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Posts Tagged ‘right of refusal’

Residents Finally Win Right to buy Manufactured Home Community

May 21st, 2015 Comments off

naples_estates_mhc__naplesnews__david_albers_photo_creditFollowing a story covering some 18 years legal wrangling by the residents of Naples Estates manufactured home community (MHC) in Florida to buy their community, as MHProNews last reported Oct. 8, 2014, a state appeals court upheld the ruling of a lower court affirming the homeowners right to purchase their community for $14.4 million.

The homeowners objected in 1998 when the owner, Norton Karno, agreed to sell the 484 homesite community to another buyer, claiming they had first right of refusal. There was also a dispute over a 69 percent rent increase and a batch of evictions, according to naplesnews.

The homeowners’ attorney, A. J. Stanton, on May 5 argued for the $11.6 million price, the value assessed in 1997 when the owner first agreed to sell it as a bundle of 41 MHCs for $316 million. However, charges flew back and forth about rent increases and the homeowners’ ability to buy the community, disagreements between residents, among other issues, but all these arguments have been put to rest by the settlement. At one point there were seven lawsuits pending—some between residents and Karno, some between residents.

It seems we’re getting closer to the day everyone’s hoped for,” said resident Brian Pignetti, 41, whose 76-year-old mother also lives there. “Maybe we can put this behind us and it will become a welcoming place again. This is a vindication of all of our efforts over the years.” ##

(Photo credit: naplesnews/David Albers-Naples Estates MHC)

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

And Now for the Rest of the Story……..

June 28th, 2012 Comments off

Following a Daily Business News post from June 18, 2012 about two MHCs in Carver, Massachusetts being snatched from the jaws of Equity Lifestyle Properties and becoming co-operatives, MHProNews has learned from boston, according to MA law, MHC residents have the first right of refusal if their community is being sold. Pine Tree Village (family, 186 homes) and Cranberry Village (55+, 280 homes) owner David Piper signed an agreement to sell the pair to ELS in Dec. 2011 for $22 million, a figure the residents had to match. The residents approached Piper with their offer the day before he was set to close with ELS. ROC (resident-owned communities) USA, a specialist in MHC co-operatives, arranged the 30 year mortgages for each community—6% for Pine Tree, 6.2% for Cranberry. Massachusetts-based Community Development Institute assisted ROC in developing budgets, finding a management team, and setting up operations.

(Photo credit: Amelia Kunhardt/The Patriot Ledger—Pine Tree residents Susan Roovers with daughter Whitford)