Woodedge Condominiums

“[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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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