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
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.
If the vote passes, owners will have until 2009 to move. I guess it’s what you’d call a “make me move” vote.
$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!!
ha nice catch andrew
I would seriously consider selling, with a 1031 tax exchange… these are mobile homes after all! Find another vacation property! Enjoy your smart investment!
Excellent advice Kevin.
News like this is really interesting. I would sell and use the money to buy some commerical real estate like an apartment complex.