TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

KaGee

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BRINY BREEZES, Fla. (Jan. 2) - The owners of nearly 500 mobile homes in one of the last waterfront trailer-park towns in South Florida stand to become instant millionaires if they agree to sell to a developer. But some are holding out, saying there are things more important than money. "You just can't buy a way of life," said Tom Byrne, a 68-year-old retired sales executive from New York who doesn't want to sell even though he would make a little over $1 million on the trailer and site he bought two years ago for $150,000. "This is my home."

Briny Breezes is a down-market relic of old Florida, surrounded by glamorous multimillion-dollar homes and splashy high-rise condos.

The Briny Breezes brochure calls it a "self-governed mobile home community of kindred souls." Residents of the Palm Beach County town cruise the narrow streets on golf carts, passing palm trees and tiny, neatly manicured yards. They wave to each other and chat about the next neighborhood outing - water aerobics at the community pool, shuffleboard near the clubhouse, bowling night.

With 600 feet of oceanfront property and an additional 1,100 feet along the Intracoastal Waterway, real estate like this in southeastern Florida is pure gold.
Boca Raton-based Ocean Land Investments has big plans for the property if the deal goes through, as many residents are certain will happen. The company envisions about 900 low-rise multimillion-dollar condo units, a high-end marina and a 300-room luxury hotel.
There really is no other piece of property like this in Florida," said Logan Pierson, the company's vice president of acquisitions.

The 43-acre town sprouted from a strawberry farm in the 1920s, back when Florida's charm was its subtropical weather and quiet, coastal bliss - long before the days of Art Deco, "Miami Vice" and Walt Disney World.

The guy has every right not to sell, but man, what if you were his neighbor that wanted to?

Why do I never get any sweetheart deals like this? :'(
 

JB

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

Those people are not independently able to refuse to sell, except to buy or sell their "shares" in the coop community to individuals.

Like any other corporation, 2/3 of the shareholders can vote to sell (or not sell) the whole thing. Those in the minority "lose" the vote.

The nature of the community as a cooperative was known to people when they bought in.

It is a sad thing, but not unique in life, that "YABUTS" don't rule.
 

Boomyal

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

Yeah KaGee, I just read that and shook my head.:% They should gladly take the bux and run before the next big one leaves them with nada.
 

aspeck

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

Another story similar to that from West Palm Beach - Marriott owns on both sides of a small, 3 story condo unit. They have been trying to buy the condo unit for years, but there is always 1 owner that says "NO." He/she may become bait some year?!?:%:$


Edit: JB, I believe it depends on how the property is sold and what the sales agreement says. If it is deeded property, than 1 person can stop the entire process.
 

Docknocker

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

I read that story too, but seems there's more to it. The local zoning board doesnt think the developers will win approval for the huge project they are proposing as it will require many variances - water/sewer, coastal flood, additional evacuation routs, ect, ect, ect. The sellers would probably get locked into a multi-year contract chuck full of near imposable to meet contingencies. If it all fell into place however, that's some SERIOUS appreciation on a trailer.
 

JRJ

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

2/3 vote carries. It looks like several residents are at a point in their lives where a million just isn't as exciting as a sunrise.
 

tommays

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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

IN reality most have probably used their one-time capitol and would have to give a big chunk of that to the government

And even with the million go wHere on the water that they could afford to live in the long term


Tommays
 

snapperbait

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Aug 20, 2002
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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

The developers been trying to get that land for years... Personally, I hope they NEVER get it....:|

Tom Byrne.... More power to ya!......8)

**** a developer..........8) pardon my french..
 

roscoe

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Oct 30, 2002
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Re: TALK ABOUT WANTING TO KILL YOUR NEIGHBORS!! ...

""Briny Breezes' board recently approved the sale for $510 million. The owners of the 488 trailers have until Jan. 10 to ratify or reject the deal. A two-thirds majority is needed to sell. The amount each person would get depends on how many shares the resident owns. Each share is worth roughly $32,000 under the developer's offer.

Owners would not get any money _ and wouldn't have to move out _ until 2009.""

So if they ratify the deal, they get stock in the new development deal, NO CASH.

So where are they going to go and live with just a handful of speculative stock certificates?

I guess they could live under a freeway overpass until the developer develops the property, and they works out a way for them to cash out.

Hmmm, could be a limited partnership, designed to fail in 10 years. Oh I've seen too many of these deals over the years.

These people could end up with 40% IF they are lucky, or nothing at all.

I would nix this deal unless it is at least 50% cash up front.


These people are trading everything they own, for a pipe dream.
 
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