San Tomas Estates

“[They] really did save our community…we never could have accomplished conversion without Hutton […]"

Patty Urban

Geddes Lake (422 units)
Ann Arbor, MI
“The Hutton Group are true experts in their field…[They] saved my investment from sheer disaster and turned it into a goldmine […]"

Alan Antaki

Woodedge (81 units)
Edison, NJ
“[The Hutton Group] covered, with great success, our financial needs, our legal problems with some dissenters, and led us to a painless conversion […]"

Jose Perewozki

Laguna Lido (48 units)
Laguna Beach, CA
"We wanted to own our units with individual deeds and knew Hutton were the experts...they addressed every issue with detailed precision."

Roman Rozenberg

1543 W 1st St
Brooklyn, NY
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San Tomas Estates

2007

San Jose, CA

Property Information

Location San Jose, CA
Number of Units 96
Year Built 1971
Year Converted to Condo 2007

Before Conversion as a Co-op

Located in the suburbs of San Jose, CA, this co-op had a sister complex that was a condominium wherein units were selling for $100,000 more than the co-op units next door.
There were only two (2) lenders that were willing to offer share loans to buyers or existing shareholders wanting to refinance. There was virtually no choice as to terms, rates or costs.
The co-op’s aged governing documents was not as effective in the enforcement of house rules as the members would like.
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) $335,000
Add: Obligation (Fees & Closing Costs) $4,300
Total Investment $339,300
Condominium Values after Conversion $435,000
Net Increase in Wealth (Equity) $95,700