Paul Goldfinger, MD Edior TropicanaForum.com
Tropicana Forum has recently received inquiries from two other similar parks who have been approached with unsolicited purchase offers, and one was Murex. This happened when Internet researchers searching about this subject found Tropicana Forum because we posted a few articles about this—retrievable on the Internet, and no one else had done the same. Our own Trop representatives were very non-transparent about details regarding the park sale.
We also heard from the News-Press of Naples/Ft Myers who were planning a piece about the Tropicana experience, but the reporter missed his deadline. I think it would be a very interesting news topic because we are in the vanguard of returning resident owned parks to single ownership.
That’s how it was when we bought in 2009 and for many years prior to that. A family owned the “Trop” when the residents bought it.
I recommended to these two representatives that those who were looking for information speak to Dan Kelley who was on the Co-Op board, and we referred them to him.
I did share some of my own observations (see email below) with the woman who wrote from “Orange Harbor” which is not far from us:
Hi Jane: Tropicana is a pioneer in the new tendency to return ownership of parks like ours to single owners. I have not been a Co-op official or a member of the negotiation team. But I am a former shareholder. (We recently closed after a long process). I can summarize a few of my impressions, but you really should talk with one of the shareholders who were directly involved. I can give you a name.
a. Do not accept the first offer that comes your way. We almost sold ourself short and we wound up with a very fine return on our investment. Take your time with the process.
b. Find a group of buyers who can then submit proposals to your negotiating committee. After that, the shareholders got to vote, and, for the most part, they chose the one which offered us the most money and benefits.
c. You need an experienced lawyer
d. Study all the components of a deal including infrastructure proposals, improvements in the homes and grounds in the park. Such improvements make your home worth more.
E. Visit other parks run by interesting buyers.
f. On my blog. Tropicanaforum.com. there is a search box on top on the right. Type in key words such park sale, Murex, etc. I did write a number of related articles.
Paul Goldfinger, MD. Editor