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2014 At 12 | Bainbridge Island WA | 3702288845

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Joined: Jul 8, 2014
 
$35,000

Sale of Mobile Home Park Share

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Why?:
Parents Moved to Nursing Home
Location:
2014 at 12, Bainbridge Island, WA
Description:

This is the sale of a share of a resident owned (co-op) mobile home park that does not (currently) have a mobile home unit on it. The share will be sold via auction that begins July 20, 2014 at 12:00pm PDT and ends July 27, 2014 at 12:00pm PDT. ABOUT THE SHARE:The share for sale is not the site itself, however, the site the Owners had inhabited for over 20 years. A mobile home will need to be purchased or rented independent of the sale of the co-op share. Prior to placement of a home on the lot, a site plan must be first submitted and approved by the Islander Mobile Home Park Board. If site plans by a buyer are approved by the Board, a mobile home could be placed at the now vacant lot (#507 Madrona Way NE, Bainbridge Island, WA 98110). Those interested in purchasing this share of the Islander Mobile Home Park (507 Madrona Way NE, Bainbridge Island, WA 98110) should visit the park's website: www.irapark.org and click on "Interested in Becoming a Member." Once inside the mobile home park's website, you can see the Frequently Asked Questions (FAQ) page, to explore any unanswered questions you have about the mobile home park. Questions can also be directed to Lois Speer, the property manager by calling her at 206-855-8249, or emailing her at (click to respond). The park is unique not only in its beautiful location, but that it is entirely resident-owned and split 50-ways for a total of 50 share co-op. The Owners' share being sold here is one-fiftieth (1/50) of the total shares owned. Ten years ago, the residents decided to create a co-op and make the mobile home park resident-owned. In order to do so, the co-op undertook a $4.9 million loan (3.05% fixed 35-year), which resulted in a $725/month payment made by residents to the park management. The winning bidder of the Owners' share auction will have to make this payment in full each month as a member of the co-op. The monthly payment includes each share owner?s portion of the mortgage payment, interest, garbage, sewer, and water services. Electrical, homeowners insurance, and any additional services are to be paid directly by the owner to the appropriate company and not through the mobile park's management service. ABOUT THE AUCTION:Bidding Period Beginning & EndThe bidding period will begin Sunday, July 20, 2014 at 12:00pm Pacific Daylight Time and will end seven (7) days later on Sunday, July 27, 2014 at 12:00pm Pacific Daylight Time. Starting Bid and Bidding Process- All bids must be received by email (unless you have a problem with your email, then bids will be accepted by phone call by the bidder made to the Owners). - Email bids should be sent to: (click to respond) - Phone calls can be made to Jennifer Murphy at 781-789-6500- The starting bid must meet the reserve of $35,000 (US Dollars). - The bidder has the opportunity to make unlimited additional bids until the bidding period closes (on Sunday, July 27, 2014 at 12:00pm PDT). - All bidders will receive an email back notifying them of the current bid when a higher bid has been received (i.e. the bids are public and will be shared with auction participants). - All bidders will be emailed an update of the current/highest bid within two (2) hours of the bid?s receipt so as to keep them properly informed.- Bids received after 11:00pm PDT will be updated no later than 5:00am PDT the following day. - During the auction process, bidders' names and email addresses will remain confidential.- The final bid and corresponding sale of the mobile home park share are subject to the mobile home park Board of Trustees. (According the property manager, Lois Speer, no one to date has been denied the privilege of purchasing a share.)
Property Type:
Mobile Homes for Sale
For sale by:
By Owner
Posted:
July 8 on Oodle
  1. J M. Let me know if you have any questions. – J M.
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More About this Listing: Sale of Mobile Home Park Share
Sale of Mobile Home Park Share is a Mobile Homes for Sale at 2014 At 12 in Bainbridge Island WA. Find other listings like Sale of Mobile Home Park Share and listings near 2014 At 12 by searching Oodle Marketplace for Mobile Homes for Sale in Bainbridge Island WA.