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Posts Tagged ‘Palm Beach County’

Law Scrutinizes Equity LifeStyle Properties (ELS) Score of Resident Owned Community (ROC) Deal

February 4th, 2019 Comments off

 

DavidBernstienELSLawDailyBusinessReviewScutiizesEquityLifestylePropertyScoreROCPalmLakeCoopFL600

In December, the Daily Business News on MHProNews provided insights and details about the purchase by Equity LifeStyle Properties (NYSE:ELS) of their reported $70 million dollar acquisition of Palm Lake Co-op.

 

The community is now known as Palm Lake Estates, in Riviera Beach, Palm Beach County, FL.

 

Sam Zell’s ELS Scores Again, Details Others Missed

 

Lidia Dinkova, writing for Law’s Daily Business Review site, referred to the deal as a “windfall” for the residents.  Let’s see what their scrutinization of this deal turned up.

 

PalmLakeCoopRiveriaBeachPalmBeachCountyFLDailyBusinessNewsMHProNews

 

David Bernstein, JD, with Adams and Reese LLP in St. Petersburg closed the deal for the sellers, “They are getting tremendous windfall for their investment,” said Bernstein, per Law.

Palm Lake, which is for residents who are 55 and up, has 928 lots, and almost a third are vacant,” stated Dinkova’s narrative for Law’s Daily Business Review (DBR). “Under the co-op structure, a resident had the option to either rent or buy a share in the co-op to obtain an ownership stake in the land. The land price alone is $476,190 per acre. About 20 residents rented, and 614 sold their shares in the co-op when the sale closed Dec. 14, according to attorney David Bernstein, who closed the deal for the sellers.”

The above-market transaction breaks down to $114,006 per shareholder before taxes and other costs,” per DBR.Residents in the community at 7272 42nd Way North initially paid $5,000 to $20,000 for their shares.”

Site fees will be $675 monthly, and will have caps on increases for the next decade.

ELS has plans for some $3 million in improvements at the clubhouse and roads. Law mentioned what is obvious to industry observers, namely, that ELS will bring in new inventory.  That process  of driving the community over time to full occupancy is underway, as the collage below reflects.

The former Palm Lake Cooperative reportedly was struggling to cover maintained, especially since the 2004 hurricane season.

Dinkova’s narrative concludes with two factoids, Equity LifeStyle in-house counsel P.J. Huff and Lutz, Bobo & Telfair attorney Richard Lee in Tallahassee worked on this deal on behalf of Equity LifeStyle.” And that “The co-op shareholders approved the unsolicited purchase by 90 percent.”

 

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ELS marketing site has several exterior renderings of model homes, a clear signal that they are gearing up for increasing the occupancy at this location.

 

MH Industry Observations, Questions and Takeaways?

Law’s DBR report, especially in the light of the recent events reported at the link below, raise this timely question.  Do details about this acquisition signal potential weaknesses of the ROC concept?

 

Puzzling Case of Millie Francis, Where are Religious Liberty, Fair Housing, Resident, and Manufactured Home Organizational Defenders?

 

While there is certainly hope by many industry advocates that the ROC concept will continue to grow, are there unforeseen road bumps ahead?

Furthermore, will ELS – and others – now pursue ROC owned properties as possible targets for acquisition?

Time will tell if some of the shine – especially in the light of the Millie Francis’ hullabaloo – may be coming off the ROC apple.  That’s MH “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Puzzling Case of Millie Francis, Where are Religious Liberty, Fair Housing, Resident, and Manufactured Home Organizational Defenders?

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Proposed Manufactured Home Community Faces Hurdles

June 1st, 2017 Comments off
ProposedManufacturedHomeCommunityFacesHurdlescreditRealtor-postedtothedailybusinessnewsmhpronewsmhlivingnews

An unrelated manufactured home. Credit: Realtor.

In a Washington State community, NIMBY is raising its head.

According to the Sequim Gazette, a proposed gated 55 and over manufactured home community, is drawing the ire of Carlsborg residents.

The group, which cites environmental and traffic impacts, says that it has collected 163 signatures on a petition, hoping to delay the project or kill it all together. A hearing on the property is scheduled for today, where community residents will be able to share their concerns.

