The Paradise Cove Mobile Home Park in Malibu, California is unique. The 72 acre oceanfront community is rich in history and sits atop a buff overlooking the Pacific. It has 257 manufactured homes of all makes and models, some are simple like the modern single wide makeover we recently featured, and some are not so simple, like the home below. Still, Paradise Cove is like any other mobile home park in America. The home’s are fairly close together, positioned in a slight angle, and everyone pays lot rent. The only difference between this park and all the others in the country are the prices of the homes.
Paradise Cove is known as the most expensive mobile home park in America (some even say the world). It’s always been home to the most expensive mobile home at any given time, the most recent was a double wide that sold for around $2 million. That record’s about to be broken by the home below. It just went on the market with an asking price of $3,995,000!
There’s two reason’s this home is noteworthy for the rest of us mobile and manufactured homes, other than getting to look at gorgeous homes, of course:
#1. It’s a prime example of the possibilities that our homes have.
If this home doesn’t convince you of the potential that manufactured homes have, nothing will. Of course, not all of us are millionaires but their home still started out on a chassis inside a factory, just like every other manufactured home in America.
#2. The value of the home increased by a significant amount, even though it sits in mobile home park.
Lot’s of people think that manufactured homes can’t gain equity but that’s simply not true. Studies have proven that they can raise in value and our article called Buying a Mobile Home: They Can and Do Appreciate shares the data if you’d like to read about it. One of the variables that most affected appreciation was whether the home was located in a park or on private property but that rule isn’t set in stone.
Around 1996 this home listed for $770,000 and I’m pretty sure I read somewhere that it sold for approximately $600,000. Yes, the home is sitting on a prime oceanfront property in Malibu that’s surrounded by rich people but it still has the chassis under it and probably the tires, too. The home is classified and taxed as a manufactured home. It still gained in value by over $3.3 million dollars in less than 20 years by remodeling and adding on to it.
As always, thank you so much for reading Mobile and Manufactured Home Living!
Images by Berlyn Photography, 2013