The Co-op to Condo Conversion Specialists™
Glenview Condominiums
- Client
- Glenview Condominiums
- Date Converted
- 2007
- Location
- California
Property Information
| Location | Los Angeles, California |
| Number of Units | 45 |
| Year Built | 1960 |
| Year Converted to Condo | 2007 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- Property was in an excellent location in a residential area of Los Angeles, CA but suffered from low values and limited sales activity.
- As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
- There was virtually no reserve fund for future replacement of common areas.
- 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 Glenview Condos
Value as a Cooperative |
$140,000 |
Add: Obligation (Fees & Closing Cost, No Underlying Mortgage) |
$6,500 |
Total Investment |
$146,500 |
Condominium Values after Conversion |
$220,000 |
Net Increase in Wealth (Equity) |
$74,000 |
PDF of Case Study: Glenview Case Study