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G. Alley
Re: 1992 Saint Charles by Norris Homes
Thanks for the info! This is making me feel better!
Re: 1992 Saint Charles by Norris Homes
I have a 2002 FLEETWOOD manufactured home and have trouble with smoke blowing out of my Coleman woodburning fireplace, when conditions are windy. I know that there are two levers in the fireplace box. I also know that the one in the middle of the fireplace box is the damper, which allows the smoke to rise up the stove pipe. Now here is my question. The other lever I know is the one that controls the outside air intake. What I don't know is this. Is the lever supposed to be in the up or the down position to open the outside air vent? I have checked the book that came with the home, but I can't find anything about it. I would appreciate any help on this matter. Thanks in advance.
Re: 1992 Saint Charles by Norris Homes
I just edited this post and deleted the other...I am not exactly sure about the lever position of the bottom vent but when it is open the fire will burn better with the door closed and your costly heated room air will not go out your chimney..The smoke problem is most likely not a fault of either lever.. Most smoke problems are because the chimney is not tall enough. The spark arrester (top part of chimney) should be well above the highest part of the roof or wind can blow back down the chimney forcing the smoke back in..Good Luck
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