The Co-op to Condo Conversion Specialists™
Bella Vista
- Client
- Bella Vista Condominiums
- Date Converted
- 2003
- Location
- New Jersey
- Building Website
- Visit online
Property Information
| Location | Fort Lee, New Jersey |
| Number of Units | 166 |
| Year Converted to Co-op | 1988 |
| Year Converted to Condo | 2003 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- Prices for Co-op remained far lower than comparable units in the area.
- Sponsor owned 2/3 of the units and would not sell because of low values.
- Limited financing for Co-op made it difficult for new buyers to afford units.
- Small reserves as Co-op with many repair and maintenance issues.
- Condos sold at nearly three times Co-op values immediately after conversion.
- With prices escalating, sponsor sold all units instead of leasing them.
- As a Condo, approved by Fannie Mae with 10,000 Lenders available offering the lowest interest rates.
- Parking spaces were sold generating over $1 Million for badly needed repairs.
What Owners Say About Their Conversion
"How can we begin to thank you for the ‘Miracle’ of converting our co-operative into a successful condominium? What we thought was impossible. We never dreamed after years of struggling to convert our co-op that your staff would make the conversion a reality. Given the complex and size of the project, everything you told the shareholders you would do you did and more. For that we are grateful.”
Marilyn Badami
Board President
“Bella Vista cooperative had devalued to unbelievably low prices. The board was hesitant about the success of conversion to condominiums as the property had a majority shareholder. ROA Hutton managed successfully the details of all shareholders. Property value has more than tripled, units are selling at prices way above those initially projected. Furthermore, ROA has left Bella Vista Manor fully funded, enough for major improvements to the property. All this and in a really unexpected timeframe. ROA, the ultimate expertise in property conversion.”
Mafalda Salvi
Board Vice President
Results from the Conversion of Bella Vista
Value as a Cooperative |
$60,000 |
Add: Conversion Obligation(including underlying mortgage, fees & costs) |
$35,000 |
Total Investment |
$95,000 |
Condominium Values after Conversion |
$180,000 |
Net Increase in Wealth (Equity) |
$85,000 |
PDF of Case Study: Bella Vista