The Co-op to Condo Conversion Specialists™
Stratford House
- Client
- The Stratford House
- Date Converted
- 1999
- Location
- New Jersey
Property Information
| Location | Hackensack, New Jersey |
| Number of Units | 133 |
| Year Converted to Co-op | 1980 |
| Year Converted to Condo | 1999 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- Out of 133 total units, The Stratford House only sold 4 units in the 12 months prior to conversion
- The Stratford House was considered ineligible for competitive bank financing.
- Suffered for years from slow sales and extremely low market values as compared to comparable condos.
- In the first year after conversion to condos, 24 units sold with rapid market absorption at The Stratford House.
- Fannie Mae approval allows buyers to purchase with a down payment as low as 3% and at the best interest rates in the market.
- Monthly carrying costs for most owners have gone down significantly in some cases by over $200 per month
What Owners Say About Their Conversion
“Financing was always difficult to obtain as a Cooperative. Banks were unwilling to lend money based upon their past unfavorable experiences with Co-ops.”
Peter Vallas
Unit Owner
“Literally overnight, our equity has substantially increased and the number of sales we have had since our conversion surpass any sales volume since our original conversion to Co-op 20 years ago.”
Steve Muhlstock
Board President
Results from the Conversion of Stratford House
Value as a Cooperative |
$39,000 |
Add: Conversion Obligation(including underlying mortgage, fees & costs) |
$22,000 |
Total Investment |
$61,000 |
Condominium Values after Conversion |
$180,000 |
Net Increase in Wealth (Equity) |
$119,000 |
PDF of Case Study: Startford House Case Study