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VARNA, N.Y. — Residents of Hillside Acres mobile home park in Varna are holding out for a miracle most don’t expect will happen.
The mobile home community has waged an all-out effort to purchase the park before an out-of-state-developer does. But ahead of a Wednesday deadline, they still need at least $3 million to make their financing plan work.
Resident Alan Bitar said the threat of an outside buyer has weighed on the community. He said he worries that the community could “suffer” in the hands of an outside owner.
“What we need is $3 million,” he said on March 26. “There’s somebody out there that wants to protect the community. We...
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“What we need is $3 million,” he said on March 26. “There’s somebody out there that wants to protect the community. We need an angel investor or something, we need money.”
The April 1st deadline passed, the money did not appear, and everybody wasted two months of their lives. In other words, the typical outcome for any “tenant-owned community” concept. When will people finally realize that the limitation of finding non-profit handouts render these deals as non-starters 99.9% of the time. Real-world buyers actually bring money to the table, while tenant buyers can only bring I.O.U.s.