Preview:
Jean Lightfoot had her final years all mapped out: She would sell her house in Hopkinton when she turned 80 and use the proceeds to settle comfortably into a retirement home.
But watching her neighbor, Tom Ryerson, struggle to unload his home at the Meadows of Hopkinton, the same manufactured housing community Lightfoot calls home, has given her serious doubts.
Ryerson listed his two-bedroom, two-bathroom manufactured home for $229,000 in January. Since then, he’s been forced to slash his asking price to $179,000, a 20% drop and $35,000 less than what he paid. He’s had little interest in the property, not because of anything wrong with...
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“Ryerson listed his two-bedroom, two-bathroom manufactured home for $229,000 … with a lease for the land of $1,285 a month.”
Who in the world would think you could EVER sell a 2/2 mobile home for $229,000 with a $1,285 monthly lot rent attached to it? Particularly in a low-energy market like Concord, New Hampshire? This bad decision-making, on the part of the homeowner, is not the result of any action by the park owner but simply poor financial education. You’d be lucky to sell a regular 2/2 single-family home in Concord, New Hampshire for $229,000 – a quick review on-line shows I can buy a nice 2/2 frame house on a pretty lot for $295,000 without any lot rent whatsoever. I’m lost on what the homeowner was thinking on this.