Clallam County Senior Planner Donella Clark recommended approving the project, with a number of mandates and recommendations ranging from widening the road the community will be on, to installing berms to blend the property in with the neighborhood.

Chris Anderson, owner of CA Homes Inc., says that he intends to build a total of 73 manufactured homes, called CA Homes Mobile Home Park, in three phases over three years.

If I can get it approved, the first phase would include 42-43 homes,” said Anderson.

This is my first foray into modular [sic] homes in my 28-year career.”

Anderson says that when he began operating his business, he was building higher end homes, but when the recession hit, he switched to affordable housing.

And, he sees a huge opportunity in Carlsborg.

There’s a lack of senior living here,” said Anderson.

We’re a retirement community and almost 70 percent of our clientele are retired. There aren’t solutions readily available to them.”

The homes would range from 1200 to 1700 square feet, and sell for between $125,000 to $150,000.

NIMBY Rises

Neighbors who are around the project site say they learned about it from a sign posted on the property earlier this month.

ProposedManufacturedHomeCommunityFacesHurdlescreditSequimGazette-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit Sequim Gazette.

There’s a perception (by neighbors) that some of the laws have not been followed closely so I think it’s fair for us to point out those discrepancies,” said area resident Charles Meyer.

The more we got looking (at recent planning documents), the more unbelievably inaccurate everything was,” said area resident Debra Stevens, a retired city planner.

Neighbors say that Anderson’s State Environmental Policy Act application is inaccurate, because it doesn’t have up-to-date information on the property.

In Anderson’s application, he states an environmental review for a 21-lot subdivision was completed by the previous owner Tony Glavin in May 2007, which reviewed and agreed upon a study in February 1995 because no development had occurred.

ProposedManufacturedHomeCommunityFacesHurdlescreditGoogle-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Google.

As of this week, the county says that neighbors have submitted more than 40 comments to the county’s Department of Community Development.

Anderson says that he’s worked closely with Clallam County and other agencies to follow their recommendations.

I understand the neighbors aren’t happy with it,” said Anderson.

I’ve accepted phone calls from people who have called me directly. Neighbors all got to do what they wanted to do on their properties, but I understand I’m not going to make everyone happy.”

In most instances, inaccurate information and misconceptions about manufactured housing communities lead to cases of NIMBY (Not-In-My-Back-Yard).

As Daily Business News readers are aware, stories pitting developers against residents have been in the news recently, including the case of a proposed MHC in Iberia Parish, Louisiana.

Also, there are instances of “backdoor NIMBY,” where politicians–and the residents who re-elect them–seem to know that developments bring more tax revenue than manufactured home communities, as most recently shown in Palm Beach County, Florida. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

NIMBY in the Bayou – Manufactured Housing in Danger?

May 18th, 2017 Comments off
NIMBYintheBayouManufacturedHousinginDangercreditLMHA1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: LMHA.

In Louisiana, the Livingston Parish Council could soon be considering a ban on manufactured homes in single-family subdivisions.

According to The Advocate, Councilman John Wascom called for the conversation during an Ordinance Committee meeting last week, proposing an ordinance that would outlaw living in a manufactured home in any named subdivision that was designed to have only single-family homes.

The ordinance was referred to the full council on a 4-0 committee vote.

Wascom originally called for the conversation in response to some constituents who had expressed concerns about declining property values after neighbors replaced existing houses with “trailers.”

Legally, there’s nothing to stop someone from putting a mobile home [sic] in the middle of a subdivision with high-end houses,” said Wascom.

Trailers [sic] are sometimes moved onto subdivision lots after the original home burns or floods. We’ve always said there’s subdivision restrictions, but most aren’t enforceable.”

NIMBYintheBayouManufacturedHousinginDangercreditLMHA1-postedtothedailybusinessnewsmhpronewsmhlivingnews

While stereotypes persist, modern manufactured housing is high quality and affordable. Credit: LMHA.

Wascom noted that he had no objections to emergency ordinances that would provide temporary exceptions in case of hardships.

But this would give our executive branch the ability to not give a permit for a mobile home [sic] smack-dab in the middle of a subdivision,” said Wascom.

Right now, they don’t have that choice.”

