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For months, residents of San Lazaro Mobile Home Park have been racing to counter a $42.5 million offer for their park from an anonymous buyer. They fear a new owner could raise rents or sell the land beneath their homes, potentially displacing longtime residents.
Now, the City of Boulder is offering a $1.3 million loan to help them buy the property themselves — far less than residents had hoped for, and with a condition that could bring millions in additional costs.
The loan would be forgiven if the park is annexed into Boulder. But residents, who live just outside city limits, do not want to take on the estimated $8 million to $10...
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They have until Dec. 8 to counter a $42.5 million offer from an anonymous buyer. Even if residents accept the city’s loan, they would still need to secure about $30 million in additional funding and financing to meet the $42.5 million purchase price before their Dec. 8 deadline to submit a counteroffer.
When the residents have to raise $42.5 million by December 8th, how is a $1.3 million loan going to help much? Look, it’s pretty clear they’re not going to hit their target. Why is it wrong to simply say “they failed” and move on rather than waste even more time in this futile effort?
Here’s what AI has to say on this matter:
There is no precise, universally tracked national statistic on the exact percentage of successful tenant first options to purchase, but industry data and experts indicate the success rate is extremely low—often described as near zero percent.
Ouch.