The Co-op to Condo Conversion Specialists™
San Tomas Estates
- Client
- San Tomas Estates
- Date Converted
- 2007
- Location
- California
- Building Website
- Visit online
Property Information
| Location | San Jose, CA |
| Number of Units | 96 |
| Year Built | 1971 |
| Year Converted to Condo | 2007 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- Located in the suburbs of San Jose, CA, this co-op had a sister complex that was a condominium wherein units were selling for $100,000 more than the co-op units next door.
- There were only two (2) lenders that were willing to offer share loans to buyers or existing shareholders wanting to refinance. There was virtually no choice as to terms, rates or costs.
- The co-op’s aged governing documents was not as effective in the enforcement of house rules as the members would like.
- Immediately after the conversion was approved, units at the co-op sold for much more than previous asking prices and in a shorter time period. Values after conversion were even higher.
- ROA Hutton and its Primary Lender arranged for Fannie Mae approval which provided competitive rates and terms for the conversion and beyond.
- ROA Hutton helped to adopt modern condo governing documents which improved enforceability & the quality of life.
Results from the Conversion of San Tomas
Value as a Cooperative |
$335,000 |
Add: Obligation (Fees & Closing Cost, No Underlying Mortgage) |
$4,300 |
Total Investment |
$339,300 |
Condominium Values after Conversion |
$435,000 |
Net Increase in Wealth (Equity) |
$95,700 |
PDF of Case Study: San Tomas Case Study