Bella Vista Condominiums
2003
Fort Lee, New Jersey
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
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.
After Conversion as a Condo
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.
Results From the Converstion of 109 Lefferts
| Value as a Cooperative (40% Increase) | $60,000 |
|---|---|
| Add: Obligation (Fees & Closing Costs) | $35,000 |
| Total Investment | $95,000 |
| Condominium Values after Conversion | $180,000 |
| Net Increase in Wealth (Equity) | $85,000 |