But according to what CR said they don't 'own' the land if they buy the trailer homes... all they get is the 'the right' to rent that spot on the land... and only for now. I mean this part from the article says it all...
"But, it's still a trailer with a modest kitchen and faux wood floors. Many still have trailer hitches attached."
Is the view that great. Maybe this is White Collar trash. Though, if a little piece of heaven in that area runs at 5M+, 1.4M may not look so bad. Property values are not their concern. Is all about the view baby!!
"Why would anyone pay seven figures for a trailer? It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual "triple-wide" lot."
a few years back, there was a trailer park in aspen where the owner let the tenants buy their little lots. the city let them build homes with small footprints. the lot owners built 2 and 3-story homes, that, today, are probably worth more than two million dollars. a trailer park owner in surf city, n.c. let his tenants buy the park in a tic. they have just flipped the property for more than twice their buying price. many of hawaii's home owners are living on lease-hold land.
Jason & realist - the owners might be nice guys & sell the land 'for a reasonable price' allowing the tenants to stay and maybe make a profit in the future...
Then again why would the land owner sell it cheap at the peak or near peak? Why wouldn't he ask for the max price to rent a spot for their trailer? Maybe the landowner asks for another $ mil on top of what they have already paid or he sells the land to someone else the new land owner develops it the way he wants and the current tenants can haul their million dollar trailers over to Van Nuys?
These people forked over a million bucks and have close to if not EXACTLY zero protection for their investment.
Well...at least if the City of Malibu exercises Eminent Domain, they can just hitch up their million bucks and tow it to...oh...Fresno or somewhere, and not lose anything they didn't already lose.
Wow that is most interesting, hate to see the faces of these people when the real estate market fizzles.
But this is essentially "ocean front" property.
Location, Location, Location.
It is not as irrational as you assume.
But this is essentially "ocean front" property.
Location, Location, Location.
But according to what CR said they don't 'own' the land if they buy the trailer homes... all they get is the 'the right' to rent that spot on the land... and only for now. I mean this part from the article says it all...
"But, it's still a trailer with a modest kitchen and faux wood floors. Many still have trailer hitches attached."
This is not a case of "the greater fool" theory but is a case of "the brain dead" theory.
Is the view that great. Maybe this is White Collar trash. Though, if a little piece of heaven in that area runs at 5M+, 1.4M may not look so bad. Property values are not their concern. Is all about the view baby!!
If they're trash, then I am too, and then some.
"Why would anyone pay seven figures for a trailer? It gets you more than the typical mobile home. The $1.4 million trailer is in a gated, guarded community with a shared tennis court and panoramic views of the Pacific Ocean. It also is on a larger-than-usual "triple-wide" lot."
a few years back, there was a trailer park in aspen where the owner let the tenants buy their little lots. the city let them build homes with small footprints. the lot owners built 2 and 3-story homes, that, today, are probably worth more than two million dollars. a trailer park owner in surf city, n.c. let his tenants buy the park in a tic. they have just flipped the property for more than twice their buying price. many of hawaii's home owners are living on lease-hold land.
Jason & realist - the owners might be nice guys & sell the land 'for a reasonable price' allowing the tenants to stay and maybe make a profit in the future...
Then again why would the land owner sell it cheap at the peak or near peak? Why wouldn't he ask for the max price to rent a spot for their trailer? Maybe the landowner asks for another $ mil on top of what they have already paid or he sells the land to someone else the new land owner develops it the way he wants and the current tenants can haul their million dollar trailers over to Van Nuys?
These people forked over a million bucks and have close to if not EXACTLY zero protection for their investment.
a long ground lease can afford them protection. i wonder how long the malibu lease was.
Well...at least if the City of Malibu exercises Eminent Domain, they can just hitch up their million bucks and tow it to...oh...Fresno or somewhere, and not lose anything they didn't already lose.
Oh my good lord. I have to get me some imagination. I thought I had some until I read this.
Yeah, RP nailed it. Too funny.
Priceless post!
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