Laguna Lido
2002
Laguna Beach, CA
Property Information
Location | Laguna Beach, CA |
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Number of Units | 48 |
1978 | |
2002 |
Before Conversion as a Co-op
Co-op was on leased land with no reasonable means of financing a land purchase.
Unit values were stagnant without the same price appreciation as similar condos.
Owners were reluctant to renovate their property since it was on leased land with limited market value.
After Conversion as a Condo
Land purchase fully financed through the conversion with NO CASH required from the owners.
Values doubled immediately after the conversion and have since been appreciating very rapidly.
The conversion provided over $500,000 for immediate renovation of common areas and unit owners in turn have remodeled their own condo units.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $450,000 |
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Add: Obligation (Fees & Closing Costs) | $300,000 |
Total Investment | $750,000 |
Condominium Values after Conversion | $1,250,000 |
Net Increase in Wealth (Equity) | $500,000 |