Official State of the MHIndustry & LLCommunity Asset Class!

The unabridged title of this frequently requested public presentation goes like this:

‘Present State of the HUD Code Manufactured Housing Industry & the Landlease (nee manufactured home) Community Real Estate Asset Class!’

At least for the time being, HUD Code manufactured housing is returning to its’ affordable housing roots. How so? It’s a long but interesting story with some twists and turns…
From the mid 1940s thru mid – 70s, 80+/% of annual new home shipments (Remember, we count ‘shipments’ in this business, not new homes sold) were ‘singlewide’ mobile homes and 20+-% ‘doublewides’; and, 80+/-% of said homes were destined for siting in ‘mobile home parks’, the remaining 20+/-% on scattered building or subdivision sites owned fee simple. Note. This was a 30+/- year period in U.S. housing history when the concept and term ‘affordable housing’ meant affordable housing and a truly affordable lifestyle!

25 years later, by year 2000, those percentages reversed! Now 80+/- of annual new home shipments were ‘multisection’ manufactured homes and 20+/-% were ‘singlesection’ homes; and, 80+/-% of said homes were destined for siting on scattered building or subdivision sites owned fee simple, and generally referred to as Land & Home Packages; the remaining 20+/-% of new homes went into manufactured home (nee mobile home park) communities. Why? Our unique, homegrown type of factory–built housing had become more ‘homelike’ over the years and increasingly desirable to the homebuying consumer, who could not afford the $200,000.00 price tag on new site–built homes, and chattel (personal property) loan financing was plentiful. Note. This was also the 25 year period in U.S. housing history when the concept and term ‘affordable housing’ became bastardized, to mean whatever government bureaucrats and housing marketers, activists, academics, and journalists wanted it to mean, at the time, and for whatever selfish purpose – but all to the detriment of the homebuying citizen!

Another decade has almost passed, and the two 80/20 percent manufactured housing configuration and siting paradigms, referenced in the preceding paragraphs, are reversing again! That’s right, the number of new singlesection manufactured homes continues to increase while the number of multisection homes decreases. And an increasing volume of new manufactured homes, both singlesection and smaller multisection models – now commonly referred to as ‘community series’ homes*1, are purposely marketed into landlease (nee manufactured home) communities by dozens of Business Development Managers (a.k.a. ‘BDM’s) working for a dozen or so of the remaining HUD Code home manufacturers – more about this later. Why? First; the scattered and subdivision building site market has dried up, for a variety of mostly financial and economic reasons, for the time being; yet, there are an estimated 500,000 vacant rental homesites to fill in the approximately 50,000 LLCommunities in the U.S. today! And smaller manufactured homes are inherently more ‘affordable’ than behemoth multisection models; and certainly fit better, on otherwise functionally obsolete rental homesites within these unique income–producing properties. Furthermore, owners/operators of these ‘recession proof’ properties know, if willing to take on more risk and pay closer attention to daily management operations, they can ‘add value’ to these properties by acquiring, reselling and self–financing new and resale homes on–site within their properties. Note. It’s futile to define or describe ‘affordable housing’ these days, as the same players cited in the previous paragraph, refuse to acknowledge and correct their gross perfidy applying this key and timely housing concept–making it a near useless benchmark in today’s housing marketplace.

So, are there key, and otherwise important trends associated with the aforementioned paradigm shifts within the HUD Code manufactured housing and landlease community real estate asset class? Yes there are….

Many LLCommunity and MHIndustry purists date recognition of this latest shift – now – trend, to the 27 February 2008 National State of the Asset Class caucus held at FountainView Estate LLCommunity in Tampa, FL. 100+.-, when LLCommunity owners/operators attended. Result? A five part Action Plan to revitalize the asset class and, hopefully, breathe ‘home sale life’ into a severely contracted MHIndustry. One action area involved opening lines of communication between LLCommunity owners/operators and MHIndustry manufacturers.

