Mobile Home Parks In Real Life (MHP_IRL) MMW: Highest and Best Use
Nov 15, 2021
Explore the intriguing concept of 'highest and best use' in real estate and its critical application to mobile home parks. Discover the challenges these parks face with attrition and how urban development trends impact land value. The discussion also highlights the strategic advantages of mobile home parks, advocating for higher rents and property reinvestment. Learn how to communicate their worth to policymakers while addressing residents' needs amid economic pressures.
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Understanding Highest and Best Use
- Highest and best use means the most valuable, feasible, and legal use of land or property.
- It helps identify the best purpose for any given plot of land.
Attrition Explained by Land Value
- Mobile home parks face attrition as their lot rents are often very low compared to market rents.
- Developers increase density by replacing parks with more profitable housing types, increasing land value and tax revenue.
Density Limits Mobile Home Parks
- Mobile home parks have low density and cannot build vertically, limiting housing supply.
- Apartments and townhomes allow much more housing density on the same land.