The Co-op to Condo Conversion Specialists™

Shoreview Estates

 Shoreview Estates
Date Converted

Property Information

Location Shoreview, MN
Number of Units 72
Year Built 1973
Year Converted to Condo 2006

  1. Located about 15 miles from St. Paul, MN, the co-op was home to many empty-nesters who gave little thought to the declining values of the units until they or their family members could not sell or refinance the units at any price.
  2. Even with declining values, shareholders were asked to pay monthly fees to maintain the property and to meet payments on the underlying mortgage.
  3. Seniors in the co-op had no opportunity to participate in reverse mortgages (not allowed for co-ops and no equity existed).

  1. Immediately after the conversion, unit prices nearly doubled and the property was re-introduced as a value-based condominium with great conveniences like underground parking and storage space for owners.
  2. Although unit values nearly doubled, total monthly payments (condo fees, taxes and individual mortgage vs. co-op fees) for owners stayed the same or went down after conversion.
  3. The conversion opened the door for reverse mortgages and created the equity to allow owners to use this option.

Results from the Conversion of Shoreview

Value as a Cooperative (40% Increase)


Add: Obligation (Conversion Fees & Closing Costs)


Total Investment


Condominium Values after Conversion


Net Increase in Wealth (Equity)


PDF of Case Study: Shoreview Case Study