Overview: Occasionally we see career-defining unique properties.  One such assignment was located along the southern coast of California. This appraisal required persistence, diligent research, and expanded our analytical area of expertise. 

Property description: We appraised a 90-pad Mobile Home Park located immediately upon the Pacific Ocean with approximately 3,585-feet of unencumbered frontage and private access to the beachfront.  Each of the 90 pads measure approximately 39-feet x 70-feet or 2,730-square feet. This property was originally developed in 1960, but the nature of the development and diligent upkeep and replacement of older components supports an effective age closer to three years. 

Unique Strategy: For the purposes of this appraisal, our analysis includes the underlying land value only. The homes, which are personal property and not the subject of this appraisal, are owned by the residents.  The pads are rented and are all improved with mobile or “modular” homes, some built on stilts and some over concrete pads.  Landscaping for the pads is the responsibility of each resident and consists of rocks, stones, shrubs, trees, etc.  

Success: One of the challenges in completing this appraisal was location comparables.  Our ability to work as a team and pool our skills and areas of expertise allowed us to conclude the best approach to value. 

Comparables: For a property such as this, it was necessary to use national sales comps while keeping in mind that the subject is at the very upper end of the national mobile home market.  Mobile home comparable sales came from area such as Daytona Beach, Key West and Naples, Florida.  The vacant beachfront lots could be compared locally from available resources.  Rental Comparisons could also be made throughout the immediate geographic area rather than nationally.  In this specific case, it was necessary to look at numerous types of rental comparisons including beach house rentals and apartment rentals throughout the subject region.