location, location, location...

Decades ago these folks picked a nice seaside spot for their double-wides, and now it's time to cash in.

love the name: Briny Breezes

http://www.sun-sentinel.com/news/loc...home-headlines



Briny Breezes to announce today whether residents will sell town and become millionaires

By Ushma Patel
South Florida Sun-Sentinel
Posted March 22 2006


Briny Breezes Residents approach today's vote on continuing talks with developers over the sale of their seaside town with increasing doubts about their financial and physical security.

Briny Breezes' governing board will reveal the results of a vote by the owners of the town's 488 mobile homes on whether to continue talking to developers interested in buying the town. Several developers have contacted the community since last fall, when Ocean Land Investments of Boca Raton showed interest in buying the community for $500 million. Last month, Ocean Land dropped out because the town planned to seek competitive bids.


"I've got mixed emotions ... One thing I would hate to see is this place gone," retired seasonal resident Marianne Ridgway said. "[But] as easily as somebody can buy it, a storm can wipe it out."

Ed Allenbaugh, 68, another seasonal resident, said he voted in favor of exploring a sale but wishes Briny Breezes had never received that letter.

"If it sells, fantastic. If it doesn't, life goes on," he said. "Nobody wants to sell, but now ... I've never had a million dollars all at one time."

Since October, Briny Breezes residents have struggled with the idea of giving up their quaint town with its Quonset huts, hobby clubs and golf-cart commuters. Yet, they have voted in December to explore their options. The town's 43 acres stretch from the Atlantic Ocean to the Intracoastal Waterway.

Briny Breezes is unique in that all residents have a stake in the town because they own voting shares in the corporation that owns the town based on the size and locations of their lots.

The corporation, Briny Breezes Inc., has been collecting mail-in ballots, and the votes will be counted and announced at a shareholders' meeting today. The board decided it will need 67 percent of shareholders' approval to proceed, board President Ken Doyle said.

"It's just to make us feel more comfortable in keeping the stockholders involved and informed as to what we're doing," he said Tuesday. "This vote tomorrow is simply to give authorization to the board to talk to prospective buyers."

If the shareholders give that authorization, Briny Breezes will seek proposals from potential buyers and more advice from its lawyers. The board will put the sale to a final vote in October or November, Doyle said.

The December vote had 72 percent of Briny Breezes' shareholders agreeing to explore the sale. Many still say they want to know the details of an offer and what kinds of taxes they will have to pay on their windfall before making a final decision.

"We don't know much more than we did in October," longtime resident Jack Taylor, 73, said. "We'll make that decision when we get more facts. The offer's been made, and we can't change that. The genie's out of the bottle."

Ushma Patel can be reached at upatel@sun-sentinel.com or 561-243-6621.