| Park Purchase |
Camelot Meadows Park Purchase
This special section of our website has been created to help
keep you informed of the latest news regarding the potential
purchase of our community.
Please be aware that this is a very long and involved process
and we will continue to keep everyone updated with the latest
news.
PARK PURCHASE
Recently, the State of Delaware enacted protections to make
sure that, if a park such as ours is offered for sale, the
homeowners have a fair opportunity to buy the park and own
the land underneath their homes. The law does not require the
owner of a park to sell it. It only provides that if an owner does
decide to sell, the homeowners' association stands first in line
to buy it, should it want to and arrange sufficient financing to
meet the owners' asking price (or in some cases to match
another buyer's offer).
Camelot Meadows is not for sale. ELS is in the business of
holding and renting out mobile home parks and resort
properties. Each year, they identify a very small number of
parks that are being offered for sale. These are frequently
parks with high vacancy rates or other serious problems.
Camelot is not in that category so at this time is not for sale.
Your Homeowners association has taken all appropriate steps
to ensure we will have standing to purchase the park in the
event it ever becomes available for sale, however. For
example:
• Your HOA is registered with the State of Delaware as a
duly-constituted Homeowners Association with standing under
Delaware's Right of First Offer/Right of First Refusal law.
• Your HOA has updated its bylaws to be in strict
compliance with the model that the State of Delaware
prescribes for a homeowners association.
• Your HOA has maintained careful records to establish it
is a legitimate, professional organization with the ability to
follow through in the event of a purchase.
• Your HOA is establishing an informal committee to
research alternative models of structuring a park purchase,
and alternative sources of financing in the event of a purchase.
These are necessary steps to be prepared if the park is ever
offered for sale. It is also a necessary step if the HOA is ever
to make an unsolicited offer to purchase.
• In 2008, your HOA obtained a professional appraisal of
the land on which the park sits, conducted an all-homeowners
meeting to evaluate interest in purchasing the park, and invited
a lender (ROC USA) to make a presentation about its unique
financing package.
There was a lot of interest on the part of homeowners as a
result of the 2008 meeting, and also many questions and
concerns about the financing program that was presented.
Your HOA is sensitive to those questions and concerns. Some
lenders may be willing to loan only 70 or 80 percent of the
purchase price of the park, with few strings attached, such that
it would be necessary to come up with the remainder of the
price from other sources. Other lenders may be willing to loan
100 percent or more of the purchase price, but with significant
strings attached, such as limits on who a homeowner may sell
or leave his or her home to.
We are committed to maintaining the diversity of the park. It
will always be a welcoming community whether working or
retired, full-time or part-time, white collar, blue collar, or no
collar. We find strength in our differences and believe the best
way to maintain our community -- and our home values -- is to
make sure that lender-imposed covenants don't prevent us
from leaving our homes to our children, or selling our homes to
buyers who are financially able to join the community and
committed to what we have built.
If you are interested in participating or making your voice
heard, please contact any board member. We are in particular
need of professional expertise in the fields of real estate,
commercial lending, and property management, and we are
particularly interested in hearing from a cross section of all
residents of the community: full-time and part-time, working
and retired, newcomers and old-timers.
-----------------------------------------------------
A note about the Epworth meeting in 2008:
At the Epworth meeting, one lender (ROC USA) made a
presentation that explained a package under which the entire
purchase price of the park could be financed. The conditions
for such generous financing included "income covenants,"
whereby the park would be preserved as affordable housing
for owners with moderate income as defined by local (Sussex
County) statistics. On the one hand, this would be great
because it would enable a park purchase without coming up
with a substantial sum of money up-front. On the other hand, it
could prevent an existing homeowner from leaving his or her
home to children who are doctors, lawyers, or other
professionals who are outside the income covenants. It would
also mean that over time, the number of part-time residents
would decrease. (The mission of ROC USA is to preserve
affordable housing, not to preserve affordable vacation
housing for residents who already can afford to maintain a
primary home in another city.)
Although the HOA board did not endorse ROC USA's program
-- or any other program -- transcript of the Q&A session with
ROC USA is available. Please contact a board member if you
would like a copy.
More information will appear on this page as it becomes
available.
We are in the process of developing committees to help the
Board with the following initiatives:
If you can spare some time and have expertise in the Banking,Real Estate, Negotiations, Lobbying, Business, Financial,
Committee, Board, or other experience we would welcome
you participation with our Board or Committees. Please
Contact us if you are interested in getting involved.
This special section of our website has been created to help
keep you informed of the latest news regarding the potential
purchase of our community.
