Shoreview 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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Shoreview Estates

2006

Shoreview, MN

Property Information

Location Shoreview, MN
Number of Units 72
Year Built 1973
Year Converted to Condo 2006

Before Conversion as a Co-op

Located about 15 miles from St. Paul, MN, the co-op was home to many empty-nesters who gave little thought to the declining values of the units until they or their family members could not sell or refinance the units at any price.
Even with declining values, shareholders were asked to pay monthly fees to maintain the property and to meet payments on the underlying mortgage.
Seniors in the co-op had no opportunity to participate in reverse mortgages (not allowed for co-ops and no equity existed).
After Conversion as a Condo
Immediately after the conversion, unit prices nearly doubled and the property was re-introduced as a value-based condominium with great conveniences like underground parking and storage space for owners.
Although unit values nearly doubled, total monthly payments (condo fees, taxes and individual mortgage vs. co-op fees) for owners stayed the same or went down after conversion.
The conversion opened the door for reverse mortgages and created the equity to allow owners to use this option.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) $58,000
Add: Obligation (Fees & Closing Costs) $6,000
Total Investment $64,00
Condominium Values after Conversion $110,000
Net Increase in Wealth (Equity) $46,000