The Co-op to Condo Conversion Specialists™
Pittsfield Village (The Village)
- Client
- Pittsfield Village (The Village)
- Date Converted
- 2009
- Location
- Michigan
- Building Website
- Visit online
Property Information
| Location | Ann Arbor, MI |
| Number of Units | 422 |
| Year Built | 1950 |
| Year Converted to Condo | 2009 |
Before Conversion
As a Co-op
After Conversion
As a Condo
- The Co-op’s underlying (blanket) mortgage carried a high rate (almost 10%) and the financial markets made refinancing improbable.
- Unit values dropped so low that owners were unable to sell without having to bring cash to closing.
- No financing was available for purchase or refinancing of units.
- Under Hutton’s conversion plan, owners were able to lock in rates at 5%, reducing their monthly carrying costs by hundreds of dollars.
- As part of the conversion, units appraised for almost 40% more as condos. 25 units sold immediately.
- Hutton brought in two lenders who provided FHA & Fannie Mae loans, up to 96% loan-to-value.
What Owners Say About Their Conversion
“To the Hutton staff: You and your colleagues working down in the trenches are owed acknowledgement, & recognition for the tenacity in getting through, over, and around multiple adversities on the way to the end. We thank you and your work mates”
F. Snitz
Unit Owner
“Our shareholders can now enjoy higher and more stable values and we can now finance our units through FHA and Fannie Mae. As a cooperative, we had no financing for our units, making it very difficult for anyone to buy into our unique community.”
Brian Rice
President of the Board of Directors
"Thanks for all the hard work the Hutton team put into our conversion."
M. Kermani
Unit Owner
Results from the Conversion of The Village
Value as a Cooperative (40% Increase) |
$52,000 |
Add: Obligation (Conversion Fees & Closing Costs) |
$4,500 |
Total Investment |
$56,500 |
Condominium Values after Conversion |
$73,000 |
Net Increase in Wealth (Equity) |
$16,500 |
PDF of Case Study: Village Case Study