Is your trailer worth a million dollars? What about your motor home? How would you like your trailer to be worth a million dollars?
According to a CNN report (print version), residents of a trailer park in Florida are preparing to sell their trailers and trailer lots to a developer for more than a million dollars each:
Residents of this trailer-park town sitting on beach front property have voted overwhelmingly to sell their community to a developer for more than $510 million, which could make most of them millionaires.
Some residents bought their homes for as little as $35,000.
The contract isn’t official — and residents don’t get any money — until 2009. If the sale goes through, nearly every owner will get more than $1 million.
A large majority of the residents voted in favor of the sale, though many are sad at leaving their long time homes and neighbors. Still, it’s a pretty nice chunk of change.
It’s also a big change. While these people will be getting a bit more than a million, which may be much less once the government takes their chunk, they won’t be able to afford to live in the area as it has completely out-priced them.
The area will be torn down and room made for development of more high-priced condos, hotels, and a marina along the Florida coast line. These people, unless they slipped in arrangements for housing, will not be able to afford to live there. They will have to find somewhere else as their instant million doesn’t compare with the multi-millionaires which now populate an area once known more for mosquitoes, alligators, and hurricanes than luxury homes.
Still, it’s a great return on their original investment. A good nest egg.