Preview:
On the side of Town Farm Road in Brookfield, a red sign emblazoned with a leafy green tree welcomes passersby to Brookfield Meadows.
The manufactured home park property spans 36 acres. Twenty-five of them are developed; the other 11 are covered by woodland.
There are 61 houses, many complete with manicured lawns, garden ornaments, and outdoor seating. All of the electrical and telephone wires are underground, leaving an unobstructed view of the sky to complete the idyllic setting.
Frequently mischaracterized as “mobile homes,” manufactured homes cannot be moved.
Residents own or lease the house but usually lease the land it sits on,...
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ALL IDIOCY:
Because they would need to take on a mortgage for the purchase, Fry explained that there would be a significant jump in monthly rents immediately after the sale. However, after that initial jump they could expect to see rent increases of less than 1% per year, he said. If the property was bought by someone else, they didn’t know what could happen. And if the buyer was a big corporation, Fry estimated they could see annual increases of 10% or more.
These residents certainly blew it. Now their rent is the same – or higher – than a third-party would have charged them and the only way they can rationalize it is the delusion that their future increases will be smaller. But here’s a spoiler alert for them: it won’t. As the park ages it will need more infrastructure repair and now, they’ll have to not only raise the rent but figure out how to get the money to pay for those repairs up-front. I’ll bet $50 this park goes make on the market in the future as the tenants realize what a horrible mistake they made.