3 Bedroom 2 bath Brand new home on Lake

[Paul Scavello]

I just built a new three-bedroom two, two-bath Module home on a lake in Mount Pocono, Pennsylvania, in October 2023. The area has a lot of attractions and good schools. I’ve had the property listed for three months with some interest but no offers. I have an unfinished basement with 8-foot ceilings. I am contemplating removing the listing and finishing the basement to add two bedrooms and one bath, making it a five-bedroom three bath, and putting the listing back on the market. Any feedback would be greatly appreciated.

[Tia Ricketts]

Quote from @Paul Scavello:

I just built a new three-bedroom two, two-bath Module home on a lake in Mount Pocono, Pennsylvania, in October 2023. The area has a lot of attractions and good schools. I’ve had the property listed for three months with some interest but no offers. I have an unfinished basement with 8-foot ceilings. I am contemplating removing the listing and finishing the basement to add two bedrooms and one bath, making it a five-bedroom three bath, and putting the listing back on the market. Any feedback would be greatly appreciated.

Can you include the current listing? This sounds like something I migt be interested in. 

[Jack Schwartz]

Hi Paul, 
Imagine turning that fixed-up basement into a cozy living space that adds value to your home – sounds tempting, but is it legal? You might want to check out the local Zone Code first. I love the idea of adding a touch of luxury to make it feel like a high-end haven, like a fancy Jacuzzi bath, just to name one. Just something to ponder on, 

G.L. Jacob

[Paul Scavello]

Quote from @Tia Ricketts:

Quote from @Paul Scavello:

I just built a new three-bedroom two, two-bath Module home on a lake in Mount Pocono, Pennsylvania, in October 2023. The area has a lot of attractions and good schools. I’ve had the property listed for three months with some interest but no offers. I have an unfinished basement with 8-foot ceilings. I am contemplating removing the listing and finishing the basement to add two bedrooms and one bath, making it a five-bedroom three bath, and putting the listing back on the market. Any feedback would be greatly appreciated.

Can you include the current listing? This sounds like something I migt be interested in. 

 Hi Tia,

Yes, of course. The address is 5 Deerfield Drive, Mount Pocono, Pa 18344. Feel free to reach out with any questions.

[Matthew Morrow]

Hi @Paul Scavello. Seems like a great opportunity. Refinished and adding more livable space could be a good angle- but we've had a few of these scenarios lately- specifically with modulars. Is the home considered a modular still? If you can retire the title and have it then be considered real estate it should have significant value. Especially in Mount Pocono. Tons of active clients there, and it should go quickly pending the information is accurate. If you need anything please reach out!

[Jack Schwartz]

Hi Matthew, 

I wanted to discuss the classification of a property as modular and its impact on value. I am currently in the process of purchasing a property in Upstate NY that was originally listed as a Mobil home. However, the owner has made professional additions such as a 500+ square feet family room and a 500 square feet deck, which greatly enhance its value. I am considering refinancing the property, but I am unsure if a bank will still classify it as a mobile home. With these additional rooms, does the property now qualify as a regular home? It certainly gives the appearance of a spacious and luxurious living space.

Thanks, Jack

[Matthew Morrow]

Quote from @Jack Schwartz:

Hi Matthew, 

I wanted to discuss the classification of a property as modular and its impact on value. I am currently in the process of purchasing a property in Upstate NY that was originally listed as a Mobil home. However, the owner has made professional additions such as a 500+ square feet family room and a 500 square feet deck, which greatly enhance its value. I am considering refinancing the property, but I am unsure if a bank will still classify it as a mobile home. With these additional rooms, does the property now qualify as a regular home? It certainly gives the appearance of a spacious and luxurious living space.

Thanks, Jack

 Jack,

This is great!! nicely done. 
From our experience (PA) and that of our colleagues around the country- the general consensus for a modular to be considered "real estate" and not personal property it must :

-Be a double wide home minimum

-Be permanently affixed to a foundation. Slab or basement. Wheels and such cannot be on. 

-Title retired at the DMV

-Be on an "owner owned" lot, without lot / service fees other than taxes. 

Talk with your lender first to be sure these are the case.

Best of luck!

[Ozzy Sirimsi]

I would be afraid putting more money into something that does not get any offer.

Would check my numbers, lower the price as much as possible and keep that basement money for the next deal.

You can put more money and still get no offer.

[Matthew Morrow]

Quote from @Ozzy Sirimsi:

I would be afraid putting more money into something that does not get any offer.

Would check my numbers, lower the price as much as possible and keep that basement money for the next deal.

You can put more money and still get no offer.

 Yep! No offers in this market is typically based either on price or practicality. Everything will sell, just a matter of when/how. If the building is still a modular and not real estate, that could be a big factor.