Woodedge Condominiums | The Hutton Group

Client: Woodedge Condominiums
Date Converted: 2003
Location: New Jersey

Property Information

Location	Edison, New Jersey
Number of Units	81
Year Converted to Co-op	1987
Year Converted to Condo	2003

Before Conversion

As a Co-op

After Conversion

As a Condo

Sponsor maintained nearly 15% of the units for more than 10 years.

Units were selling at very low prices with little activity.

Many owners were upside down (Owing more on share loans [mortgages] than the unit was worth as a co-op.)

Low reserve cash balances insufficient to meet major capital reserves needed to be completed.

High condo prices have motivated Sponsor and Investors to sell units.

Selling quickly at prices over three (3) times co-op prices.

Owners have recouped their loses through higher sales prices and availability of Fannie Mae financing for new buyers.

Reserves enhanced through sale of complex-owned unit as a condo and new reserves in condo budget.

What Owners Say About Their Conversion

“Prices have increased dramatically after the Conversion. Two Bedroom co-ops that once sold for $40K are now selling for $150K. A one bedroom co-op sold at $19K just before the conversion now as Condos they are selling in the $100K range. Thanks ROA Hutton for making this happen.”

Charles Shell
Board President

ROA Hutton are true experts in their field. No one else would have been able to manage the difficulties we faced in the conversion. ROA Hutton saved my investment from shear disaster and turned it into a goldmine. I simply can not say enough about the positive impact the conversion to condominium has made in our community.

Alan Antatki
Shareholder

Results from the Conversion of Berkley Arms

Value as a Cooperative	$20,000
Add: Conversion Obligation(Including underlying mortgage, fees & costs)	$31,500
Total Investment	$51,500
Condominium Values after Conversion	$120,000
Net Increase in Wealth (Equity)	*$68,500*

PDF of Case Study: Woodedge Case Study

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