I put a 17 space park up for sale for $575k last fall. It’s one hour north of Portland, Oregon. The park has 6 acres with only 4 acres currently used.
( Park is expandable)Well, septic and gravel roads. Space rent is $305 includes water and cable.
8 park owned homes. After six months and talking to 30 or 40 prospective buyers …not a single offer. So I drop the price to $529k. I proceed to place 5 of the homes on rent to own contracts. The park is in decent condition, decent geographical location…yet no offers. It’s advertised on MHPS.com, newspaper and craigslist and was on loopnet for a while. There’s an assumable loan of $370k @8.625%…I can’t carry paper because I have to repave a 73 space park I own in WA. The reason I mention it here is because I’m a little at a loss why the park remains unsold. Park expenses are low. The park caps out higher than most of the park for sale in WA and Or…yet no deal. I wonder if my price is still too high or if it’s the tightness of the credit markets. Anyone care to comment ?