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They lived happily ever after

It's the usual story: A mobile home park is sold to developers. But three words, "fair market value, " give this one a much happier ending than most.

By ANNE LINDBERG
Published January 24, 2007

ST. PETERSBURG - With one park after another falling to developers, mobile home owners at Shady Lane Village knew it was just a matter of time before theirs went on the block.

After all, the park's 9.3 acres at 15400 Roosevelt Blvd. is centrally located near the Bayside Bridge and the St. Petersburg-Clearwater Airport, with easy access to Tampa, St. Petersburg, north Pinellas and the interstate.

Their fears came true in August when the park's owner, Hometown America of Chicago, renamed it Roosevelt Park and put it up for sale.

What's unusual about this case is that it has a happier ending than most.

As in many cases, Hometown officials gave mobile home owners the first chance to buy the land for $5-million.

"We tried it, and we got with all kinds of financial people," said Steve Uhl, president of the homeowners association.

But there were problems. The park needed a new sewer system. The lots were substandard in size. Other upgrades were needed. In the end, Uhl said, the numbers just didn't work out, even when the price was dropped to $4.6-million.

So the association members and their attorney, Joe Magri of Tampa, met with Hometown representatives and their attorney, Allen Bobo of Sarasota.

What resulted was a deal unlike any of the others made with mobile home owners in recent years, as their parks make way for condominiums and other upscale projects.

Hometown offered to "pay all the homeowners the fair market value for their homes," Magri said.

That's potentially much more than state law requires: Owners of a single-wide who cannot move their homes receive $1,375 and those with a double-wide, $2,750. Many times, that is significantly less than the owners have paid for their homes and any improvements.

Hometown also guaranteed that, should any homeowner not be satisfied with the valuation, the homeowner could bring in an appraiser and Hometown would pay whatever the appraiser set as the value.

"I think it's a good approach by the owner," Magri said.

"I think it shows the values of the property are such in these situations that these kinds of things can be done and (the owner) can still make a profit."

"I think the park owner and his attorney ought to be applauded in this situation," he said.

Most of the homeowners are happy with the deal, which gave them anywhere from about $6,000 to $20,000 each, Uhl said.

One homeowner will not recoup the cost of repairs and improvements, he said, but the outcome is better for most of the rest.

"We were looking doom in the face," Uhl said. "When they came back with this offer, it was like, okay, this'll work."

Hometown also gave the owners two-thirds of the money up front so they could use it as a down payment on another home.

"Everyone was just ecstatic about that," Uhl said. "There was no way they could come up with enough money to buy another place."

The remainder of the money will be paid when the homeowner turns the title over to Hometown.

The checks, Uhl said, have already been cut so there is no wait once the title is handed over.

Homeowners have until Feb. 1 to vacate, and most are already gone.

"This is one time that it really happened right," Uhl said. "Tell the Legislature this is the way it should be done."

Uhl said he believes Hometown saved money in the long run. Had the homeowners sued, any deals could have been delayed or derailed and the company's attorneys' fees would have mounted.

Bobo, Hometown's attorney, did not return a phone call asking for comment. But this is not the first deal Bobo has orchestrated that attempted to change the way these deals are done.

Bobo also orchestrated a $3-million buyout to homeowners in Seminole's Harbor Lights Mobile Home Park. That deal, which parceled out payments according to how long people had owned their trailers, never happened because the $65-million sale of the park fell apart.

Harbor Lights is still in business as a mobile home park.

Fast Facts:

Other recent sales

The state requires developers who buy mobile home parks to give $1,375 to owners of single-wide trailers who cannot move their homes; double-wide owners receive $2,750.

SEMINOLE: Developer John Loder bought Bay Pines and Bay View Mobile Home parks for an estimated $38-million. Mobile home owners received a bit more than the minimum required by law - $1,625 for a single-wide and $3,000 for a double-wide. A lawsuit against the seller is pending.

PINELLAS COUNTY: Golden Lantern Mobile Home Park on the edge of Pinellas Park was bought for about $4.8-million. It remains unclear how much residents will receive. Some had reached an agreement with the seller, but that deal may be void because a land-use change failed to pass. If the deal is dead and no other agreement is reached, owners will get the state-mandated minimum.

ST. PETERSBURG: The Al-Da-Ky mobile home park was bought for $8-million by D.R. Horton Inc. Homeowners received the state minimum.

[Last modified January 24, 2007, 07:33:56]