Geddes Lake Condominium
2008
Ann Arbor, MI
Property Information
| Location | Ann Arbor, MI |
|---|---|
| Number of Units | 360 |
| Year Built | 1970 |
| Year Converted to Condo | 2008 |
Before Conversion as a Co-op
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.
After Conversion as a Condo
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.
Results From the Converstion of 109 Lefferts
| Value as a Cooperative (40% Increase) | $70,000 |
|---|---|
| Add: Obligation (Fees & Closing Costs) | $5,500 |
| Total Investment | $75,500 |
| Condominium Values after Conversion | $130,000 |
| Net Increase in Wealth (Equity) | $54,500 |