Mobile home residents aim to buy whole park for $42.5M to avoid rent hikes, redevelopment
Damien Teague has lived in San Lazaro Mobile Home Park in Boulder County, CO, for 18 years.So when he received a Post-it on his door on March 20 saying that the owners were planning to sell the park for $42.5 million, his heart sank.“The next morning, I was sitting on my back porch working with ChatGPT to explore my options, just feeling the stress of the unknowns,” he tells Realtor.com.“As I was sitting there, I also felt the stress of the 212 other households that were feeling the same thing, and that was enough for me to take action.”The medically retired Navy veteran had learned of a Colorado law granting mobile home park residents the opportunity to buy their park if the owner plans to sell it or repurpose the property, giving residents the first right of refusal.Twenty-two other states have similar laws on the books, according to manufactured housing industry expert Glenn D.
Esterson.In Colorado, residents have 120 days after receiving notice of the intent to sell to submit an offer.If no agreement is reached by the end of the 120-day period, the seller can proceed to sell the mobile home park to other buyers.This gives San Lazaro residents until July 18 to obtain financing for the park’s full asking price, or face the risk of a new owner either jacking up monthly leases on lots or redeveloping the land.While the task was daunting, Teague immediately began to organize.“I posted notices that we would have a meeting about what options we have and what’s in front of us,” he says.
“Now, we have a nine-person steering committee, and the state and county have been really good working with us.A lot of people want to see us succeed.”Sarah Huntley, the director of communication and engagement for the city of Boulder, tells Realtor.com, “City staff members have been in discussion with the residents of San Lazaro, and we’ve indicated support for their efforts.
The city and the county of Boulder have agreed to get an appraisal of ...