The Stratford House
1999
Hackensack, New Jersey
Property Information
Location | Hackensack, New Jersey |
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Number of Units | 133 |
Year Converted to Co-op | 1980 |
Year Converted to Condo | 1999 |
Before Conversion as a Co-op
Out of 133 total units, The Stratford House only sold 4 units in the 12 months prior to conversion
The Stratford House was considered ineligible for competitive bank financing.
Suffered for years from slow sales and extremely low market values as compared to comparable condos.
After Conversion as a Condo
In the first year after conversion to condos, 24 units sold with rapid market absorption at The Stratford House.
Fannie Mae approval allows buyers to purchase with a down payment as low as 3% and at the best interest rates in the market.
Monthly carrying costs for most owners have gone down significantly in some cases by over $200 per month
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $39,000 |
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Add: Obligation (Fees & Closing Costs) | $22,000 |
Total Investment | $61,000 |
Condominium Values after Conversion | $180,000 |
Net Increase in Wealth (Equity) | $119,000 |