Residents of the Briny Breezes, Fla., mobile home park have voted by a super majority to sell out their 43-acre, oceanfront park for $510 million, giving each of the 488 homeowners about $1 million to play with. Homes there sold for $100,000 just three years ago, and by terms of the agreement with Ocean Land Developments, they can stay put until early 2009.
Sounds irresistible, doesn’t it?Â
Except when you consider what $1 million will buy today, real estate or otherwise. The Intercoastal Waterway/Atlantic Ocean parcel where their mobile homes now sit will no doubt yield multimillion-dollar homes down the road. They could’ve joined together, gotten a bank loan, built the development themselves and tripled their millions.
Even with a cool million, these people will probably never live on that beachfront section of Florida again.Â
Retired teacher John Sideris, a resident of Briny Breezes, summed it up: “You can’t get another place like this to live.” Yeah, but you got a million, minus capital gains, for selling out. Isn’t that the American Way? Probably, sadly so.
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