The Co-op to Condo Conversion Specialists™
808 Laurel
- Client
- 808 Laurel
- Date Converted
- 2015
- Location
- California
Property Information
| Location | San Mateo, CA |
| Number of Units | 36 |
| Year Converted to Condo | 2015 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- The Co-op was searching for a way to convert to condominium for some time but was hindered by municipal and state objections and legal issues.
- While prices for condos were rising rapidly in the hot tech market, co-op unit values in the building remained severely depressed.
- As a co-op, financing options were limited to a few banks willing to finance co-ops.
- Hutton addressed all issues and converted all units to condos without any need to change common elements (i.e. parking, access, etc.) and obtained state BRE approval (public report).
- After conversion, unit values immediately increased by as much as 70% to 100%. Units were on the market for a very short time before being sold above asking.
- The new condo is Fannie Mae approved so new and existing owners can get the best terms from virtually any lender.
Results from the Conversion of Glenview Condos
Value as a Cooperative |
$370,000 |
Condominium Values after Conversion |
$680,000 |
Net Increase in Wealth (Equity) |
$310,000 |
PDF of Case Study: 808 Laurel Case Study