Two senior parks in Santa Rosa have seen a sudden spike in prices.
Sequoia Gardens and Rancho San Miguel are hot, hot, hot.
I have an appraisal in the review process. The underwriter has contacted the appraiser questioning the report's assessment of values.
The appraiser reports an increase of 30% in the last two months in these two senior parks. The recent rise in values is noticeable in the recent sales of pre-Hud double-wides over 1,000 square feet.
The underwriter is skeptical about the sudden jump from a floor of $30,000 to a new base of $50,000. But the appraiser is defending these statistics and told the underwriter that it appears not to be an anomaly, but a trend.
In my previous posts, I have reported a sudden uptick in buyers. Recent closed sales prices now reflect this increase in activity.
The appraisal has not yet been cleared by the underwriter. It seems that my lenders are acting like they're walking on very thin ice.
Stay tuned......
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