Councilman Shane Mack wanted to clarify that the intention is to protect property values for people who buy or build in subdivisions, not to prevent people from living in manufactured homes.

I do think there are places within Livingston Parish where mobile homes [sic] are welcome,” said Mack.

A lot of our elderly retire in mobile homes [sic]. And a lot of the younger generation starts off in mobile homes [sic]. But this is about developing subdivisions designed and intended to have certain-sized houses in it and to protect the people who want to live in, and who paid to live in, that type of neighborhood.”

NIMBYintheBayouManufacturedHousinginDangercreditLMHA3-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: LMHA.

For Taryn Creekbaum, an outspoken critic of waivers for manufactured homes, things are very clear.

The council should rely more on subdivisions’ restrictive covenants, which should be considered valid and enforceable until a court rules otherwise,” said Creekbaum.

The council has a way to restrict the placement of mobile homes [sic] in named subdivisions, through the parish’s process for granting exceptions to its mobile home park [sic] regulations.”

Councilman Garry Talbert argued that the ordinance would only come into play when more than one home would be put on a single parcel.

If you want to put a mobile home [sic] on a lot that has no residence at all on it, those don’t apply,” said Talbert.

The parish’s Permit Office does not enforce subdivision restrictions, which leaves no recourse except by lawsuit for those residents who believe their neighborhood covenants are being violated by the addition of mobile homes [sic]. 

John is trying to create an environment where people don’t have to hire an attorney to sue because a lot of them don’t have the up-front money to do it.

While the proposal was moved to the full council, it was deferred to a later meeting to allow the legal adviser for the parish to review it.

 

NIMBY Rears Its Ugly Head?

NIMBYnotInMyBackYard

Credit: OHRC.ON.CA, under fair use.

In most instances, inaccurate information and misconceptions about manufactured housing communities lead to cases of NIMBY (Not-In-My-Back-Yard).

As Daily Business News readers are aware, stories pitting developers against residents have been in the news recently, including the case of a proposed MHC in nearby Iberia Parish, Louisiana.

Also, there are instances of “backdoor NIMBY,” where politicians–and the residents who re-elect them–seem to know that developments bring more tax revenue than manufactured home communities, are also prevalent, most recently shown in Palm Beach County, Florida. ##

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)

New MH Community Proposal Approved, Residents Concerned

March 9th, 2017 Comments off
NewMHCCommunityApprovedResidentsConcernedcreditRealtor-postedtothedailybusinessnewsmhpronewsmhlivingnews

A home in the Campana Trails community. Credit: Realtor.

In Glendale, Arizona, new manufactured homes have received the green light. For some residents, that presents an issue.

According to Your West Valley, the planning commission approved the proposal for 21 manufactured homes as part of the Campana Trails community.

The homes will sit on five and a half vacant acres in the city.

We have worked very closely with the city on this development as well as the neighborhood,” said applicant William Dougherty.

We’ve complied with the city’s requirements to the full extent. We think truthfully we’ve done a pretty good job creating a tough property into a pretty one.

Some nearby residents disagree with Dougherty’s position.

Will the new homes be age-restricted? Because younger people will bring more noise and crime,” asked Rafael Livneh.

I’ve been here for almost two years,” said Carol Candler, who believes the homes will affect her by bringing additional traffic.

I was told at the time the property will never be developed because it is in a flood plain. That’s the reason why I bought it.

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Campana Trails (red marker). Credit: Google.

Candler also asked if the homes would be age restricted. If not, she said that she opposes the development.

Dougherty said that he is currently investigating whether the new homes will be part of the existing HOA and be age-restricted.

The development will also devote about 15 percent of the site for open space and will provide pedestrian access to Skunk Creek Trail, an important thoroughfare.

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Nimby comic credit as shown, used here under fair use guidelines.

NIMBY Strikes Again?

In most instances, inaccurate information and misconceptions about manufactured housing communities leads to cases of NIMBY (Not-In-My-Back-Yard).

As Daily Business News readers are aware, stories pitting developers against residents have been in the news recently, including the case of a proposed MHC in Iberia Parish, Louisiana.

