MFH News and Views: California’s $3.5 Million-Dollar Mobile Home Sale Underscores Value of Boise-Based, “Lego-Type Homes”
While California’s real estate values continue to soar into the stratosphere, as demonstrated by the recent sale of a triple wide manufactured home in the star-studded enclave of Malibu’s Paradise Cove – for the earthshaking sum of $5.3 million – others are showing interest in the new “Lego-type” modular units, built in Boise, Idaho and shipped around the country.
Those are just a few of the more intriguing prefabricated headlines from last week – now let’s build on that knowledge …
Malibu Manufactured Home Closes Escrow For $5.3 Million:
According to the LA Times “Hot Property” section, even manufactured/modular homes in the posh and upscale LA real estate market can cost you several million dollars. Far from your average mobile home, this unique property and upscale manufactured pad impressed even the most discerning of buyers with its “beamed ceilings, hardwood floors, wood paneled den and master suite with a boutique-inspired closet.” With inspirational vistas of the Pacific Ocean, the close of this transaction represents the most expensive sale of a mobile home to successfully navigate the escrow process in the exclusive community since 2013.
MFH Notes: Just an FYI, Paradise Cove is a land-lease community. In other words, the $5.3 million purchase price does not … I repeat, NOT include the land it sits on. Providing further proof that it’s all about “Location, Location, Location” the rent for this upscale space is a “reasonable” $2000 per month.
Proving that beautifully designed and magnificently placed manufactured homes appreciate nicely, on June 28, 2013, we posted a blog about a triple section mobile home that closed escrow for smooth $2.5 million in the tiny beachfront community. At that time, local realtors had noted several mobile homes successfully selling for well over $2 million.
Jim Rockford doesn’t live here anymore: Most of the homes sold in Paradise Cove were originally built in the 1970s or early 80s, which may explain the use of the term “mobile home” – a common terminology used at the time. The correct “Manufactured Home” designation was not stipulated by HUD regulations until the late 1970’s.
Boise Built Modular Apartments Assembled like Legos:
Saving the contractor both time and money while providing the end-user a quality built home/apartment, these Boise-built modular units are now being deployed around the country, according to online reports. Representing a new and innovative attempt at providing affordable housing for the masses in expensive urban areas. “Modules. In my opinion are the way of the future,” said contractor Tony Moayed. “If you are renting you would not know the difference, if was made in a manufacturing setting on site.”
In fact, Tony believes tenants will notice less noise from their adjoining neighbors. “When the box-like apartments are placed next to each other, neighbors are separated by two walls instead of one.”
MFH Notes: The “Lego” terminology probably best characterizes what a modular actually is. Legos are actually blocks or “modules” used to stack and build structures. Modular homes and buildings have been proven to be the superior more efficient and least expensive system compared to building these structures on site.
*Guerdon Industries, LLC is headquartered in Boise, Idaho, providing built housing for the northwest region of the U.S., including Canada and Alaska. An affiliate Palomar Modular Buildings, Desoto, Texas.
Learn more about today’s modern manufactured homes…