Trailer Park Owners Become Millionaires

I read about this last week somewhere else. These people who owned mobile home lots in Florida have hit the jackpot. The 48 acre mobile home park is one of the last remaining oceanfront parcels in the area, so they agree to sell out to a condo developer. Now that most of them have a $1 Million+ payday waiting (if the project gets approved), I wonder what they’ll do? After paying taxes and acquiring a replacement home, how much will be left and how long will it last? Will they turn out like a lot of lottery winners – worse off a few years later?

Residents of a coastal trailer park in Palm Beach County, Fla., called Briny Breezes have approved the sale of their community to a developer for more than $510 million.

The proceeds will be distributed based on the size and location of their lots, making most of the property owners millionaires.

Nearly all of the 488 share-owning trailer owners voted; 80 percent approved the sale, while 17 percent rejected it.

The vote clears the way for Boca Raton-based Ocean Land Investments to buy the 43-acre property. State and local officials still must approve new zoning to accommodate the 900 condo units, luxury hotel, and marina proposed by the developer.

Owner Kevin Dwyer says he understands why some people didn’t want to sell — they’ll have to give up oceanfront living. But he voted yes because the return was irresistible — about $800,000 for the singlewide trailer and lot he bought nine years ago for $37,500.

“I don’t have much money. It’s a no-brainer for me,” Dwyer says.

Source: Associated Press (01/10/07)

Posted by Steve
9 years ago
Steve

Steve is a Real Estate Blogger, Husband and Dad, UT Austin Grad, Runner, Real Estate Broker and owner of Crossland Team and Crossland Real Estate in Austin TX.

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