One year later, to the day, 100+/- HUD Code home manufacturers representatives and LLCommunity owners/operators convened at the RV/MH Heritage Foundation’s Hall of Fame, Museum and Library in Elkhart, IN. for an Historic SUMMIT Meeting. Most of that day, 27 February 2009, was spent discussing ‘back and forth’ what the former could build and ship; and what the latter needed and desired on–site in their properties. Result? The soon redesign of housing product to be ‘LLCommunity–friendly’, now known as ‘community series’ homes. Read on…

Also during late 2008 and throughout year 2009, another emerging phenomenon, maybe someday to be identified as a paradigm shift, has taken root. Beginning simply as a Super Symposium, early venues were day long events, in IN, OH, GA, & IL., where LLCommunity owners/operators, lenders and third party finance specialists, and HUD Code home manufacturers convened to learn together ‘How to Market, Sell, and Self–finance New and Resale Homes On–site in LLCommunities!’ Now that basic seminar agenda has morphed into a multi–day affair, featuring not only education, but supplemented with several new HUD code ‘community series’ homes on display for participants to inspect, with the expectation they’ll order new home stock for placement on–site in their properties. Such Symposium/Showcase events have recently been held or are planned in IL, GA, NY and TX. Is your state planning to revitalize our industry and asset class in like manner? Perhaps you should contact your state executive and suggest they do so.

At the same time, several regional mega MHShows have become casualties of marketing and finance ill effects of the two (HUD Code & site–built) housing boom–bust cycles here in the U.S. The annual Midwest MHShow in Louisville, KY, is the latest decades–old event to fold.

So, are there any other realities and trends afoot affecting the MHIndustry and LLCommunity asset class? While time and space, here, does not facilitate discussion, they include:

Lack of floor plan (wholesale) financing for HUD Code manufactured homes
Paucity of qualified prospective homebuyers for manufactured homes
Lack of strong, unified national advocacy @ MHI & MHARR
No widespread manufactured housing ‘resale market’…valuation, multilist…
No national ‘image improvement’ & or ‘product promotion’ campaign to date
Diminished trade press presence with demise of Merchandiser & Modern Home
Uneven implementation of HUD home installation and Safe Act regulations
Future uncertainty of MHIndustry by dint of continued corporate consolidation
Slow growth of MHI’s National Communties Council division
Uncertain role of ULI’s MHCC ‘Think Tank’ for MHIndustry & LLCommunities
Lack of support for property management professionalism re CPM, MHM, ACM
Emergence of a Small Community Owners Forum at the 18th annual Roundtable

Believe it or not, there’s still more that could be included here. As usual, I appreciate your feedback. Hopefully you’ve made this Blog, at www.community-investor.com your Monday touchstone for all things pertaining to the MHIndustry and LLCommunity asset class! Let me know your feedback on these key matters….

End Note:

1. Don Westphal serves as the national clearing house for developing standard descriptions relative to the ‘community series’ home designs and configurations: (248) 651-5518.

*****
George Allen, Realtor®, CPM®, MHM®
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024
Indianapolis, IN. 46247
(317)346-7156

Blog # 55

Birth & Maturation of a HUD Manufactured Housing & LLCommunity Trend.

“Every (landlease) community owner is dealing with the same issues we face in Georgia: need for low – priced manufactured homes with sex appeal AND financing, to fill vacant rental homesites! Today, HUD Code home manufacturers are going to a lot of trouble to listen to our requests, then designing and building new homes we want, even displaying them at our meetings. Other topics, like professional property management, on – site sales expertise, and sources of funds for home financing, are also near and dear to the hearts of everyone in the manufactured housing business.” (Paraphrased email message from GA. GFA)

Two years ago, the first sentence of the opening paragraph rang true, as landlease (nee manufactured home) community owners/operators ‘added value’ to their unique income – producing properties by selling ‘repo’ and used homes on – site. However, the new reality described in the next sentence received little more than lip service, at the time, from HUD Code home manufacturers enamored by the ‘bigger box = bigger bucks’ business model of the MHIndustry. Today, that has changed in a big way. How?

First, let’s set the stage. There’re approximately 500,000 vacant rental homesites among 50,000+/- landlease communities (‘LLCommunities’) throughout the U.S. The majority of these are smaller, oft singlesection home – sized sites in 10 – 40 year old LLCommunities, and unable to support the ‘bigger box = bigger bucks’ mantra of a decade ago. And, between 1998 and 2008, HUD Code housing shipments plummeted from 372,843 to 81,889! What’s happened to change that mantra?

Nearly two years ago, on February 27, 2008, 100 LLCommunity owners and operators, from throughout the U.S., convened in Tampa, FL., for their first National State of the Asset Class caucus. One of Five Action Areas identified at that caucus of peers, was the mandate to ‘Get HUD Code home manufacturers and LLCommunity folk talking to each other!’ Well, it took a year, but we finally reconvened at the RV/MH Heritage Foundation Hall of Fame, Museum & Library facility….

