Cedarbrook Condominiums
2005
Hackensack, New Jersey
Property Information
Location | Hackensack, New Jersey |
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Number of Units | 75 |
The Frontenac Condominiums | 1988 |
Year Converted to Condo | 2005 |
Before Conversion as a Co-op
Units were extremely undervalued, selling at a third of comparable condominiums in the area.
The building desperately needed new windows and updated hallways but lacked the funds.
As a co-op, few lenders were willing to provide financing to new buyers at competitive terms.
After Conversion as a Condo
Immediately after conversion, units were selling at 3 to 4 times the price as a condo compared to a co-op.
Hutton raised $750,000 for new windows and hallway renovations through the conversion.
Hutton obtained Fannie Mae approval which opened the door to thousand’s of condo lenders.
Results From the Converstion of 109 Lefferts
Value as a Cooperative (40% Increase) | $60,000 |
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Add: Obligation (Fees & Closing Costs) | $41,000 |
Total Investment | $101,000 |
Condominium Values after Conversion | $249,000 |
Net Increase in Wealth (Equity) | $148,000 |