Hot Property: Million Dollar Mobile Homes

BRINY BREEZES, Fla., Jan. 5, 2007 — -- It may sound like a dream come true -- to sell a mobile home for close to a million dollars.

But the residents of the coastal community of Briny Breezes wrestle over an offer from developers to sell their piece of paradise. Owners of 488 mobile homes have until Jan. 10 to decide if it's worth it to abandon their oceanfront community for a big payout, as developers want to replace their mobile homes with pricey condos.

One resident, Joanne Doyle, told us she is voting to sell. At age 71, she still waits tables at the local Steak 'n Shake for $4 an hour to pay her bills.

She bought her mobile home for $42,000 nine years ago, and it's now worth more than $800,000.

"I've worked all my life. I've never had anything, and now I might be able to enjoy my retirement years," Doyle said.

As with most real estate, it's the location that makes Briny Breezes so valuable, with pristine oceanfront beaches on one side and the Intracoastal Waterway on the other.

"You just can't find that. You might be able to find some beach property, you might be able to find some intracoastal property, but to find 43-acres of continuous property like this -- that's almost impossible," said Ocean Land Investments developer Logan Pierson.

The amount being offered for this land is also a measure of what's happening on the Florida coast. The sums paid to the current owners will not be enough to buy a place in the new Briny Breezes when its rebuilt luxury condos will sell for a cool $3 million apiece.

Not everyone here is dazzled by the dollar signs, though.

"I have a nice home. I have a nice place here and friends and family. I'm blessed. I don't need anything else," Carol Ellis said.

Two-thirds of the owners here have to vote yes for the deal to go through. If they do, they'll walk away with a lot of money and some very mixed emotions.