In late 2005, news began to spread through the community that a secret developer was trying to buy the entire municipality for 500 million dollars. This would equate to an average of slightly more than 1 million dollars per residential lot. In December 2005, it was announced that more than 70 percent of the 488 lot owners had voted to hire a lawyer to pursue the sale.
If the sale goes through, it would mean a huge windfall for each lot owner. By way of illustration, in the mid-1990's, properties were generally sold in the $50,000 to $60,000 range. Even as late as 2002, $150,000 was a common sale figure for a property.
Demographics
As of the censusGR2 of 2000, there were 411 people, 266 households, and 129 families residing in the town. The population density was 2,267.0/km² (5,912.5/mi²). There were 534 housing units at an average density of 2,945.4/km² (7,682.0/mi²).
There were 266 households out of which 1.9% had children under the age of 18 living with them, 44.7% were married couples living together, 2.6% had a female householder with no husband present, and 51.5% were non-families. 48.5% of all households were made up of individuals and 34.2% had someone living alone who was 65 years of age or older. The average household size was 1.55 and the average family size was 2.06.
In the town the population was spread out with 1.9% under the age of 18, 1.5% from 18 to 24, 4.9% from 25 to 44, 25.3% from 45 to 64, and 66.4% who were 65 years of age or older. The median age was 70 years. For every 100 females there were 77.9 males. For every 100 females age 18 and over, there were 76.0 males.
The median income for a household in the town was $34,583, and the median income for a family was $55,500. Males had a median income of $31,250 versus $33,333 for females. The per capita income for the town was $35,338. About 1.5% of families and 6.6% of the population were below the poverty line, including none of those under age 18 and 5.6% of those age 65 or over.
