RV Lot Ownership - Pro / Con

[Jerry Winchester]

When we picked up our first Prevost in San Diego, our first overnight spot was at a place I had never heard of - Outdoor Resorts in Palm Springs. It certainly was not the typical campground we were used to and had become the gold standard with respect to RV parks for us. However, I didn't get it with respect to why you would want to own one of these lots.

So now 3 Prevost coaches later and a ton more experience, we have stayed a several of these own-your-own-lot places, most recently Heritage and Bella Terra. Now I can say that I think the way the Heritage place is set up is first class with a good location, marina and very well landscaped. We asked for and took the tour. Pretty nice place.

Then I talked to a guy whom we had met at the French Quarter RV park a few years back who was also there for a couple of days. He was looking at a lot and told me he owned a lot a FQRV, which I didn't even know sold lots. Anyway, I have been wondering why folks buy those lots rather than just renting them, like we did. I guess if you wanted to stay for several months and was worried about availability then that might be an issue and one of the lots at Heritage was owned by a lady just as an investment, so that might be another angle. But I heard that there were some fire sale prices on similar properties in Florida recently, so you have to wonder about that strategy.

So I know there are folks on the forum that both own lots at really nice parks and those who just rent periodically them and I would like to hear some of the reasoning for the decisions if you are willing so share them.

[JIM CHALOUPKA]

Pinging the thread for Jerry.

The way your time dictates the use of your coach and your willingness to go to the same place time after time will be two things that will influence your decision.
If you are finding more free time and want a guaranteed nice place to go, then by all means do so. You may want to choose a resort that has a rental management program for owners when you know you will not be in residence.
If you go for it, I recommend you choose a resort that is desirable 365 days of the year and is not too terribly far from home.

JIM :cool:

[merle&louise]

Jerry,

I was in PSL a few weeks ago and met up with Ed Saylor. He had purchased several lots in their Phase II as an investment. He believes that when the "baby boomers" retire they will embrace RV travel. Like you discovered these "first class RV resorts" will be attractive to them. Whether they will buy or rent remains to be seen.

I suppose you will have a 50/50 mix of owners and renters like you would in any other development. I looked into buying a lot in PSL a few years ago, and I decided that the monthly maintenance fee and property taxes would negate any price appreciation. So I have just decided to rent rather than buy.

An advantage to renting is that you can visit different areas rather than going to the same place all the time. I have never found a resort to be "Full" when I wanted to stay there. Most of them are building additional phases as soon as the first phase is complete. This of course will put downward pressure on prices of existing sites so the early buyers rarely enjoy big gains on re-selling their lots.

In the case of the French Quarter RV resort it is small (52 sites) and can not be expanded because the land is not available. That might be a good place to buy instead of rent. I would imagine that it fills up quickly for Mardi Gras, Saints games, etc. I have only stayed there a couple of times and didn't have any trouble getting in.

[Gary & Peggy Stevens]

Jerry, we stayed at the Heritage RV Resort for 3 days at the end of last year for our Xmas/ New Years Holiday. We just had a blast and the people were exceptional.

Several of the park owners had 90 Live Maine Lobsters flown in for a park feast they threw for all the people in the park, and that was the day before New Years. Then the owner of the park had heavy o'rderves and open bar for everyone for the New Years eve party. Then on New Years day, they ordered 20 pizzas for eats during the football games, and the rest of the beer, wine from the night before.

Bottom line, we loved this park best, of of all the owner parks we have been too. But we still think the best way to own a bus is to travel in it, from one great owners park to another. ( We had a great time in the ORA in Palm Springs, Naples Florida, Hilton Head, Port St. Lucie, and loved Pelican Lakes even before we bought the bus. ) Great people in all of these resorts and just lots of fun things to do.


Gary S.

[travelite]

Can anyone recommend an online list/website of owners parks?

[michaeldterry]

Can anyone recommend an online list/website of owners parks?

Heres a site I found that provides general information regarding the in's and out's of RV real estate ownership. I haven't foumd a comprehensive list yet, but there are several ads scattered around this site: http://www.rv-realestate.com/index.html

[phorner]

OK.... so here goes from the perspective of an owner.

