The Co-op to Condo Conversion Specialists
Location | Hackensack, New Jersey |
Number of Units | 75 |
Year Converted to Co-op | 1988 |
Year Converted to Condo | 2005 |
What Owners Say About Their Conversion
“The positive results of the conversion are simply undeniable. Our units have increased in value by over 200% overnight. One unit was sold to an owner occupant for three (3) times the co-op price paid only a year prior. Our new association is now Fannie Mae approved with unlimited lenders offering attractive programs and lower interest rates. ROA Hutton guided us through the entire process and put us on a solid footing with updated governing documents, a realistic operating budget and a new replacement reserve study. Your no-risk, no-upfront-fee program is reason enough to let shareholders decide for themselves as to the benefits and costs of a co-op to condo conversion.”
“You had all the facts and research at your fingertips, and as a realtor, I was familiar with other buildings in Hackensack that you successfully converted. Once the Board approved the proposal and hired your company to represent us in this conversion, it was a whirlwind meetings, discussions, and phone calls. What does amaze me is that ROA Hutton completed our conversion in approx 6 months... I commend everyone involved in this conversion for your patience, professionalism, and your turn around time to get this conversion completed—you “jumped through hoops” to assist everyone. Many thanks for all your fine work in making the Frontenac conversion a reality.”
Value as a Cooperative |
$60,000 |
Add: Conversion Obligation (No underlying mortgage existed; fees & closing costs only) |
$41,000 |
Total Investment |
$101,000 |
Condominium Values after Conversion |
$249,000 |
Net Increase in Wealth (Equity) |
$148,000 |
PDF of Case Study: Frontenac Case Study