The Co-op to Condo Conversion Specialists™
Geddes Lake Condominiums
- Client
- Geddes Lake Condominium
- Date Converted
- 2008
- Location
- Michigan
- Building Website
- Visit online
Property Information
| Location | Ann Arbor, MI |
| Number of Units | 360 |
| Year Built | 1970 |
| Year Converted to Condo | 2008 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- Co-op values had declined to one-half of their values in just a few years.
- Shareholders were abandoning their units and their banks defaulting.
- Cash was needed for major repairs.
- Market values increased IMMEDIATELY after the conversion by nearly 80%.
- After conversion, owners were able to sell their condos and defaults declined.
- $2 Million was raised during conversion.
What Owners Say About Their Conversion
“[They] really did save our community and after seeing the work ROA Hutton put into our conversion, residents told me the fee was not only "well worth it," but after they noted the conversion process, they stated that we never could have accomplished conversion without ROA.”
Patty Urban
President of the Board of Directors
“ Because of our contract with ROA Hutton, Geddes Lake has stabilized property values in a declining market, raised $2M of capital to replace our roofs and given our community a fresh start. I highly recommend ROA Hutton to any coop community who sees the potential to improve the value of their property by converting to condominiums.
Stephanie Palmer
Secretary of the Board of Directors
Results from the Conversion of Geddes Lake
Value as a Cooperative (40% Increase) |
$70,000 |
Add: Obligation (Conversion Fees & Closing Costs) |
$5,500 |
Total Investment |
$75,500 |
Condominium Values after Conversion |
$130,000 |
Net Increase in Wealth (Equity) |
$54,500 |
PDF of Case Study: Geddes Lake Case Study