Royal Palms
2015
Los Angeles, California
Property Information
Location | Los Angeles, California |
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Number of Units | 162 |
Year Converted to Condo | 2015 |
Before Conversion as a Co-op
The community had been attempting to convert to a condominium for six (6) years with another consultant that had collected fees without providing the services needed to complete the conversion to condos.
Unit values as co-ops were low compared to similar condos in the neighborhood. Prices did not recover enough to return to pre-recession levels.
There were only a few lenders that were willing to provide loans for co-op units .
After Conversion as a Condo
Hutton restructured the conversion plan, had all new governing documents drafted and approved by the membership and delivered condo unit deeds in less than 8 months from contract date.
After conversion, unit values as condominiums increased substantially over co-op selling prices a few months before. Owners are selling units to occupants instead of being forced to rent.
Hutton obtained Fannie Mae project approval which provides all units with unlimited lenders offer the best rates and terms.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $225,000 |
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Add: Obligation (Fees & Closing Costs) | |
Total Investment | |
Condominium Values after Conversion | $330,000 |
Net Increase in Wealth (Equity) | $105,000 |