Coastal Mobiles Joins forces with Maggio Shields

It's official, as of July 1st 2009 Coastal Mobiles has joined forces with Maggio Shields Real Estate of Rehoboth Beach Delaware. Coastal Mobiles new location is 414 Rehoboth Avenue | Rehoboth Beach DE 19971

There's nothing worse than a liar.

That's all I care to say about that.

HUD Announces Manufactured Housing Policy Guidance:

HUD Announces Manufactured Housing Policy Guidance: On May 21, 2009, the US Department of Housing and Urban Development released Mortgagee Letter 2009-16 on Federal Housing Administration (FHA) mortgage insurance eligibility for manufactured housing. The Housing and Economic Recovery Act of 2008 authorized HUD to make changes to manufactured housing for new and existing construction. FHA states that a manufactured home is a structure that is transportable in one or more sections, and is designed to be constructed to the Federal Manufactured Construction and Safety Standards and is so labeled. While modular housing is also factory built, FHA treats it as stick-built housing.

To be eligible for FHA insurance the manufactured home units and land must be classified as real estate although they need not be treated as real estate for state tax purposes. The borrower is required to have a 3.5 percent cash investment in the transaction and land equity may be used to satisfy this requirement. Gift funds from eligible sources are also permitted for the down payment. Individual units in condominium projects are now eligible for FHA insurance; however, the Spot Loan Approval process is not applicable.

Manufactured Housing Bill on House Committee Agenda:

HB 105, which establishes and clarifies obligations to maintain, care for, and remove trees of the owner/landlord of a manufactured home community and tenants of such community, is scheduled to be considered by the House Manufactured Housing Committee on Wednesday, June 10th 2009.

Manufactured Housing Bill Passes Senate with Amendment:

HB 107 requires any rental payments to be paid in equal installments over a calendar year. Senate Amendment 1 allows a tenant to request and the owner/landlord to agree, that rental payments can be made in a one-time lump sum, semi-annually or quarterly and allows a landowner to offer discounts as incentives to homeowners to pay annually, semi-annually or quarterly, provided that it is clear that homeowners are under no obligation to pay in any way except monthly. The bill is now again with the House for further consideration.

Looking to downsize?

Does the current economy have you feeling glum? Getting rid of that large mortgage payment and downsizing may be a possible solution. Coastal Mobiles has homes ranging in price from around $15,000 for an older singlewide fixer-upper to $180,000 for a waterfront mobile home with granite table tops, stainless steel appliances and real 3/4" hardwood floors.
Many relatively new doublewides can be purchased for as little as $60,000.
While these are certainly low priced homes, make sure you don't ruin your credit before you move out of the home you are living in now! The mobile home communities in Sussex County Delaware all require a credit check to be accepted into the community even if you can afford to pay cash for your new home purchase. Also keep in mind that although the home prices are low, in most of these communities you do not own the land. Figure a ground rent amount of anywhere between $4500 and $14,000 a year.
If you think downsizing to a Sussex County Delaware mobile home may be in your future give us a call at 302 258 4368.

Nicest Mobile Home in Sussex County

New Listing - The nicest Mobile Home in Sussex County.

• 3/4" Natural Oak Hardwood floors.
• Ceramic tile in bathrooms and laundry room.
• Entire house and deck on a parged concrete foundation.
• Upgraded berber carpet in the master bedroom.
• Master bath has a 90 gallon Jacuzzi tub.
• Guest bedrooms have their own entrance.
• Covered front deck 10' x 28' with two ceiling fans and vinyl railing.
• 12' x 40' side deck with composite decking and vinyl railing.
• 12' x 16' shed with garage door and golf cart ramp.
• Lawn irrigation system.
• Country kitchen.
• Stainless steel appliances.
• Propane fireplace.
• Upgraded trim package.
• 70' concrete driveway with room for six cars.
• Low maintenance mulched landscaping.
• Cable TV and phone jacks in every room.
• Porcelain sinks and upgraded faucets.
• 2" x 6" walls.
• Custom paint.

Greatest real estate agent in the world contest

This really belongs in a different section of the blog but it is interesting news nonetheless. SEO or Search Engine optimization is the "science" of getting websites ranked highly on search engines like Google, MSN and Yahoo. There are currently a group of webmasters competing to get the term " Greatest Real Estate Agent in the World " to the top of the Google search engine rankings. Whomever has their site at that top spot on May 1st 2008 wins almost $4500 in website hosting and web design. This should be interesting to follow.

Least Expensive home in Pot Nets Lakeside

As of October 1st 2007 there are currently 13 homes for sale in Pot Nets Lakeside.

HI:

$118,900

LO:

$62,000

MEDIAN:

$80,000

AVE:

$85,900

If you are looking for a home priced $20,000 below the average price home in the neighborhood and almost half the price of the most expensive home in the neighborhood take a look at this one.

Real Estate Investors claim this is one of the best tactics when looking for a money making property. Buy the least expensive home in a nice neighborhood and you can't get much nicer than Pot Nets Lakeside. This community features a 6 acre man made lake with fountains, Olympic sized community pool, brand new community center with lake views and some of the nicest landscaping in the area. The community is also less than 1/4 mile from incredible fishing and golf. Click on the link to see the home and additional photos Pot Nets Lakeside Home
Or Call Realtor Mike Brown at 302 258 4368 for more information.

Overpriced Bay View Homes

How do you determine if a home is overpriced?

Realtors typically look at comps of what other homes in the same neighborhood or on the same street sold for to determine a reasonable asking price.

If 30 or more buyers look at a home without making an offer you can also assume the house is overpriced.

I can tell you the asking prices for every home that sold on Bay Drive in 2006 listed on the Sussex County Multi List. There were only two of them and the asking prices were $139,900 and $149,900 I was also the selling agent for both of these listings.

In 2005 there were four homes sold on Bay Drive with asking prices of $74,900 | $125,000 | $139,500 and $139,900

Why then in 2007 are there three homes on Bay Drive in Rehoboth Bay MHP with asking prices of $169,000 | $170,000 and $179,500 ???

What comps did these Realtors use to support these prices? Are these homes really that much nicer than the units that sold in 2005 and 2006?

For spring of 2007 I would like to give you a reasonably priced listing on Bay Drive.

35936 Bay Drive is now available at the realistic price of $149,000
Update: This listing is now under Contract

35936 Bay Drive is a 1990 3BR/2BA Doublewide. The other units that are being offered for as much as $30,000 more are a 1981 model and two that do not have their age listed. Why are the ages not listed? Are they trying to hide something?

Act quickly, I'm guessing 35936 Bay Drive will be sold in under a month while the other three may be on the market all summer.
UPDATE as of 5/17/2007 35936 Bay Drive is Under Contract. It was on the market a month and a half. This just proves that homes with reasonable prices sell quickly!!!
I have a house of my own in Rehoboth Bay with views of White Oak Creek that I am about to put on the market. What do you think I should price it at? $150,000?, $130,000?, $125,000? Nope. I'm going to ask $99,000 Why? Because I want it to sell quickly and compared to all of the other homes in the community priced over $100,000 it will look like a great deal. Could I get more for it if I priced it higher and waited four, five or even six months? Maybe, but I'd rather not have to guess about how long it might take and then have to lower my price two or three times and then maybe miss the whole summer selling season.

Please call or E-mail me if you would like to see this well priced bay view home.
302 258 4368 mike@bwbeach.com