We decided to purchase a lot because we wanted a "base" of sorts to call home, as we are full-timers. We wanted to establish a Florida residency for several purposes: no state income tax, lower health insurance rates, and lower bus/auto insurance than we had been paying in NJ.

At the time we purchased our lot, we paid less than 50K and spent roughly another 10K in lot improvements. That was in 2002. Since that time, the value of that real estate has risen dramatically, then declined almost as much. So, in our case, we purchased at the right time. Others have not been as lucky.

As an owner, we spend about 6 months at the Outdoor Resorts and it does become the standard by which you judge every where else you stay. Since we have such a more or less structured time that we spend there, you develop a sense of community or extended family with the other owners. However, it DOES make me reluctant to spend the winter elsewhere since we already have a place that will have fixed costs whether we are there or not. You feel kind of obligated to use it. However, there is a sense of returning "home" when we get back there after several months away.

There was a time when you could not rent a lot in Port Saint Lucie during the busiest part of the winter as all the owner lots were occupied and we were sold out. Even with an additional 140 lots now available, we have had folks turned away because the place was full.

It would appear that the RV lots are certainly at or near the bottom regarding pricing. That is the good news. However, maintenance fees, in some areas, are considerable. As a "second" home, the real estate taxes may be tax deductible.... at least for the time being.

We like the security of owning our own little piece of real estate that we can develop as we see fit, stay for as long or as little as we like, and hopefully have some appreciation over the long haul. So far, that has worked out in our case.

I'll also be happy to answer questions regarding lot ownership, by email or PM if you think it would be of benefit to you...

[merle&louise]

I remember talking to Paul a while back when I wanted to buy a site in PSL. He said something that made an impression on me; he mentioned that before they bought in PSL he and Janice looked at another RV resort. They walked around and talked to the neighbors. They didn't like what they saw and decided to look elsewhere. That is when they looked at PSL and bought a lot.

The point being, look around before you buy - check out your neighbors thoroughly.

Don't get me wrong, I love PSL. If money were no object, I would buy a site there tomorrow. I love that place and plan to go there every February for at least a couple of weeks. It is heaven on earth!

[Sid Tuls]

Here is a great place I'm staying at. I've been here almost 2 months and it's a first class resort. www.motorcoachcountryclub.com 760-863-0789 The only problem hereis that you get caught up in the moment and bad things can happen $$$$$$$$$$$$$$$$$$$$$$$$$ so far i haven't bought yet.

[garyde]

I think people buy primarily because they like the area and plan on returning yearly. It fits their lifestyle and has lots of things to do in the area. This would be the same for a condo or time share. Some places like Indio and Las Vegas are too hot during the late spring and summer so those parks are only fall and winter parks.
Other parks are too cold during the fall & winter .
Retirees travel during the fall and winter and stay home the rest of the year or visit their grand kids. So , the idea of owning a lot is a luxury really as the name so states
on many parks.

[rickdesilva]

Wendy and I have owned at Pelican since '98. We have watched the prices skyrocket and tank. I guess you can say we bought at the right time. My thoughts are that you should buy for the same reasons that you would purchase a vacation home. The desire has to be there to want to spend time in the park and the area that surrounds it. For us the incentive was to escape the NJ winters and have a place that was ours that we can arrive anytime we want without a reservation. When we get there all our "stuff" is there. Our grill, patio furniture, bikes, golf cart etc. My biggest dilema each year is what toys to bring and how do I get them there. Our options are many, We can head to the Keys, Sanibel, Marco with or without the coach. We bring her down November/December and bring her home March/April. Since I am still working to help redistribute the wealth and Granny needs a grandkid fix we still travel back to NJ. We travel back to NJ either by air or car. For us Naples was the draw the area is beautiful and Pelican is phenominal. The park is kept beautiful and the association is financially strong. The people are great. We have never regretted the purchase. But if you find a place and an area you love and want to spend a lot of time..... Buy. If you don't like the thought to being anchored then don't. However don't try to make it pencil because just like Prevost ownership it just won't.

[Sid Tuls]

What a nice lot you have there Rick ! Enjoy!!