Please be aware that this is a very long and involved process
and we will continue to keep everyone updated with the latest
news.
PARK PURCHASE
Recently, the State of Delaware enacted protections to make
sure that, if a park such as ours is offered for sale, the
homeowners have a fair opportunity to buy the park and own
the land underneath their homes. The law does not require the
owner of a park to sell it. It only provides that if an owner does
decide to sell, the homeowners' association stands first in line
to buy it, should it want to and arrange sufficient financing to
meet the owners' asking price (or in some cases to match
another buyer's offer).
Camelot Meadows is not for sale. ELS is in the business of
holding and renting out mobile home parks and resort
properties. Each year, they identify a very small number of
parks that are being offered for sale. These are frequently
parks with high vacancy rates or other serious problems.
Camelot is not in that category so at this time is not for sale.
Your Homeowners association has taken all appropriate steps
to ensure we will have standing to purchase the park in the
event it ever becomes available for sale, however. For
example:
• Your HOA is registered with the State of Delaware as a
duly-constituted Homeowners Association with standing under
Delaware's Right of First Offer/Right of First Refusal law.
• Your HOA has updated its bylaws to be in strict
compliance with the model that the State of Delaware
prescribes for a homeowners association.
• Your HOA has maintained careful records to establish it
is a legitimate, professional organization with the ability to
follow through in the event of a purchase.
• Your HOA is establishing an informal committee to
research alternative models of structuring a park purchase,
and alternative sources of financing in the event of a purchase.
These are necessary steps to be prepared if the park is ever
offered for sale. It is also a necessary step if the HOA is ever
to make an unsolicited offer to purchase.
• In 2008, your HOA obtained a professional appraisal of
the land on which the park sits, conducted an all-homeowners
meeting to evaluate interest in purchasing the park, and invited
a lender (ROC USA) to make a presentation about its unique
financing package.
There was a lot of interest on the part of homeowners as a
result of the 2008 meeting, and also many questions and
concerns about the financing program that was presented.
Your HOA is sensitive to those questions and concerns. Some
lenders may be willing to loan only 70 or 80 percent of the
purchase price of the park, with few strings attached, such that
it would be necessary to come up with the remainder of the
price from other sources. Other lenders may be willing to loan
100 percent or more of the purchase price, but with significant
strings attached, such as limits on who a homeowner may sell
or leave his or her home to.
We are committed to maintaining the diversity of the park. It
will always be a welcoming community whether working or
retired, full-time or part-time, white collar, blue collar, or no
collar. We find strength in our differences and believe the best
way to maintain our community -- and our home values -- is to
make sure that lender-imposed covenants don't prevent us
from leaving our homes to our children, or selling our homes to
buyers who are financially able to join the community and
committed to what we have built.
If you are interested in participating or making your voice
heard, please contact any board member. We are in particular
need of professional expertise in the fields of real estate,
commercial lending, and property management, and we are
particularly interested in hearing from a cross section of all
residents of the community: full-time and part-time, working
and retired, newcomers and old-timers.
-----------------------------------------------------
A note about the Epworth meeting in 2008:
At the Epworth meeting, one lender (ROC USA) made a
presentation that explained a package under which the entire
purchase price of the park could be financed. The conditions
for such generous financing included "income covenants,"
whereby the park would be preserved as affordable housing
for owners with moderate income as defined by local (Sussex
County) statistics. On the one hand, this would be great
because it would enable a park purchase without coming up
with a substantial sum of money up-front. On the other hand, it
could prevent an existing homeowner from leaving his or her
home to children who are doctors, lawyers, or other
professionals who are outside the income covenants. It would
also mean that over time, the number of part-time residents
would decrease. (The mission of ROC USA is to preserve
affordable housing, not to preserve affordable vacation
housing for residents who already can afford to maintain a
primary home in another city.)
Although the HOA board did not endorse ROC USA's program
-- or any other program -- transcript of the Q&A session with
ROC USA is available. Please contact a board member if you
would like a copy.
More information will appear on this page as it becomes
available.
We are in the process of developing committees to help the
Board with the following initiatives:
 | Gardening/Beautification | |
| Neighborhood Watch Block Captains | |
| New 10-year Lease | |
| Park Purchase |
If you can spare some time and have expertise in the Banking,
Committee, Board, or other experience we would welcome
you participation with our Board or Committees. Please
Contact us if you are interested in getting involved.
Contact us:
camelothoade@yahoo
groups.com
camelothoade@yahoo
groups.com
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ELS recent financial
statement click here.
statement click here.