Homestead Village MHP under Threat

Over the next several days, Manufactured Housing Reader will present a series of sketches on individual Homestead Village Mobile Home Park residents. If the Raleigh City Council approves a re-zoning petition for the Homestead property, in a vote scheduled Aug. 5th, the park owner plans to move forward with a sale to individuals seeking to expel residents and re-develop the land to commercial property. Many of these residents have no recourse at all.

Comments

Damn

Sounds like a rezoning petition that should be denied. The council is under no obligation whatsoever to approve this - and shouldn't.

Even if denied..

...I am sure an investor would be interested in the property even under current zoning. Denying this rezoning does not ensure anything for the current residents. If, as news reports indicate, the owner's health is failing and he wants/needs to get out of the business, the place will be sold one way or another. Based on the prime location and size of the tract, redevelopment seems almost a certainty unless some benefactor wants to come along and pay fair market price for the property and leave it as a mobile home park.

And that's the sad reality.

How do you help people who through no fault of their own have their homes pulled right out from under them?

Anyone? Anyone? Beuller?

Can we, instead, start talking about "for the good of North Carolina?" --Leslie H.
Pointing at Naked Emperors

You know, its true that

You know, its true that another investor will be attracted to all of that cash flow. Given the current availability of financing (or lack thereof) for subordinated debt on commercial real estate, a new private owner might be more likely. Its certainly possible that a good one will come along. By all estimates, Mr. Binns was also a good park owner. That is a pretty nice place, with paved private roads, some amenities like volleyball courts, and a store with things like ice cream.

The residents think that another bid has been made that would keep it as a mh park, incidentally, but that is not verifiable.
Adam Rust
CRA-NC
Read some more, at my blog: Manufactured Housing Reader.

Adam Rust
CRA-NC
Read some more, at my blog: Bank Talk.