Briny Breezes Owners Vote To Become Millionaires

Published by Joseph Ferrara January 4th, 2007 in Hot News, Mobile Home and Residential Real Estate.

We wrote about Briny Breezes’ new mobile home millionaires on November 25th. Well, the owners will vote on January 10th to approve or reject their Board’s acceptance of a developer’s offer of $500 million for the 488 homes, which would make virtually every owner a millionaire.

Briny Breezes is a small town in Palm Beach County, FL, formed in 1963. The so-called “tin-can tourists” paid in anywhere from $50-150K for their mobile home, which included the lot. Some, like Kevin Dwyer, 47, paid $37,500 for his slice of the good life, back in 1997. Zillow, unaware of this state of affairs, zestimated the homes at around $200K.

Many Briny owners do not want to trade their laid back lifestlye for cash. One owner was quoted as saying, and we paraphrase: “How can you put a price tag on this way of life, it’s unzillowable.”

Would you cash out?

Source: AP

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Jeff Brown

Since I don't know the market, I'll assume they can, (after tax) purchase a home very close by for cash. If that's available to them, then even though I might love it there, I'd vote to take the cash and leave. Also, the reality is that I'd very likely be outvoted anyway.

I find it interesting that a majority vote can find me looking for a new place to live.

sellsius°

If the vote passes, owners will have until 2009 to move. I guess it's what you'd call a "make me move" vote.

Andrew

$500 billion for 488 mobile homes? Wouldn't that make each mobile home owner a billionaire? For a billion dollars, sure I'd cash out!!

sellsius°

ha nice catch andrew

Kevin Cahill

I would seriously consider selling, with a 1031 tax exchange... these are mobile homes after all! Find another vacation property! Enjoy your smart investment!