Issue link: https://read.dmtmag.com/i/469624
MARCH 2015 28 THE JOURNAL A M/H Condominium Home Concept BY ED HICKS DEVELOPMENT MARKETING The owner/developer of the beautiful lake- side community in which my wife and I are now living creates a lower cost alternative to site built homes, using manufactured homes, on a par with area site built retirement communities. It is very attractively built with the amenities or larger communities, and has the natural amenity of being located adjacent to a 15,000- acre lake. It appeals to those retirees who want to "own their homesite" with an upscale home, and pay a small HOA fee instead of a much higher monthly lot rent in a land lease community. They have the benefits of a homestead exemp- tion, equity including any increases in value, the ability to obtain a reverse mortgage, lower insurance costs, and control over the manage- ment of the community through the Homeown- ers Association. 44 homesites are fully developed, at home- site prices from $34,900 to $44,900 averaging $39,900. Upscale HUD code home prices range from a low of $69,900 to $95,000 or more depending on the size and features. Mar- ket rents in the area for the higher qualify sen- iors communities with similar amenities are from $475 to $550 per month. It is located on the west side of Lake Harris, in Central Florida with a nature preserve be- tween the lakeside homesites and the water. A wooden suspended walkway provides the resi- dents with access to a dock. 18 slips on the lake to accommodate up to 35' boats for rental to residents are included. We have a digitally controlled front access gate a small community center, pool and lanai, spa, and a fire pit, all in a southern lanai land- scaped area. All utilities are provided by the City of Leesburg, with direct billing to the res- idents. Utilities are underground, and the homes are installed with a "low silhouette" foundations for "single step" entrance/exits with a crawl space for easy maintenance. Our registered civil engineer has certified the foundation systems as "permanent" which means they qualify for long term, low interest, land-home financing. The homes are taxed as real property, with "RP" tags, and not as HUD code, although they are constructed with the highest construction features, which make them essentially the equivalent of "modular" standards, but without the high associated cost. Because of the narrow frontage, the carports are in front of the homes, and provide for 2 cars under cover, and another 2 on the drive, in parallel format for easy access (not your tradi- tional tandem parking). All homesites are fully landscaped with very attractive walkways, and timed irrigation systems for automatic watering. About 2/3 of the homesites are downsized for ease of maintenance; the balance are much deeper and will allow larger homes (well over 2,000 sq.ft.) to be installed. Our smallest model home, a 3/2 Palm Harbor, with 1,130 sq.ft. sells for $69,900. When you add the homesite at $34,900 the combination land- home sells for $104,900 plus sales tax on the home only. The community provides individual home- site lawn mowing and maintenance, which is included in the HOA fee. As the slips on Lake Harris are rented, the rental income to the HOA will decrease this, to around $150 per month. Hidden Harbor is located on busy US 27 about 3 miles from downtown Leesburg, on the West side of Lake Harris, and the Harris Chain of Lakes. Traffic counts are well in excess of 25,000 per day. A couple of miles away is a cluster of new businesses: Publix and Winn Dixie anchor supermarkets, Walgreens and CVS drug stores, 2 Banks, 2 liquor stores, a hardware store, 3 restaurants, Gas Stations, McDonalds, etc. To the south are a number of larger subdivisions, all of which offer higher homes and homesite prices. 10 miles to the North is the Villages, US's largest retirement community "The Village" which spans 4 coun- ties, and has over 100,000 residents now. The land-home configuration allows for: homestead, low interest 30 year financing, home equity financing, real property taxes with seniors and homestead exemptions, pro-rata ownership participation in the community man- agement, reverse mortgage financing, and all other real property options available to site built homeowners. Why do we like it here? First, our home is a high quality home built to the highest of the HUD codes, standards, and the manufacturers best options. Its downsized from our previous site built home but large enough for the two of us and our two little spoiled Yorkies, with pool and spa amenities and access to our boat which we keep safely docked in our private slip on the lake. We have all the benefits of home owner- ship, safety of a secure community, control through our HOA, and lower cost utilities, in a very temperate climate not far from the Cen- tral Florida popular attractions. What's not to like? Edward "Eddie" Hicks, lic. RE Broker, and Lic. Mortgage Broker has been a manufactured housing community devel- oper and industry consultant, retailer and home manufac- turer since 1963, and is currently the sales manager for a seniors Age 55+ m/h condominium homesite community in Central Florida: Hidden Harbor on Lake Harris. He may be reached at (813) 300-6150 and at easteddie@aol.com His websites are: www.mobilehomepark.com www.factory- builthome.com and www.fha207m.com T J