Quote:
Originally Posted by MeredithMan
The MaryKay was for sale at the time, I believe for $5,000.00. My parents were very tempted, but as I remember, you could only buy the cottage and not the land....not sure if that is accurate or not, but that is what I remember my parents saying. As a result, they didn't buy it, but eventually did find a place that brought them great joy the rest of their lives.
MM
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Yes.. LSP is still the same. Members own their cottage/mobilhome, but they don't own any "land" Instead they hold a VMC (Voting Member Certificate) that makes them 1/310th owner/member of the LSP Association.
This setup was the result of a long court battle that went all the way to the NH Supreme Court. The Town of Gilford wanted the land and buildings to conform with the town zoning laws. End result was a settlement that set the outside measurement of all cottages and mobilhomes, and restricted the addition of any "new" sites. At the time of the settlement there was 310 "Members" and that number can never me increased.
Bottom line was the court decided that LSP Assc. Had enough land to cover the 310 member sites, (LSP owns a whole lot of land on the other side of rt 11)
The coolest part of the ruling from the court was ' (paraphrased) "LSP is like a chicken farm, the town can control the number of chicken coops, but not where they are located" result was that we can't add any more coops.
I was 23 years old, and bought in for $800! Best investment I ever made!