Cedar Brook
2000
Parisippany-Troy, New Jersey
Property Information
Location | Parisippany-Troy, New Jersey |
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Number of Units | 193 |
Year Converted to Co-op | 1985 |
Year Converted to Condo | 2000 |
Before Conversion as a Co-op
Suffered for years from slow sales and extremely low market values, never reaching late 1980’s values as co-op units.
Was considered ineligible for competitive bank financing and being hostage to only a few expensive lenders.
High investor concentration with shareholders having limited exit strategies.
After Conversion as a Condo
Units that were selling for $55,000 as co-ops are now selling for over $180,000 as Condos, providing original owners with recovery and expansion of their investments.
ROA Hutton arranged Fannie Mae approval allowing buyers to purchase or refinance at the lowest rates available and with down payments as low as 3%.
Higher condo values allowed owners to sell to owner occupants creating a stronger sense of community.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $31,500 |
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Add: Obligation (Fees & Closing Costs) | $31,000 |
Total Investment | $62,500 |
Condominium Values after Conversion | $148,900 |
Net Increase in Wealth (Equity) | $85,500 |