The Bailey Park Advantage
  • High speed internet available through Time Warner (Spectrum)
  • Conveniently located on the TCAT bus route!  
  • Current listings have: Updated Energy Star windows, insulation, LED light fixtures, Maintenance free exteriors
  • Water, sewer, garbage removal, recycling services, snow removal & land taxes included in land lease.



Financing available through
First Credit Corporation of New York, Inc..

Click here for credit application.
Bailey Park provides inexpensive living less than 4 miles from downtown Ithaca.  A QUIET community, a great place to live!
Bailey Park FAQ's:
Q: Do homes in Bailey Park lose their value?

A: Full appraisals are used to establish true value using the same method of 'comparable sales' as is used in Real estate.  Bailey Park is a nationally registered community only 4 miles from downtown Ithaca.  

Examples:
  • The home located at 6 Della Street sold new for $38,000 in 1989; it is now appraised by a 3rd party licensed appraiser for $135,000 using comparable sales.  It sold for $135,000 in 2016.
  • The home at 4 Della Street sold for $35,000 in 1990 and sold for $118,000 in 2016 (it was appraised by a 3rd party appraiser for $120,000).  The current 2017 appraised value is $135,000.  
  • The home at 7 Benny Lane originally sold for $36,000 in 1990; it was re-conditioned and re-sold for $89,000.  The owner made more improvements and it is now appraised for $131,900.

If homes are kept in good condition, they will flow with the real estate market.  These homes noted have appreciated much more than many       stand-alone homes in the area over the same period of time (up to a 300% increase!).  

The average homeowner in Bailey Park stays for 22 years after purchase.

Q:  How can I get financing for a manufactured home?  Is the interest rate high?

A:  There are good NYS finance companies or local credit unions who will finance a worthy buyer using the same formulas & criteria that are used for any real estate purchase.  The interest rates are competitive to conventional mortgages.  Local Banks generally do not lend to homes on leased land because of government regulations (Dodd Frank Bill 2010).  And, the dollar amount necessary to finance is much less (at least 1/3 smaller) because there is no land, septic, well, driveway, basement, etc. to mortgage.  This could save over $28,000 in interest costs over the term of the loan.  Overall you will end up paying less interest and there are no closing costs!

Click on the link above to get started with a credit application through First Credit Corporation of NY.

Q:  Is it better to own my land instead of leasing?

A:  Land ownership is not for everyone.  First, no one really 'owns' their land.  Taxes in Tompkins County on a home valued at $180,000 will be about $6,300 per year, or $525 per month.  There's nothing you can do about it, and they are guaranteed to go up!  This is money you can never recoup.  If you want simple living without the hassle of taking care of land, Bailey Park is for you!

Bailey Park homeowner's land lease (HLL) is currently net $444 per month.  Granted, this too is money you can never recoup.  What is the difference?  If the septic fails, you don't have to spend thousands to repair; if the well goes bad, there's no extra cost to you.  There are no condo fees or unexpected assessments ever imposed.  There are no garbage tags, water or sewer bills or additional land taxes in Bailey Park as the land lease covers these.  And, soon to be 1/2 price electric in 2018 from solar power!

There are many local NYS parks and recreational land nearby, why not use these for free?

Q:  Could I lose my home if it is on leased land?

A:  Bailey Park is a registered community with NYS DHCR (#1829).  It is impossible to close a community without legal due process.  Bailey Park has had one owner since 1983 and the succession plan is to keep it operating as a quiet community.  

The only way one can lose their home is if one does not pay the debt associated with home ownership.

Homes in Bailey Park qualify for hte NYS STAR tax credit, receiving a check each year from NYS.