Also, instances of “backdoor NIMBY,” where politicians, and the residents who reelect them, seem to know that developments bring more tax revenue than manufactured home communities, are also prevalent, most recently shown in Palm Beach County, Florida. ##

(Editor’s Note: as regular MHLivingNews readers know, manufactured home communities are not more crime prone than other neighborhoods. Who says?  the university professor in a study, see the article with download, linked here and from the image below.)

prideandprejudicethetruthaboutmanufacturedhomecommunitiesandcrime-postedtomhlivingnews

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Shipping Containers Given New Life

February 23rd, 2017 Comments off

ShippingConainerJupiterFLStAugstineRecordDailyBusinessNewsMHProNewsIn Palm Beach County, Florida, shipping containers are getting a new lease on life in a very interesting way.

The containers are being turned into what Jupiter real estate agent Rick Clegg is calling an “up cycled eco retreat,” a white, two-story house that looks like a rustic steel cabin.

I call it ‘up cycled’ because we are taking a container and repurposing it by bringing new life to it,” said Clegg.

According to the St. Augustine Record, these structures are gaining a following as part of the “tiny home movement,” where people live in smaller spaces that are typically more affordable than traditional houses.

So much of a following, that Hollywood-based builder The Container House recently built such for an out-of-town client.

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Rick Clegg inside of the container home. Credit: St. Augustine Record.

It looks like a regular house. You won’t see the containers. You can’t tell,” said Container House owner Rodrigo Bernstein.

It’s different, something that is not conventional.

The home was constructed from three shipping containers, has two-bedrooms, two-bathrooms and checks in at 1,000 square feet.

Bernstein says that the average cost for these modular container homes runs between $80 and $120 per square foot, in addition to costs for items such as permits and planning. He also noted, that unlike manufactured homes, his homes cannot be built and shipped.

It has to be built locally. I cannot build and ship it. It has to pass all the inspections on-site. It’s the same process as a traditional house,said Bernstein.

Just south in Miami, a company called Little River Box Co. specializes in converting shipping containers into temporary or permanent businesses, like barbershops and bars.

And it seems to be gaining in popularity, as one of the company projects involves using ten containers for a mixed-use development, with offices on the upper floor and restaurants and retail units on the lower floor.

Between the modularity and the shippability [of the containers], the sky is the limit,” said Little River Box Co. co-founder Gayle Zalduondo.

There is a lot versatility and possibilities for creativity and innovation for using containers in the construction industry,” said Ryan Anderson, a Fort Lauderdale business developer who co-founded Wyn-Box with two Miami architects. Their company also offers modular structures for housing and businesses.

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A Wyn-Box unit. Credit: Wyn-Box.

When you tell somebody that you want to build a home out of a shipping container, and you’ve never seen one, it can sound unappealing,” said Anderson.

When someone sees a well-done project, they open their minds to the possibility … this is for someone who wants to live in something more unique and creative. This makes a little more of a statement.

The Daily Business News has covered the user of shipping containers as a housing option, as well as the “tiny house movement” recently, including the growth of modular as a solution in Sweden, and the zoning challenges that tiny homes can face. ##

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

RC Williams, for Daily Business NewsMHProNews.

Habitat Program will Involve Residents in Updating their Manufactured Home Community

March 15th, 2016 Comments off

habitat_for_humanity_snjtoday__credit__woodbury_new_jerseyHabitat for Humanity unveiled a plan for rehabbing and/or replacing factory-built homes in the West Boca Watergate Estates manufactured home community (MHC) in Palm Beach County, Fla. In outlining their presentation to residents to work together, Habitat’s Mike Campbell and Ana Neira said a text change in county regulations now allow repairs to dilapidated manufactured homes. The goal is to help renters purchase refurbished MH or new modular homes, according to what sun-sentinel tells MHProNews.

To qualify a family of four cannot earn more than $40,000 annually, said Campbell, noting he also hopes to help elderly residents who are living in dangerous conditions. Lowe’s has donated paint, but if windows need replacement there is a fee, although homeowners will be given time to pay for them.

As she began handing out surveys, Neira said, “We want to build community and home ownership and we (will) work with you to transform this neighborhood.”

Campbell added there will be meetings for homeowner orientations and to identify properties that need work. ##

(Photo credit: snjtoday–Habitat for Humanity build)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.