[pwf252]

Like Jerry I have wondered about ownership in one of these parks also. I have been confused about the economics of ownership. In reading this thread it has not become a whole lot clearer to me, excepting Ricks comment that if you put a pencil to it much like Prevost ownership it won't compute. For me thats the pertinent question. In todays economic climate is the general consenses that the value is in the satisfaction of ownership and not necessarily in the economics of ownership?

[phorner]

Actually, our lot purchase has certainly worked out better as an "investment" than any motorhome. It at least has the possibility of appreciation, but we figured that if we eventually got out of it our purchase price, we would be happy.

At the time we purchased ours, the thought spending nearly 50K, for what is essentially a glorified driveway, might be a risky investment. We were lucky enough to buy in at what has proven over the past decade to still be the bottom price at our resort. Highly unusual for most of my purchases, by the way....

I would look at it as any other vacation real estate.

[rickdesilva]

Patrick
You hit the nail on the head. The satisfaction is in the ownership. Put aside the purchase price, Association Dues and taxes for us come to over 6k a year. That buys alot of different rental sites for the year. It just doesn't pencil and we bought our lot when it was a drawing on a map in an office. But we want to own so this plan works for us. By the way you been keepin' that Jeep out of ditches?

[Jerry Winchester]

Rick,

That is a nice lot. It seems way bigger than most of the ones you see for sale.

JDUB

[BUSTER]

After renting in Outdoor Resorts Indio for 5 years, we bought a lot last March. ...in fact Ray Davis closes on his lot on March 31.

There is no economic justification....it is like a vacation home....it is a quality of life issue. We bring our coach down around mid October and leave early May....we use it as a weekend place when I have work to do...it is 120 miles from home to Indio...we travel in the coach in the summer. If work is light we just stay there.

I just love the place...

Prices have come down quite a bit....we kept all the sales listings from all our visits.....HOWEVER THE MOST IMPORTANT THING ABOUT OWNING A LOT IS: the people and the activities.....this was the reason we finally bought....we just love adult camp !!!!

[edsaylor]

I own lots in three different Resorts: Outdoor Resorts on Hilton Head Island, Outdoor Resorts at Port St. Lucie, FL, and an RV lot and cabin at River Vista Mountain Village in Dillard, GA. The lot on Hilton Head Isl. actually produces a profit each year as it stays rented most of the time since it is on the corner of the lake and is a pull in lot. The lot in Port St. Lucie is where I spend part of the winter each year since 2002. I love having it fixed up like I want and having my Golf cart and grille and outdoor furniture ready whenever I want to go there. Even more important, I have really great neighbors on our street plus all over the park. We are constantly doing fun things and get togethers. I did just buy 4 lakefront lots in our new section at bargain prices. I have been around long enough to realize that our economy goes up for awhile and then down for awhile. Sometime in the next few years, after our economy is booming again and prices are way up (they will be way up again), people who buy good lots now will be very glad they did. My lot and cabin in Dillard, GA are in the Smoky Mountains and it is much cooler there in the summer than in FL or the Mississippi Coast, where our home is. Also, again we have a good number of great neighbors. I highly recommend RV lot ownership where you can spend some time and have your own stuff and friends.

[Reagan Sirmons]

One of the things I was wondering as I reviewed this discussion was what type of deed do you get when you purchase the lot? Is it an actual purchase with a General Warranty deed establishing fee simple ownership of the described space (lot) or is it a Special Warrenty Deed which of course among other things allows debt to exist or be placed on the property by the underlying property owner? Any thoughts?
Pres

[BUSTER]

I have a deed for my lot...fee simple....this is at Outdoor Resorts Indio

[phorner]

I have a deed for my lot...fee simple....this is at Outdoor Resorts Indio

Ditto for my lot at Outdoor Resorts in Saint Lucie west....

[rickdesilva]

We're fee simple.
Most lots at Pelican are 50X100 some are larger. Half of us are on the lake. Today its about 85 and Balmy, much better than up north.

[Sid Tuls]

Just bought a lot MCCC in Indio today. Once you stay for a couple of months you don't want to leave! I know summer is coming and I'm sure I don't want to be here but for now it's awesome!