Briny Breezes mobile homeowners are being offered a million dollars each for their homes. Why? Because these owners OWN the land their homes sit on. And that land is located between the Atlantic Ocean coastline and the Intercoastal Waterway. With 200 acres frontage on the Atlantic and 400 on the IC, it’s primo land. The 488 owners were offered half a BILLION dollars by a condo developer for their community’s 42 acres. For Joanne Kievit, who bought her mobile home and lot for $70,000 in 2001, that’s a nice breeze windfall.
Briny Breezes (Briny to the locals) is located in Palm Beach County, Florida, along US Highway A1A. The community was incorporated in 1963.
So, if you want to make an investment, scour all the mobile home communities that border any ocean or waterway. Find the owners who own the land the mobile home sits on and buy it. It may take awhile for the developers to get to you— but maybe not that long. Rent it out while you wait.
The fruits of the cinnamon tree can be eaten, hence the trees are cut down; the varnish tree is useful, hence incisions are made in it. Everyone knows the usefulness of being useful, but no one knows the usefulness of being useless. —Zhuangzi (Chuang Tzu){eg, the knotted useless tree is not cut down and therefore lives undisturbed}
We’re slowly coming around to Zilllow’s sublime usefulness. In this case, you can use Zillow to get a sweet deal. Find an out-of-town Briny owner who hasn’t heard the news and make them an offer based on the zaluation. Be thankful local news is an unzillowable that never makes it into the value sauce. (and this news is no longer in the headlines). The Briny mobile homes Guestimates Zestimates valuations range well below $200K. We had downplayed a Zestimate’s usefulness due to it’s unpredictable inaccuracy. But it turns out this “inaccuracy” is what gives the zestimate value as an investment tool. Armed with a flawed zestimate, a savvy investor can find great deals like Briny Breezes.
According to Zillow, the value of this mobile has actually decreased:
Don Hazelton, a board member of the Federation of Manufactured Home Owners of Florida (FMO), predicts mobile home communities like Briny will soon be a memory.
“In the next 2 to 5 years, all of the mobile home properties that border the Gulf of Mexico, the Atlantic Ocean–and even some of the inlet waterways–are going to be gone. They’re just sitting there waiting for the right price.”
So get your Z on and start looking.
Sources: AARP Bulletin, November 2006; Wikipedia, Zillow.com.
This is a great article in that it provides actual in-depth analysis of a real estate investment that people may not be considering. I love this type of investing, buying property like this and holding it for its land value…I just wish I had the $ to do it! Also, the writing style is both engaging and entertaining.
Thanks Chris. We’re hoping to learn from you as well.