Prices where I live are nuts. New listing, a 1971 singlewide fixer upper mobile home in a rented space in a park for $35,000. It's the cheapest thing available. The old mobile homes in parks go for more than that, but this one is in bad shape.

The Valley homes of Los Angeles used to go for around $80,000 back in 1978. Now they are pushing 1 Million dollars each.

I purchased 4 each 5 unit apartment buildings, from $150K, $300K, $600K and now $1.2M.

My town very rarely has any new build. Some speculators bought some vacant lots back in 2018-2019, and built the teensiest little 3/2's they could--- they were in that 1000-1100 sf range. They tried selling them for $150k each, but the rumor mill says that most of them ended up going in the $70-$80k range. Which is still a profit, because they were probably built for about $50-$60k in 2018/2019 prices, but not nearly as much of a profit as the builders were wanting.

Fast-forward to today. A different group of speculators, who may or may not have any connection to a local bigwig, spent the last year and a half building a <1300 sf 3/2/2? on a lot about a block from me. It's mostly surrounded by $20k houses from the 1920's-1940's.

Zillow has it down as a $175k house, back from last year when it was just a poured foundation without an actual house. They just put the banner up recently advertising it as $229k.

So are we due for an 2008 type crash? Or is this the new normal?

I bought a repo 3/2 mobile home on a 1/2 acre lot for 10K during the crash back in 2013. Now comparables are at 150K. There is a nursing home next door to it that is interested in the place to expand. I'm thinking sell them the place and when they want to get rid of the mobile, buy it from them for maybe 5K and move it to a different lot a bit out in the country.

Also I got several others in a mobile home community where all the lots are owned along with the mobiles. Got these for 3K to 6K each. Rents for 900-1200 each and sales in the area are up to 75K for singles and 120K for places on double lots with a garage.