Would You Sell Your Mobile Home For Over $1 Million?!

By
Mortgage and Lending with Mortgage Financial Group, Inc (NMLS 219650) NMLS #359029

Hold on... back up for just a second.  Did I really just type that?  Sell a MOBILE HOME for $1 Million (that is 1 followed by 6 zeroes)... Yes, I guess I did just do that.  So, what's the deal?

Tucked away in sunny South Florida is little known town (Heck, I never heard of it.  And I grew up in Palm Beach County).  The town is called Briny Breezes (Apparently, it does really exist because ActiveRain let me post it to the city for About a Region.)  It is located just south of Boynton Beach in Palm Beach County.  For those not familiar with Palm Beach County cities, this town is almost the mid-point between the Town of Palm Beach and Boca Raton.  So, what is sooo special about this little town?  Its view.  The town is on one of the many barrier islands along the Florida coast line.

With a population just over 500 residents, this little town is about to become extinct.  You see the town is mostly mobile homes (just under 500 of them).  Some of these residents purchased their piece of paradise for $35,000 (granted that was some time ago), but even so a recent sale could have gone for $150,000.  Now, a developer has offered the community $510,000,000 (For those of you not good with numbers... that is just over HALF A BILLION DOLLARS).  Yes, I said the community... but the community is run by a business with a board of directors.  Each resident owns shares of the business according to lot size and location.  And who said investing in a mobile home was a depreciating asset?

While the town is a bit out of place, being surrounded by multi-million dollar homes and high-end high-rise condos, the county of Palm Beach is a little skeptical about the situation.  Worries of huricanes and the fact that there is only so many ways on and off the islands are keeping officials from totally approving the plans for development.  Plus, there is the small fact that a contract to buy has not yet been made official.  (Sorry, Briny Breezians.  Just because a majority of you voted to sell does not make you millionaires just yet. Can you believe that 17% of them said no way?).

So, what are these potential millionaires going to do with their new found money?  Are they going to invest in another mobile home?  Are they going to move into PGA National and become Marc Blasi's neighbors and take him out golfing?  Or are they just going to stay right where they are and purchase one of the new condo units that will sit on their former mobile home park?  Guess we will just have to wait till 2009 (at least that is what the current proposed contract states).

For more information on Briny Breeze, FL, please visit http://www.city-data.com/city/Briny-Breezes-Florida.html

Comments (14)

Nick M.
Certified Residential Appraiser- West Palm Beach Real Estate - West Palm Beach, FL
Realtor-Appraiser in West Palm-South Florida Real Estate Appraiser

Hey Jason,.. I've been by there to check the surf. Mobile Homes, Shufle Board, ocean front recreations area. Not too shabby for Mobile homes. Thre are new homes just north of Brinny Breezes on A1A.  Thre is little beach access, as each development and private residence to the north of Briny has private beach access.

Just west, across A1A, is the marina area. Really a great location, Lots of rich people to the south and north of you! The beach and the intracoastal are all footsteps away. I used to ride down to that area with my jetski from the Peanut Island area.

There are some real nice homes South of Briny and a favorite of mine as well. Then a bunch of surf shack style homes with some larger ones inbetween. Talk about mixed styles. Also, just north of Briny I think there are two little houses on a lot. Those are gold too!

I huge condo would be really fat-daddy over there. I would sell in a heartbeat and get a condo around the corner on the west side of the intracoastal there, next to the other marina.

As for the buyout, they were actually voting on it today. they need a 67% yes to sell to git-r-done. we'll see soon.

 

Jan 10, 2007 03:12 PM
Jason Price
Mortgage Financial Group, Inc (NMLS 219650) - Tavares, FL
The Mortgage Rider
They did vote... 80% approved.  17% not in favor (3% did not even bother to show up).  Thought you were going to read this in the AM (ok, so it is the AM technically, but more so after you went to bed and woke up later today)
Jan 10, 2007 03:16 PM
Nick M.
Certified Residential Appraiser- West Palm Beach Real Estate - West Palm Beach, FL
Realtor-Appraiser in West Palm-South Florida Real Estate Appraiser

Hey Jason.. So it got approved.. I figured the majority would want some fat cash! I was going to read it in the morning, but I figured that your post deserved the time and I could hold out for a few minutes more.
I wasn't trying to make a play on words with the clock passing 12midnight. :)  

So I wonder what happens to all those trailers?  Do they get trashed or donated or sold? I know a lot of people could benefit from the trailers (or manufactured homes, I guess I should say).   see you later..

Jan 11, 2007 02:33 AM
Marc Blasi
Palm Beach Gardens, FL

How anyone could actually vote NO is beyond me.

Damn, even if they LOVE it there - take the $ and buy something better RIGHT THERE!

Or, of course, move up here!

Jan 11, 2007 11:41 AM
Jason Price
Mortgage Financial Group, Inc (NMLS 219650) - Tavares, FL
The Mortgage Rider
See, I tried to throw you into the post and get you some business, or golf.  Good luck with the Post interview tomorrow.
Jan 11, 2007 12:24 PM
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Agent
Saw this on the news.  It turned out to be a heck of a retirement plan for a few folks!
Jan 11, 2007 10:18 PM
Jason Price
Mortgage Financial Group, Inc (NMLS 219650) - Tavares, FL
The Mortgage Rider
I think I need to move back down to Palm Beach and schmooze some of the old widows... :)  Nah, I will send Marc to do the dirty work (not deed... get your mind out of the gutter, Chris.)
Jan 11, 2007 11:55 PM
Ann Guy
NA - Allentown, PA
Jason or Marc, I will join you and schmooze some of the widowers-LOL.  I would have sold without the blink of an eye. 
Jan 16, 2007 08:41 AM
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

The 17% that voted it down were probably too nostalgic... $1M could soothe that pain for me!

It was time for that trailer park to go.  Just like it was time for the one on Lantana Rd off Lake Osbourne to go too... it was an eyesore and on a gorgeous location. 

Feb 11, 2007 02:40 AM
Jason Price
Mortgage Financial Group, Inc (NMLS 219650) - Tavares, FL
The Mortgage Rider

David,

I think I remember that trailer park. It was right by the airport.

I grew up in Lake Worth.  We used to have a house on Wright Dr. between 6th and Lake Osbourne.  I have not been down there in a long time, but from what I hear it has changed quite a bit since the late 70s and early 80s.

Thanks for stopping by and sharing.

Feb 11, 2007 02:52 AM
Jeff Procopio
American Invsco - Chicago, IL
I heard about this - the mobile home owners stood firm for quite some time, but they finally cashed out I guess. I wonder what kind of behind-the scenes activity was going on or if there was any "strong-armed" pressure by the developers. Very interesting.
Feb 17, 2007 05:06 AM
Teri Isner
Keller Williams Realty at the Lakes - Orlando, FL
GRI, CRS, CIPS
Yes I'd sell in a New York Minute for a million bucks return on 35K ...
Feb 17, 2007 11:21 AM
Chad Blessinger
FC Tucker Kerstiens Realty - Jasper, IN
I thought this was great when I heard about it a while back.  What was the most recent sale price on one of the mobile homes prior to this purchase.  I am sure it was much higher than $35000.
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