Woodedge Condominiums
2003
Edison, New Jersey
Property Information
| Location | Edison, New Jersey |
|---|---|
| Number of Units | 81 |
| Year Converted to Co-op | 1987 |
| Year Converted to Condo | 2003 |
Before Conversion as a Co-op
Sponsor maintained nearly 15% of the units for more than 10 years.
Units were selling at very low prices with little activity.
Many owners were upside down (Owing more on share loans [mortgages] than the unit was worth as a co-op.)
Low reserve cash balances insufficient to meet major capital reserves needed to be completed.
After Conversion as a Condo
High condo prices have motivated Sponsor and Investors to sell units.
Selling quickly at prices over three (3) times co-op prices.
Owners have recouped their loses through higher sales prices and availability of Fannie Mae financing for new buyers.
Reserves enhanced through sale of complex-owned unit as a condo and new reserves in condo budget.
Results From the Converstion of 109 Lefferts
| Value as a Cooperative (40% Increase) | $20,000 |
|---|---|
| Add: Obligation (Fees & Closing Costs) | $31,500 |
| Total Investment | $51,500 |
| Condominium Values after Conversion | $120,000 |
| Net Increase in Wealth (Equity) | $68,500 |