Something new on how bad it's getting....

[Bigmack]

In the winter, we live in a .... well, let's call it a "mobile home community" in the SoCal desert. SoCal has a LOT of these kinds of communities, mostly filled with retirees/snowbirds. Near us is a more upscale community of double-and-triple wide permanent mobile homes. People can't sell them now for any price because the monthly rent/fees run around $800, and there are no buyers. Three years ago, these places sold for $30-35K, now... nothing.

People are walking away from them... lots of people. The management has no idea what to do with them. And of course, park income is dropping like a rock, and they are worried about being able to keep up the pool, grounds, etc.

Some of the folks from the up-scale place are moving to our park as refugees. In our park you can pick up a clean older 40ft w/tip outs for $4500 and the monthlies are about $300, but lots of folks can't come up with the $4500, and nobody will lend on that kind of stuff.

Things have not bottomed out, folks.... I think there's lots more down coming.

[cutlassmama]

1. Of course there is. Scary isn't it?

[2Design]

2. kick to mark

[leveymg]

3. Anyone who's offering decent bottom-end rental housing is doing a public service at this point.

There's a huge and growing demand for rental space in the sub-$500 a month market. The federal government certainly isn't stepping in to provide shelter for the unemployed and newly-homeless.

[Bigmack]

4. I don't understand why the guy ....

who owns the upscale park doesn't rent out the units abandoned by the owners for $500 a month to people and get something back at least.

Probably doesn't want to "lower the clientele". I figure the people who paid $35K for their doublewide and paid high monthlies for years would be super-pissed, but how pissed will they be if the place goes under and nobody keeps up the pool, clubhouse, and facilities?

Nobody is doing shit about the long-term unemployed, the newly homeless, and the cases like one guy I know in town who is long-term unemployed (construction) who hurt his shoulder doing off-the-books handyman work. Now he can't earn anything, no medical insurance, and his trailer has dropped in value from $17K to about $4K... if he could sell it.

Nobody cares, I guess.

[Dappleganger]

5. HE is probably going under as well.

Wait for utilities to be shut off. Some of these parks have strange water/electric/gas arrangements which are dependent upon the park owner and if they get behind, the tenants get screwed and there's not much one can do to fix the situation.