The Co-op to Condo Conversion Specialists™

Mountain Club Condos

 Mountain Club Condos
Date Converted
New Jersey
Building Website
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Property Information

Location Parsippany, New Jersey
Number of Units 702
Year Built 1968
Year Converted to Condo 2005

  1. A large complex (702 Units) converted from rentals in 1988, the co-op units never recovered in sales prices from the decline in the early 1990’s. Owners were forced to rent due to low resale values, making the community more tenant-concentrated than was desired.
  2. As a co-op, owners were limited in their options to refinance or get home equity loans since unit values remained low compared to the loan amount they needed.
  3. There was significant deferred maintenance in the complex and virtually no reserves to fund the necessary work.

  1. After conversion, unit values doubled and market absorption significantly improved. Investor owners were able to sell their units to owner-occupants at higher prices thereby increasing the owner occupancy levels in the community.
  2. As part of the conversion, ROA Hutton secured Fannie Mae & FHA approval which provided the best available mortgage terms for years to come.
  3. Almost $2.5 Million was raised through the conversion, allowing owners to borrow their share in conversion loans.

Results from the Conversion of Mountain Club

Value as a Cooperative


Add: Obligation (Underlying Mortgage, Fees & Closing Cost)


Total Investment


Condominium Values after Conversion


Net Increase in Wealth (Equity)


PDF of Case Study: Mountain Club Case Study