Love that area but I still like north MH a little better. To add a bit to the MH strength of hands argument. I live in a pocket of homes in north MH that is full of family pass downs. Lots of $2M peak valued homes with tax values under 200k. The houses are probably worth low 1M$ now and I suppose if someone needed out they would sell for that because they have equity. On the other hand, the annual taxes are under $2000. Even houses that sold at the peak for $2M seem to be in very strong hands and the buyers put very large downpayments down. Also, many of the homes that sold in the last 10 years have been restored and have the Mills Act in place resulting in low property taxes. Yes, there are some people that got in over their head but many of those properties have already sold as REOs over the last couple of years, many over list price with bidding wars. Still the market is certainly not strong by any stretch and still very vulnerable given the current economy. In all I think it is a good time to try to find a deal in MH but you will likely not be the only buyer looking as zzz points out.