On February 27, 2009, in Elkhart, IN., 100 HUD Code home manufacturer execs and LLCommunity owners/operators gathered for an Historic SUMMIT Meeting. What occurred? Open communication between these two major segments of the MHIndustry, and the naming of nearly three dozen Business Development Managers (‘BDM’) by those manufacturers present, with the mandate to ‘Increase their firms’ new home sale market share within and throughout this real estate asset class!’ The trend is born!

On September 10 & 11, 2009, in Chicago, IL., 200 portfolio owners/operators of LLCommunities, again from throughout the U.S., gathered for their 18th annual International Networking Roundtable (‘INR’). Besides spending time in seminars learning how to better market and sell new and resale homes on – site, everyone toured and inspected three new HUD code homes on display! These new single and multisection ‘community series’ homes were supplied by Clayton Homes, Harmony (Fairmont) Homes, and Hi – Tech Housing. And new homes were ordered!

On December 16th, in Forsythe, GA., at least five HUD Code home manufacturers will display new ‘community series’ homes in the hotel parking lot where GMHA is hosting Symposium II. This will be at least the sixth joint HUD Code manufacturer & LLCommunity event conducted during 2008, with others in IN, IL, OH & GA! During symposiums, LLCommunity folk learn ‘How to Market, Sell & Self – finance Homes On – site!’ and HUD Code home manufacturers get to showcase their new lines of community series’ homes! FYI; symposiums are being planned in NY, TX and elsewhere. Encourage your state MHAssociation to participate in the Symposium & Showcased ‘community series’ Homes trend’ during 2010!

There’s an interesting, evolving sidebar regarding this Symposium & Showcased ‘community series’ Homes trend’. MHIndustry veterans know regional (and some state) manufactured housing shows have long been a primary means of introducing new home designs and features to mostly manufactured housing retailers (nee dealers) and developers. These mega – events were very ‘high cost’ (transportation, setup, space rental, etc.) for home manufacturers, and the treasuries of sponsoring MHAssociations oft shared (large) profits post – show. Today, that has changed. With new home shipments down 450 percent, between 1998 and 2008, manufacturers cannot afford these high – priced venues, and appreciate opportunities to setup and showcase ‘community series’ product near their factories, to the most likely buyers in the housing market today – LLCommunity owners/operators.

So maybe, until across – the – board housing demand and national prosperity returns, this contemporary Symposium & Showcased ‘community series’ Homes trend, comprised of LLCommunity owners/operators and HUD Code home manufacturers working together to fill approximately 500,000 vacant rental homesites in 50,000+/- properties nationwide, is ‘the best and only way to go!’

End Note. As always, I appreciate your feedback on every Blog I pen in behalf of the MHIndustry & LLCommunity asset class. Your reaction and comments to this one?

*****

George Allen, Realtor®, CPM®, MHM®
Box # 47024
Indianapolis, IN. 46247
(317)346-7156

Blog # 54, a.k.a. Postscript to the Allen CONFDENTIAL!, Issue # 121

MHI’s annual, & NCC’s division meetings ‘in a nutshell’, so to speak….

First the Good News. Overall attendance at this year’s annual meeting at La Costa Resort Hotel & Spa, in La Costa, CA., was up by 50 percent! Not So Good News?
Only 11 state MHAssociation execs were present (e.g. none from Pacific Northwest or New England, & only one each from Middle Atlantic States & Midwest!); only six HUD Code home manufacturers (with a couple of those brands were from same corporate family); but, there were more than 20 LLCommunity owners/operators present!

Meet Potomac Partners, LLC. The only firm to receive an RFP (Request for Proposal) from MHI to find “…adequate financing for land-lease (sic) community manufactured housing (‘MH’) loans…” To request a copy of their four page Proposal, contact Thayer Long @ (703) 558-0678. To offer information, or to offer assistance to this firm, contact Brian Chappelle or Pete Mills via (202) 637-7020.

Industry Panel Discussion. Promoted as ‘one session you will not want to miss’, a panel comprised of seven industry experts from manufacturing, finance, and LLCommunity segments of the MHIndustry, moderated by Dick Ernst, shared their ‘sector’s biggest business challenges and strategies for overcoming them.” While interesting presentations, nothing about the 36 Business Development Managers (‘BDM’) marketing new HUD Code homes into LLCommunities these days; or the National Symposium Movement, already in evidence in IN, OH, GA, IL – and maybe TX, as well as regional trade shows; and, the newest industry moniker ‘community series’ homes, received but passing mention during Open Discussion at very end of the program. Sometimes seems like there’re two manufactured housing and landlease community industries afoot these days.

