Wednesday, January 03, 2007

Would-Be Trailer Park Millionaires

A great article from MSNBC about a waterfront trailer park in Palm Beach County. If they agree to get bought out by a developer, they'll get over a HALF-BILLION dollars for their little 43 acres of paradise.

'BRINY BREEZES, Fla. - 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.”'

Okay - the first question is - what kind of land are they sitting on?

'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.'

And a view from an owner who wants to "Sell, sell, SELL! Like NOW!".

'Kevin Dwyer, 47, is all for the deal. Dwyer, who paid just $37,500 for his trailer nine years ago, would make about $800,000.

“See these pockets? They’re empty,” Dwyer said, a stack of unpaid bills sitting on a table in his single-wide trailer less than 100 yards from the ocean. “I’ve nickeled and dimed my whole life. I hit the lottery.”

Pierson acknowledged that the loss of Briny Breezes means a piece of old Florida will be gone forever. But he said that because of the town’s location on a barrier island, a hurricane could eventually wipe out Briny Breezes.

“At some point Briny is going to face a bad storm,” he said. “There are other potential threats out there other than development.”'

And is this really a good idea for the developer, being on the ocean?

'Palm Beach County Commissioner Mary McCarty is not so sure it’s a done deal because of constraints on zoning, water, sewage and traffic. “I find the developers extremely optimistic to the point of being delusional,” she said.

For one thing, the community is in a hurricane evacuation zone and has few ways in or out. Developers will have to clear their plans through the state before any dirt is moved, and neighboring communities will have a chance to weigh in.

“This would be extremely complicated and extremely unpopular,” McCarty said. “But people see dollar signs and it sparks the imagination.”'

Full Article
(Many thanks to SKB for finding this.)

Finally, a "Happy 2007!" to all our readers and posters. 2006 was a break-through year - let's keep up the fight and make 2007 the year that EVERYBODY discovers the truth about the fantasy of a bubble market.

18 comments:

CRAZY G said...

After having driven past Brinney Breezes NUMEROUS times in the last 25 years:

I'M JUST AMAZED THAT A HURRICANE HAS NOT WASHED THEM OUT TO SEA!!!!

Rinky-Dink, little mobile homes all jammed together, ready to fall into the ocean....
You've got other ones like that up in Jupiter, and Jensen Beach, in particular, that'll probably go the same route!!!!

jayz said...

Go on,
Take the money and run!

- Steve Miller Band

CRAZY G said...

Another developement kinda like Brinney Breezes is "" NETTLES ISLAND" up in Stuart....

Sits right on the barrier island, between the intra-coastal, and the ocean...

IT'S RIPE FOR A HURRICANE OR A DEVELOPER.....TAKE YOUR PICK!!!!

CRAZY G said...

Plam Beach Post article;

>>>THE BIG ONE IS YET TO COME<<<<
==================================

Hurricane expert Mayfield warns of potential disaster
Los Angeles Times

Wednesday, January 03, 2007

MIAMI — Frustrated with people and politicians who refuse to listen or learn, National Hurricane Center chief Max Mayfield ends his 34-year government career today in search of a new platform for getting his unwelcome message: Hurricane Katrina was nothing compared to The Big One yet to come.

Mayfield, 58, leaves his high-profile job with the National Weather Service more convinced than ever that U.S. residents of the Southeast are risking unprecedented tragedy by continuing to build vulnerable homes in the tropical storm zone and failing to plan escape routes...
===============================

Crazy says, tell that to your politicians who want to ram rod the insurance companies, about their rates....
The one thing, Crazy learned in his 69 years, ""IS"" you don't tell somebody how to run their business!!!!!
After reading the whole article, Crazy thinks anybody who lives & stays in the coastal areas are ""CRAZY"".....We don't need anymore people like me!!!

CRAZY G said...

>>>"""TAKE IT TO THE MAX""<<<<<

Max Mayfield that is!!!!!

Who are you going to believe....some rinky-dink politican, or a knowledgeable expert......

The politican, is saying "we're [govt], going to save you from yourselves"....
Max, is saying, you gotta save save yourself, by running from them!!!!

Any knowledgeable Insurance Company Actuary, listening to what Max Mayfield has to say, would either: 1] Jack the rates up by 500 to 1000%,, or 2] cancel all policies and head north, to greener pastures......

Dragasoni said...

Can someone tell me WHY these developers are bidding on land to build homes that 99.9% of people cannot afford?? And in a declining market, no less!!

-Dragasoni-

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