The Co-op to Condo Conversion Specialists™

San Tomas Estates

 San Tomas Estates
Date Converted
Building Website
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Property Information

Location San Jose, CA
Number of Units 96
Year Built 1971
Year Converted to Condo 2007

  1. Located in the suburbs of San Jose, CA, this co-op had a sister complex that was a condominium wherein units were selling for $100,000 more than the co-op units next door.
  2. There were only two (2) lenders that were willing to offer share loans to buyers or existing shareholders wanting to refinance. There was virtually no choice as to terms, rates or costs.
  3. The co-op’s aged governing documents was not as effective in the enforcement of house rules as the members would like.

  1. Immediately after the conversion was approved, units at the co-op sold for much more than previous asking prices and in a shorter time period. Values after conversion were even higher.
  2. ROA Hutton and its Primary Lender arranged for Fannie Mae approval which provided competitive rates and terms for the conversion and beyond.
  3. ROA Hutton helped to adopt modern condo governing documents which improved enforceability & the quality of life.

Results from the Conversion of San Tomas

Value as a Cooperative


Add: Obligation (Fees & Closing Cost, No Underlying Mortgage)


Total Investment


Condominium Values after Conversion


Net Increase in Wealth (Equity)


PDF of Case Study: San Tomas Case Study