National Communities Council meeting. Once again, the most heavily attended industry segment meeting of the entire MHI annual meeting. Much discussion concerning pending legislation in Washington, DC. For latest information go to MHI’s website and access the NCC portion thereof. What else covered? Stephen Wheeler, formerly with Green Courte Partners, introduced his new firm Housing Advisory Services and explained what’s happening there (See brochure enclosed with this issue of TAC!) I distributed a summary of newsy notes already covered in this issue of TAC!

Manufactured Housing Educational Institute board meeting. I suggested MHI explore the possibility of adding several new HUD Code homes to the 2010 MHCongress in Las Vegas, NV as display models, like we did at the 18th annual Roundtable last month. Since a theme had already been selected for the 2010 event, this suggestion went unheeded – unless the NCC Forum committee picks up on it: ‘How to Market, Sell & Self – finance New & Resale Homes On – site in LLCommunities Nationwide!’ Would you attend such a seminar program? Thought so. I certainly would, especially during these trying economic times for our industry and asset class. Guess we’ll have to wait and see…

Potpourri of MHIndustry & LLCommunity no–so–trivia news & views from California to Connecticut!

 Ready? Here goes…

 California “…families who’ve lost their homes are moving into their motor homes until they can get their feet back on the ground and credit cleaned up. Saw several of these out in the Hemet area, where rent is $400.00/month.” In an email from a California – based LLCommunity owner/operator.

 Connecticut. Know the Jensen family of Jensens, Inc., in Southington, CT? Founded by Danish immigrant Kristian Jensen, decades ago, the family business is now run by third generation Kristian Jensen III, ACM. MHI members know Kristian Jensen, Jr., ACM best. He’s a 2009 inductee into RV/MH Heritage Foundation’s prestigious Hall of Fame!

 Pennsylvania. Trouble! ‘PA passed legislation during Fall 2008 to meet SAFE Act mandates, successfully getting manufactured housing written out, since already licensed under Motor Vehicle Sales Finance Act. This didn’t pass HUD’s review – wanting inclusion of homes on leased land.’ LLCommunity owners/operators & MHRetailers must now be double–licensed to do business. (edited) Other states dodged this bullet.

 Southeast sage. “We’ve got the attention of HUD Code home manufacturers; in fact, all the segments of the industry who considered us (LLCommunities) ‘ugly stepchildren’ back then. Fancy ideas proposed in glass tower ‘suites’ (e.g. buy up entrepreneur – owned MHRetail centers and make them company stores, etc.) have been tested and failed. The MHIndustry has now gone thru the best of times and the worst of times. ‘Affordable housing’ is now more important than ever!” (edited) A loud ‘Amen!’ & ‘Let’s go!’

 Indiana. Did you know? Reid Litwack’s ODOROX equipment appears to rid old and new manufactured homes of every possible odor! Introduced at 18^th annual International Networking Roundtable and now used in many LLCommunities. (317) 660-7814.

 Ohio. Remember Terry & Kathleen Lyden, the brother & sister dynamic duo of Aquameter days? Well, they’re back as Utility Revenue Services, working with portfolio owners/operators to effect utility rate reductions and refunds! (614)286-5202.

 Ohio again. Bruce Nell is now working with George Allen, CPM & MHM, to take LLCommunity operating statistics research, publication and distribution to a higher level. Want to be part of this unique and timely team? Call Bruce @ (614) 540-2950.

 North Carolina. What is it ELS, Inc., & other major ‘players’ do to trim expenses and maximize profitability? Sign – up with Connexion Technologies to get better business deals regarding CATV & related operating expenses. Grant Kitching (919) 735-7240.

 Kentucky & maybe Oklahoma. Someone’s listening to Southeast Sage! See previous paragraph. Tentative plans have been laid to take heretofore state association–hosted National SYMPOSIUM Movement seminars to the regional show level. Watch for opportunity to attend ‘How to Market, Sell & Self–Finance New Homes into LLCommunities! Focus? LLCommunity readiness, Title I, & loan compliance!

 Illinois. Why one prospective MHI member won’t be attending the institute’s Annual Meeting in San Diego, CA. “I have a negative opinion about proposed bylaw change requiring prospective members to join at the highest applicable dues level. MHI should be open to all; allowing new members to join at any level, with the goal of selling them on the benefits of membership, then upgrading them later.” Makes perfect sense to me.

