Not Made Of Money

I’ve been writing a lot lately about skyrocketing homeowners insurance and property tax increases here in sunny Florida.  Down in Palm Beach County, Florida, land goes for a pretty penny.  Today millionaires were made in Briny Breezes, a mobile home park and the smallest municipality in Palm Beach County. 

Briny Breezes is a 43-acre town between the Atlantic Ocean and Intracoastal Waterway. The town boasts 600 feet of beachfront on the ocean and 1,100 feet along the Intracoastal. It is nestled between Ocean Ridge and Gulf Stream.

Briny Breezes is also a corporation.  This morning the residents of this town (the owners of the mobile homes) voted in favor of selling the land for $510 million to a developer.  On average, each trailer is now worth about $1 million.  The developer is planning to build low-rise condos as well as a luxury hotel. 

Gee, hope the new owners can afford the homeowner insurance and the property taxes.

 

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