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BIG BEAR IS A BOOMING SECOND HOME MARKET

The mobile home park for sale in the city of Big Bear Lake, CA, County of San Bernardino sold on June 1, 2006 for $3,700,000.  Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Seller in this transaction.

The park is made up of 72 spaces near the center of the tourist town, Big Bear Lake.  The 72 units consist of  all clean mobile home spaces which are serviced by city water and sewer services.  Amenities include a laundry facility, park office and a work shed.  The average space rent is $421.25 with all utilities sub-metered or paid for by the tenants.  Gas is direct billed and owned by the utility company.  5 park owned homes were included in the sale.  7 physical vacancies at COE.  The Park has recently undergone street repairs and seal coated in 2005.

Vince Reynolds commented, “Big Bear Lake has been booming lately as a second home market and the price of those second homes has now crept above $250,000 on the average.  The buyers see an opportunity to offer new mobile home and Park Models at $100,000 or less and provide an excellent mountain getaway.  The park has excellent views of the lake and surrounding mountains at prices much less than the competing stick built homes.”   

Norman Sangalang added, “The Seller has maintained very strict tenant screening qualifications and has not been very proactive with buying and financing new homes at the park.  Because of the seasonal nature of Big Bear it has been tough to get dealer to work on mobile home sales.  The buyer is very familiar with Big Bear and has built several homes in the area.  He also feels that he can cross market with his other mobile home parks in the Inland Empire. They plan on catering to the retirees and families in the Inland Empire looking for a second home.  Big Bear has recently become more active in the summer time than it is in winter.  Summer visitors stay longer and make more frequent trips, a pretty good

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