 Illinois again. Stephen Wheeler of Housing Advisory Services eases access to public funding for homeowner manufactured housing rehabilitation on–site in LLCommunities. Sound too good to be true? Find out for yourself: (312) 404-0288.

 National. Letters and questionnaires pursuant to preparation of 21^st annual ALLEN REPORT (a.k.a. ‘Who’s Who Among LLCommunity Portfolio Owners/operators in North America!) have been mailed. Response deadline is 30 September 2009 via FAX @ (317)346-7158. Missed you? Phone (317)346-7156 for questionnaire. When & where to be published? Hopefully in CommunityInvestor magazine @ 1/1/2010, or Allen Letter.

 Michigan. Don Westphal, at 18^th annual Networking Roundtable, volunteered to serve as a ‘national clearinghouse’ for interior and exterior designs and product specifications describing the new ‘community series’ of manufactured homes! Want to input your preferred features and ‘specs’? Call Don via (248) 651-5518. Many already have done so!

 Iowa. Joanne Stevens, CCIM & ACM, facilitated the first ever Small Community Owners Forum (i.e. LLCommunities with less than 100 rental homesites) at the 18^th  Networking Roundtable. 50 owners participated. Interested?  Joanne: (319) 378-6786.

 Georgia. A new business opportunity for LLCommunity owners/operators! To reduce property insurance premiums and participate in possible profitability of a new ‘captive insurance’ firm, contact Jay Zandman for details ASAP: (800) 211-0468 x 117.

 National again. Informal FOCUS Groups, comprised of LLCommunity owners/operators have met periodically for many years. A new FOCUS Group of non–competing owners/operators is being formed. Interested? Call (317) 346-7156 for more information.

 Know what? These 16 not–so–trivia news and views vignettes scratch the surface of what’s ‘going on’ & ‘not going on – but should be’ throughout the MHIndustry & LLCommunity real estate asset class today! This Blog, now in its’ 53^rd edition, is the sole resource attempting to take business communication and discussion where it’s never been before: public, online and offline! If you seriously want to participate in this unity movement, read this Blog every week and take the time to respond. Can’t promise I’ll always get back to you, but I certainly will try.

 Furthermore, consider this! If Susan McCarty (daughter) and I do not feel we have enough financial support, via display advertising sales commitments and paid subscriptions, by mid–November, there will be no CommunityInvestor magazine! This  publishing effort is my largest attempt, to date, to bring unity to the MHIndustry & LLCommunity asset class, so we can move forward together to restore our economical, high quality, energy efficient, eminently transportable, non–subsidized form of factory–built housing, and related community lifestyle, as our nation’s homegrown, preeminent form of truly ‘affordable housing’! Will you help? Then be proactive and respond accordingly to ‘this Blog’ and or phone (317) 346-7156 with your commitment to advertise in the magazine and or subscribe to the published product. OTHERWISE, as of January 1, 2010, you’ll have nothing from which to obtain MHIndustry & LLCommunity  news and views, than the Journal and the Allen Letter, and a few online publications vying for your attention.

 George Allen, Realtor®, CPM®, MHM®

Box # 47024

Indianapolis, IN. 46247

(317)346-7156

21 September 2009
Copyright 2009
First North American & Electronic Rights Only
BLOG # 52

Blogger’s Note. Blog # 52 commemorates the exciting beginning of a new era in manufactured housing trade journalism in at least two distinct ways:

• It’s the first blog to be featured on the new, OFFICIAL MHIndustry & LLCommunity website: www.community-investor.com

• Its’ subject matter announces the first new initiative in statistical data collection and distribution, throughout the landlease (nee manufactured home) community real estate asset class, in 21 years! After you’ve read it, please respond!

And that, my friends, scratches the surface of ‘all that’s going on in and around the manufactured housing industry and LLCommunity asset class today’! Seriously. If you can’t answer the following questions, you owe it to yourself and your business interests to contact me for answers. ‘If selling new HUD Code homes on–site, are you working with a manufactured housing Business Development Manager or BDM?’ You should be! ‘Have you attended a state MHAssociation-hosted Symposium, for LLCommunity owners/operators, during the past six months?’ That’s where you learn about the ‘new Title I program’! ‘Do you know the difference between new ‘community series’ manufactured homes and the heretofore ‘developer series’? If not, you’re not buying smart! And, most exciting of all: ‘Are you aware of the possible launch of a new MHIndustry & LLCommunity trade publication, titled CommunityInvestor during January 2010? If desirous of more information, and interested in subscribing, phone me @ (317)346-7156 or ask questions via gfa7156@aol.com

Now, here’s what 500+/- portfolio owners/operators of LLCommunities, throughout the U.S. and Canada, are receiving in the mail between 15 & 30 September 2009.

