The Co-op to Condo Conversion Specialists™

Pittsfield Village (The Village)

 Pittsfield Village (The Village)
Date Converted
Building Website
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Property Information

Location Ann Arbor, MI
Number of Units 422
Year Built 1950
Year Converted to Condo 2009

  1. The Co-op’s underlying (blanket) mortgage carried a high rate (almost 10%) and the financial markets made refinancing improbable.
  2. Unit values dropped so low that owners were unable to sell without having to bring cash to closing.
  3. No financing was available for purchase or refinancing of units.

  1. Under Hutton’s conversion plan, owners were able to lock in rates at 5%, reducing their monthly carrying costs by hundreds of dollars.
  2. As part of the conversion, units appraised for almost 40% more as condos. 25 units sold immediately.
  3. Hutton brought in two lenders who provided FHA & Fannie Mae loans, up to 96% loan-to-value.

What Owners Say About Their Conversion

Results from the Conversion of The Village

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: Village Case Study