Residents of Country Lakes Villages Purchase Their Mobile Home Parks for $31 Million

SARASOTA, FL, December 31, 2010 (Press-News.org) Residents of Country Lakes Villages, a two-park manufactured home community in Palmetto, have successfully completed their bid to purchase their parks for a final sale price of $31 million.

With a combined 444 lots between the two properties, this sale represents one of the largest real estate sale transactions in Southwest Florida during the third quarter of 2010. The park residents were represented in the transaction by attorney James A. Staack of Clearwater, while the seller - Country Lakes MHP Communities, LLC - was represented by Richard S. Webb, IV, a shareholder with the Sarasota-based law firm Icard, Merrill, Cullis, Timm, Furen & Ginsburg, PA..

Country Lakes Villages (www.countrylakes1.com) is a five-star manufactured home community geared to residents age 55 and older. Residents enjoy access to private clubhouses with pools, tennis courts, shuffleboard and other amenities, as well as many social events and planned activities. By its purchase of the Country Lakes Community, the community's homeowners association has converted this traditional manufactured housing community into a resident-owned co-op (ROC). This move represents a significant benefit to members because it allows residents to own their land, thereby exercising greater control over lot rents and giving them more decision-making power in park maintenance and management.

According to the Federation of Manufactured Home Owners of Florida, Inc. (FMO), (www.fmo.org) there are more than 700 resident-owned mobile home parks in the state, a number that is increasing rapidly as more people realize the benefits of park ownership. By organizing themselves into a non-profit co-op, residents are able to enjoy many of the advantages of traditional home ownership, such as tax savings and the potential for equity growth. Residents also appreciate the security that comes from knowing their park will never be sold to a developer against their wishes. Once the co-op is established, new residents often must be approved by a committee. In many cases, creating a co-op builds a stronger sense of community among the residents, thus creating a more stable neighborhood environment.

Richard Webb joined Icard Merrill in 2004 and concentrates his practice in business and real estate law in addition to his expertise in mobile home law. He has represented clients in complex real estate and business matters in Florida since 1977. Webb has received the highest "AV" rating from Martindale-Hubbell, which is recognized as the most respected source of information about members of the legal community and is based upon peer review ratings by other lawyers and the judiciary. He is a member of the Florida and Kentucky Bar Associations, the Florida Manufactured Housing Association, a past chairman of the Unauthorized Practice of Law Committee for the 12th Judicial Circuit, and was a captain in the U.S. Army Reserve (JAG). Webb has served as chairman of the Sun Coast Mental Health Center, Inc., a director of the Sarasota Art Association, and as legal counsel to The John and Mable Ringling Museum of Art

For more information, call (941) 366-8100 or visit http://www.icardmerrill.com.