Mobile homes appeal to many people who appreciate their lower initial cost, ease of upkeep, friendliness of park living, etc. But rarely are they considered to be a true real estate investment. In fact, they are more likely to lose value than to appreciate, as stick-built homes normally do.
However, I am in the middle of a deal (representing the buyers) involving a middle-aged mobile home in a park that has received no less than SEVEN offers, most above asking price and most also all cash. We're not talking a triple-wide fantasy home worth $200,000 or more; rather, a nice but ordinary older home (built in 1981) in good condition but pretty dated and needing new carpeting.
In fact, the one stand-out quality this mobile home has is its nice view:
If I had doubts about how the market has turned, this deal has helped me believe that a seller's market is developing once again--at least in Morro Bay! The sale of this home will leave several very disappointed potential buyers gnashing their teeth, and one very happy owner. This home has been on the market since August and has fallen out of escrow twice, but now it appears to be on its way to a new owner for a good price instead of languishing on the market for months.