The problem campground and other vacation related properties face today is a lack of financing. After the
collapse of the economy in 2007, financing for these types of properties dried up overnight. Consequently, I
would presume that there are a lot of resort owners that will be re-financing as soon as the capital is available.
Campgrounds, Recreational Vehicle (RV) Parks and Mobile Home Parks are all considered in the same
category. The reason for this is the way the income is derived. All three property types are very hands on,
requiring significant management from the owner. Consequently, the income and expenses usually require a
great deal of analysis in order to project a reliable net income stream. Additionally, each property may include
income producing items, that are not real estate. These items must be individually addressed and dealt with.
The value conclusion is based on market sales, but the sales are used more to extract an overall capitalization
rate than to estimate a unit value.
Appraising campgrounds and mobile home parks is challenging, but we enjoy them.
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