[Update July 26: Mark Romick at Alaska Housing called this morning and says there has been discussion of doing this sort of thing. He checked it out with google street view as we talked and promised to call Northrim Bank. Obviously, there are lots of obstacles, but it's not impossible.] About ten days ago I posted that Northrim Bank was selling a whole trailer park it had foreclosed on. I mused about finding a way to work out funding for the residents to be able to buy it and make it into a trailer condo park. One commenter said this had been done on Bainbridge Island, Washington where there is very little affordable housing.
So I called Northrim Bank after the sale to find out who bought it, for how much, and what they planned to do with it. Turns out it wasn't sold and they will have another sale July 29. And if my calculations in the original post were correct, the current tenants would probably pay less in mortgage payments than they pay now in rent.
I've called the Alaska Housing Authority and Cook Inlet Housing Authority but neither has returned my call. Anyone got $850,000 they want to invest in what ought to be a reasonable return and a good cause?
I managed 3 mobile home parks for 3 1/2 years, and unless this park is unusual, most residents probably are living there because they can't afford to buy a more expensive home. The problem with the condo idea is that it's likely that most park residents either couldn't qualify for or afford the mortgage.
ReplyDeleteHarpboy, there are lots of problems, not the least of which is these trailers are pretty old. But if people can own the trailer individually and the land collectively for less than the current rent, then it's worth checking out how to make it happen.
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