When do vacation home prices go down?

[borisNY]

Originally Posted by kinpa

As far as I am concerned a modular in one small step up from a trailer. And I have owned one for almost 20 years, bought new. I rent it to my daughter now. It is no where near as nice or as well built as a stick built. I bought it from Shorten. Everything used to build them are second rate. I dont think you can even compare.
You get what you pay for.

Modulars are not trailers, not even close. Some of them even better than regular construction homes.

[AtHomeInThePoconos]

Originally Posted by borisNY

I am not looking for PCP prices in WLE or the Hideout. I am comparing a new modular home installed in WLE or the Hideout with existing listings in either comunity and notice that existing homes are MINIMUM 30k overprised.

Unless you've done a market analysis for a particular home and know what the market value is, I don't know how you can assume it's $30k overpriced. With what are you comparing these homes?

[AtHomeInThePoconos]

Originally Posted by borisNY

Shorten homes. Basic home is 64k. Installation with full basement, water and sewer, site preparation, permits, and tree removal is about $35-40k. Front steps are 3k, deck is not included.

P.S. If i do not get a basement I would save 7-8k.

Don't forget appliances and non-essential "extras" like windowsills and moldings. You get what you pay for.

The very least expensive new construction I've seen that I'd consider buying is from Pinnacle, and it's $125,000. The house has some character, the builder uses decent finishes, etc. No one would mistake the home for a double wide.

Even though modulars are as well constructed as stick-built homes, they're not perceived that way by the general public. In my experience, most people who don't know better think they're double-wides. If you're not planning ever to sell it, this doesn't matter. But if you're looking for a good long-term investment, there probably are better options.

[okaydorothy]

Originally Posted by AtHomeInThePoconos

Don't forget appliances and non-essential "extras" like windowsills and moldings. You get what you pay for.

The very least expensive new construction I've seen that I'd consider buying is from Pinnacle, and it's $125,000. The house has some character, the builder uses decent finishes, etc. No one would mistake the home for a double wide.

Even though modulars are as well constructed as stick-built homes, they're not perceived that way by the general public. In my experience, most people who don't know better think they're double-wides. If you're not planning ever to sell it, this doesn't matter. But if you're looking for a good long-term investment, there probably are better options.

Dont forget the price for the site. Plus the hassle, So if it is $64,000 plus site clearing etc ; say another $40,000 ; now we are up to $104,000. Then you add the price of the site which is another say $15,000 (depending on the price of the site), now we are up to $120,000.
Then add on all the extras,the cost of heartache of the whole thing, and the resale value.

Me thinks a stick house is a beter long term investment ; but thats only my opinion.

Its not a good idea to do things on the cheap ; one is always bitter and angry.

d

[borisNY]

Originally Posted by okaydorothy

Dont forget the price for the site. Plus the hassle, So if it is $64,000 plus site clearing etc ; say another $40,000 ; now we are up to $104,000. Then you add the price of the site which is another say $15,000 (depending on the price of the site), now we are up to $120,000.
Then add on all the extras,the cost of heartache of the whole thing, and the resale value.

Me thinks a stick house is a beter long term investment ; but thats only my opinion.

Its not a good idea to do things on the cheap ; one is always bitter and angry.

d

Stick houses not any better or worse than modular. They are basically build from the same material to begin with.
Your math is absolutely correct: with a nice lot and a modular home one will spend 120k and get NEW, clean, warranted home. If one spends 120k at either WLE or the Hideout, one would get a 30 year old structure with dark wooden wall panels, 30 year old kitchens and bathrooms, 30 year old appliances and carpets. Why would one?

[borisNY]

Originally Posted by AtHomeInThePoconos

Don't forget appliances and non-essential "extras" like windowsills and moldings. You get what you pay for.

The very least expensive new construction I've seen that I'd consider buying is from Pinnacle, and it's $125,000. The house has some character, the builder uses decent finishes, etc. No one would mistake the home for a double wide.

Even though modulars are as well constructed as stick-built homes, they're not perceived that way by the general public. In my experience, most people who don't know better think they're double-wides. If you're not planning ever to sell it, this doesn't matter. But if you're looking for a good long-term investment, there probably are better options.

Yep, you do. Moldings and appliances are included with the model homes. Appliances are not included with custom homes, but any existing house I've seen in either community had minimum 15 year old appliances.

As for character and finishes: 125k existing houses at either community have rotten roofs, rotten siding, wood panels inside and dark green or bright pink bathrooms,70s here we come. How's that for a character? :-)

[KarenRice]

Originally Posted by borisNY

Why would one?

Because like you said in an earlier post - it may be perceived as easier. Maybe they like to location of the house, maybe they like the actual house itself. Maybe they don't like any of the available lots. Maybe they want to move in right away rather than weeks or months later...

Just because YOU don't see the value in the house doesn't mean someone else DOESN'T. It may not be worth 120,000 to YOU but it certainly could be worth it to someone ELSE.

[borisNY]

Originally Posted by KarenRice

Because like you said in an earlier post - it may be perceived as easier. Maybe they like to location of the house, maybe they like the actual house itself. Maybe they don't like any of the available lots. Maybe they want to move in right away rather than weeks or months later...

Just because YOU don't see the value in the house doesn't mean someone else DOESN'T. It may not be worth 120,000 to YOU but it certainly could be worth it to someone ELSE.

I am speaking from my point of view, of course. This is exactly why I asked for someoneelse’s.

[okaydorothy]

The market value is what someone is willing to pay for a property. One also needs to look at the comps of houses sold in the area and then make a descision on wheather it is a fair price.

What is your price range ; and what kind of house are you looking for ; 3/4 bed, baths, etc. Check to see what modulars have sold for recently ; and newer houses. It is unfair to compare brand new modular or stick houses with older houses that do need updating.

[borisNY]

Originally Posted by okaydorothy

The market value is what someone is willing to pay for a property. One also needs to look at the comps of houses sold in the area and then make a descision on wheather it is a fair price.

What is your price range ; and what kind of house are you looking for ; 3/4 bed, baths, etc. Check to see what modulars have sold for recently ; and newer houses. It is unfair to compare brand new modular or stick houses with older houses that do need updating.

Of course it is unfair. In my personal opinion, an old house that need to be updated, with all other things being equal, must be cheaper than a new construction (modular or stick.) The way it is at the moment, they are not cheaper, they are much more expensive.