An Open Letter to Landlease (nee manufactured home) Community Owners

It’s time for a paradigm shift in statistical data collection and distribution re the landlease community (‘LLCommunity’) real estate asset class! While the manufactured housing industry regularly measures its’ benchmark numbers (albeit still counting home ‘shipments’, not ‘sales’), LLCommunities have moved little beyond identifying 500 major owners/operators and sizes of their property portfolios. We need much more!

During the current ‘down’ period of this real estate cycle, everyone is clamoring for transparency. The finance market is all but frozen for home and LLCommunity financing. Continuing ‘business as usual’ will result in us missing out on billions of Federal dollars and bank loans when they flow back into the real estate marketplace! These are dollars that should and will be available for home buying site lessees and LLCommunity owners.

Every major investment real estate asset class collects statistical data germane to its’ unique nature, usually relating to product inventory; construction, expansion and closure trends; operating expense figures; physical and economic occupancy; and homesite rental rates. While LLCommunity owners have their Rules of Thumb, we need data accuracy, transparency and accessibility for parties providing capital for home and realty financing!

This Open Letter to Landlease Community Owners/operators asks you to participate in the statistical data collection and distribution paradigm shift absolutely necessary to put our unique income – producing property type on a level playing field among all other realty asset classes! How do we accomplish this? Two ways:

• Complete & return enclosed 21st annual ALLEN REPORT questionnaire before the deadline of September 30, 2009. The formal report will be published during January 2010 either in the Allen Letter or possibly CommunityInvestor magazine.

• Contact Bruce Nell, senior managing director of PGP Valuation’s National Practice Group – MHC, via (614)540-2590 or bruce.nell@pgpinc.com indicating your willingness to participate in this historic effort to measure our asset class!

Thank You in advance for your cooperation in this important & historic project.

George Allen, Realtor™, CPM™, MHM™
Consultant to the Factory – built Housing Industry the Landlease Community Real Estate Asset Class
GFA Management, Inc. dba PMN Publishing
Box # 47024
Indianapolis, IN. 46247 085
(317)346-7156 & gfa7156@aol.com (614)

Bruce Nell, Senior Managing Director
Nat’l Practice Group Leader
PGP Valuation, Inc.
870 High St., Suite #11
Columbus, OH 43085
614-540-2950

There are no plans for the ALLEN REPORT to cease or change; simply, we must add substantially and accurately to the LLCommunity data collection and distribution effort!

*****
Bet you’d like to know how this initiative came about. Pretty simple actually. Periodically, during the past 25 years, as a Certified Property Manager™ member of the Institute of Real Estate Management (‘IREM’), I attempted to interest that professional property management international trade body to include our unique income–producing property type in their annual compendiums on operating expenses for apartments, office buildings, and shopping centers – but to no avail. A few years ago I attempted to similarly interest MHI’s National Communities Council (‘NCC”) in creating a similar annual report featuring the LLCommunity asset class. That initiative got bogged down in association politics. So, at this year’s 18th annual International Networking Roundtable in Bloomingdale, IL. (9 – 11 September 2009), and during Bruce Nell’s presentation ‘Toward An Asset Class Data Base!’ a group decision was made to attempt a statistical data collection and distribution cooperative partnership between PGP Valuation, Inc., and GFA Management, Inc. The initial effort, to this end, has been to enclose the above Open Letter to Landlease Community Owners/operators with the 21st annual ALLEN REPORT cover letter and questionnaire sent to 500+/- portfolio owners/operators of LLCommunities throughout the U.S. and Canada. It will be interesting, and hopefully exciting, to tally the responses to both requests for statistical data input! You can follow the progress of this timely and historic effort within the pages of the monthly Allen Letter and possibly, CommunityInvestor magazine! GFA

****

George Allen, Realtor™, CPM™, & MHM™
Consultant to the Factory – built Housing Industry &
The Landlease Community Real Estate Asset Class
Box # 47024
Indianapolis, IN. 46247
(317)346-7156

Postscript.

If you own five or more LLComunities and or 500 or more rental homesites, and have not received the above–referenced cover letter and questionnaire, and Open Letter, but would like to participate in either or both statistical data collection efforts, please let Bruce Nell and or me know ASAP.