Glenview Condominiums
2007
Los Angeles, California
Property Information
Location | Los Angeles, California |
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Number of Units | 45 |
Year Built | 1960 |
2007 |
Before Conversion as a Co-op
Property was in an excellent location in a residential area of Los Angeles, CA but suffered from low values and limited sales activity.
As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
There was virtually no reserve fund for future replacement of common areas.
After Conversion as a Condo
Immediately after the conversion was approved, units at the co-op sold for much more than previous asking prices and in a shorter time period. Values after conversion were even higher.
ROA Hutton and its Primary Lender arranged for Fannie Mae approval which provided competitive rates and terms for the conversion and beyond.
ROA Hutton helped to adopt modern condo governing documents which improved enforceability & the quality of life.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $140,000 |
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Add: Obligation (Fees & Closing Costs) | $6,500 |
Total Investment | $146,500 |
Condominium Values after Conversion | $220,000 |
Net Increase in Wealth (Equity) | $74,000 |