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They're keeping the place

As of Thursday, 406 Ranchero Village residents had agreed to put up money to buy the mobile home park.

LARGO - Ranchero Village is poised to become one of the largest mobile home parks in Florida ever bought by its residents, and the signs of success are proudly displayed in the windows of many homes:

I Bought My Share of Ranchero Village.

So far, 406 people have done just that, agreeing to come up with at least $49,000 to buy their lots. For those who have yet to act, other signs are scattered throughout the park.

Failure is not an option.

Friends don't let friends do it alone.

Ranchero Village residents had until Nov. 15 to decide if they could buy the 946-unit park for $60-million.

Nov. 3, they did it.

"This has been a dream of mine for the last two or three years," said Keith Dooley, past president of the homeowners association.

The $60-million purchase by residents would be one of the largest in Florida, said Don Hazelton, president of the Federation of Manufactured Home Owners of Florida. He said residents bought a park in the Keys four years ago where shares were about $75,000 each.

"Ranchero will certainly be a trendsetter," Hazelton said.

Two years ago, the homeowners association board began preparing for the sale of the park at 7100 Ulmerton Road. But the 126.2-acre park wasn't for sale.

Not until recently.

The park owners - Herbert Kendall and Mandell Berman - gave residents a chance to buy the property, even refusing to hear an offer from a Palm Beach County real estate company. Still, many worried the park would be sold to a developer if they didn't pull through.

At least 360 of the homeowners needed to come up with $52,000 for each lakefront lot or $49,000 each for the remaining lots.

As of Thursday, they had 406 people.

"It's been kind of hairy all along," said resident Dorothea Montante. "We wondered if we were going to get enough people."

As the retired secretary met with bankers Thursday to discuss taking out a $49,000 loan, she said buying a share would make her feel more secure.

But Montante did say she was contemplating getting a job to give her "a little padding in my pocket." She already pays a mortgage on her 1983 doublewide.

Don Post, 55, would also be paying two mortgages - on his 1984 doublewide and his share of the park. But he said it was money well spent.

A part-time Realtor, Post said the mortgage payments would still be cheaper than renting a 2-bedroom, 2-bath, 1,400-square-foot home with two screened porches and a carport.

"For $700, where are you going to rent?" he said. "I looked and could not find a better value."

Even Canadian snowbird Peter Woods, a retired school principal, decided to buy into the park.

Woods, 75, spends less than six months every year living in his $20,000 doublewide. But his aunt lives next door and checks on his home when it rains. A neighbor calls him in Canada several times a week.

"We like it here," he said. "We like the people. People look after people here."

When Gennie Warchulski, 88, didn't turn on her lights Thursday morning, her neighbor came over to check on her.

"We're all very close," said the resident of 24 years. She says she'll take out a mortgage to buy a share because it's a good investment.

Lorie Whitney, a Colonial Bank representative, said 80 percent of the residents she's seen are taking out a loan for the full amount of the share, using their mobile home as collateral.

But 5 to 10 percent of interested homeowners don't qualify for a mortgage because of poor credit or existing debts, she says.

Homeowners who don't buy a share can continue to rent their lots, but they are likely to pay more.

Dennis Marten, 66, decided not to buy. He's one of several homeowners who have put up a "For Sale" sign.

"I can't really afford to go into big debt again," said the security officer, who is still paying off the mortgage on his home. "... What am I getting for the $49,000? I'm getting another bill.

"It would be smarter for me to buy a piece of property up north and put a cabin on it and fish all day."

An increasing number of parks are converting to co-ops to ward off the threat from developers.

Residents of Stella Del Mar in Largo bought their park for $26-million last month. Island in the Sun homeowners have till Dec. 2 to determine if they can buy their Largo park for $60-million.

Hazelton applauds the rise in resident-owned parks.

"They're not going to wait for the bulldozers," he said.

Shannon Tan can be reached at shtan@sptimes.com or 445-4174.