Tropicana sale–why is it an issue? Re-post from December 15, 2020.

Flamingo Drive. Tropicana Co-op. Ft. Myers, Fla. 2018. Paul Goldfinger photo. ©

 

When we came to Tropicana in 2009 and bought a place to use in the winter, we were mostly attracted by the location and the price. Our son lived in Ft. Myers and then Cape Coral at the time.

The park was owned then by a family, and the management team seemed to us to be quite professional.  Eileen and I never worried about who owned the park.  It was a wonderful bargain. I even wrote about it glowingly in my blog in New Jersey.

When the deal was struck for the residents to become park owners, we thought that it was a creative and interesting idea, so we bought a share. It seemed to me that it was a low risk investment.  And, our lives here were unchanged.

Traditionally, home ownership was always considered a good investment, especially as a way to generate money later for retirement.

So now, 2020, a deal may be had to sell the park to a private company, so from an investors point of view, that is just the way the cards were dealt to shareholders.  It is merely a cashing in on an appreciated investment after about 10 years, and that’s  just fine.

Selling the park shouldn’t cause any important change for anyone, in fact it seems to us that the park would improve and our home values would increase.

The whole matter now seems to boil down to the latest deal  (Murex,) and a vote will be at hand in January.  After all, most shareholders will want to sell at some point, so it will occur now  or some other time down the road.

From our perspective as investors and residents, it looks like a “win-win.”

So where’s the beef?  Only the shareholders need to worry about that, and Tropicana Park will continue to be a fine place.

 

Paul Goldfinger, MD

Camelia Drive

December 15, 2020

Editor’s note: This editorial was written before the current brouhaha clouded the waters.

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