Florida Residents Buy Community

From Florida, the Herald Tribune reports that residents of Country Lakes Villages, a two-property manufactured home community, have completed their bid to buy their properties for $31 million. According to the report, the homeowners bought the Palmetto property from California-based Country Lakes MHP Communities LLC. The deal that just closed included 444 lots, marking one of Southwest Florida’s largest real estate transactions in recent months. That translates into $69,820 per lot. The homeowners association converted the community into a resident-owned cooperative, called a “ROC.” Residents now own their land and can control lot rents and decisions about maintenance and management.

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