Royal Palms Condominiums
Long Beach, CA · 2015
The Hutton Group converts co-ops to condos.
We have converted co-ops to condominiums nationwide since 1992.
- 5,000+
- co-op units converted
- $550M+
- in value appreciation
- 100%
- of shareholder-approved conversions completed
Any shareholder may request a feasibility study.
Problems solved
One conversion answers many co-op problems.
Co-ops bring us many different problems. Here are some, and the buildings where conversion solved them.
All case studies- Fannie Mae approval brought a broader lender pool.Twin Pines Condominiums · Santa Clara, CA
Financing
- Paid off from owners’ own funds or financing.Pittsfield Village · Ann Arbor, MI
Building debt
- Right to prepay negotiated, penalties reduced.Berkley Arms · Hackensack, NJ
Unpayable mortgage
- Land purchase financed with no cash from owners.Laguna Lido · Laguna Beach, CA
Land lease
- A reserve fund for new windows and elevators.Harbor Towers · West New York, NJ
Low reserves
- The conversion opened the door to reverse mortgages.Shoreview Estates · Shoreview, MN
Locked equity
We convert co-ops to give owners more than a higher value.
- Title in your name
- Lenders willing to lend
- Yours to pass on
A condominium is real estate.
A condominium is real estate.As a co-op shareholder you own shares in a corporation and hold a proprietary lease on your unit. A share certificate and a lease today; a recorded deed after conversion. Why convert | As a co-op | As a condominium |
|---|---|---|
| A deedA unit deed, recorded in your own name | ||
| LendersMortgage secured by your unit deed | ||
| Selling and rentingSubject to governing documents and applicable law | ||
| Your equitySell or borrow against your ownership interest — subject to eligibility | ||
| Board and rulesYour board, management and rules can carry over |
A condominium is real estate.
As a co-op shareholder you own shares in a corporation and hold a proprietary lease on your unit.
A share certificate and a lease today; a recorded deed after conversion.
Why convertA deed
A unit deed, recorded in your own name
Co-opCondominiumLenders
Mortgage secured by your unit deed
Co-opCondominiumSelling and renting
Subject to governing documents and applicable law
Co-opCondominiumYour equity
Sell or borrow against your ownership interest — subject to eligibility
Co-opCondominiumBoard and rules
Your board, management and rules can carry over
Co-opCondominium
The free feasibility study tells you whether conversion makes sense for your building.
Request your free feasibility studyEvery service your conversion needs, from beginning to end.
Your household
We meet each household one-on-one about its unit’s value and financing.
Your community
We educate the shareholders and prepare the Conversion Plan they vote on.
Your building
We handle the condominium documents, the budget, approvals and financing.
Your closing
We coordinate the group closing, where the unit deeds are delivered.
What the feasibility study covers
FreeNo obligation
Sample unit appraisals
An independent appraiser values sample units as condominiums.
Governing documents
We read your co-op’s bylaws, proprietary lease and other governing documents.
Building finances
We review your building’s finances, including any mortgage on the whole building.
Monthly costs
We project what owners would pay each month as a condominium.
Our recommendation
We tell you whether conversion makes sense and how to proceed.
Three phases
We do the whole conversion in three phases, after the free feasibility study.
1Education and the vote
Every household receives its own unit analysis, and then the shareholders vote.
2Building the condominium
The condominium’s documents, approvals, budget and owners’ financing are put in place.
3Closing and deeds
Each shareholder becomes a unit owner, and their deeds are delivered.
Every conversion the shareholders approved, we completed.
Since 1992 and our first conversion, Waters Ebb
$500M+in funding arranged
Request your free feasibility studyLaguna Lido · Laguna Beach, CASelected conversions
All case studies
Terrace Towers
Miami Beach, FL · 2020
Park Hudson Condominiums
North Bergen, NJ · 2009
Each shaded rise connects two historical per-unit values, before and after conversion; it is not a measured timeline. Conversion years are shown above. These are not current appraisals or a forecast for another property.
Here is what our clients told us.
“I was very satisfied with the conversion of my co-op to a condominium.”
D. StaulterUnit OwnerPittsfield Village (The Village)Ann Arbor, MI
“Jack Boyajian and his firm were the answer to our conversion challenges as a share cooperative.”
Kim MarquardtPresident, Laguna LidoLaguna LidoLaguna Beach, CA
“How can we begin to thank you for the Miracle of converting our co-operative into a successful condominium?”
Marilyn BadamiBoard PresidentBella Vista CondominiumsFort Lee, NJ
“The positive results of the conversion are simply undeniable.”
Peter HansonBoard PresidentFrontenacHackensack, NJ
“Hutton made the conversion of our building to a condominium a reality despite the difficulties caused by the current state of the economy, changing regulations and the mortgage market.”
Sofya GolkhovayaBoard President1543 West 1st CondominiumBrooklyn, NY
“Hutton really is the SPECIALIST in converting coops to condominiums.”
Erin CopenbargerBoard SecretaryRoyal Palms CondominiumsLong Beach, CA
“Our shareholders can now enjoy higher and more stable values and we can now finance our units through FHA and Fannie Mae.”
Brian RicePresident of the Board of DirectorsPittsfield Village (The Village)Ann Arbor, MI
“… Now we have plenty of bank financing and market values have risen tremendously. …”
Dr. Lou MenendezBoard PresidentHarbor TowersWest New York, NJ
“I could not have been more satisfied with our decision to use Jack Boyajian and the Hutton Group to complete our conversion.”
Ted TuggleBoard Vice PresidentRoyal Palms CondominiumsLong Beach, CA
“Im happy to report that our conversion experience showed The Hutton Group to be professional, committed to our project, knowledgeable and fortified with the experience that only comes from having successfully converted other associations.”
Brigit RuvoloProperty ManagerBerkley ArmsHackensack, NJ
“Literally overnight, our equity has substantially increased and the number of sales we have had since our conversion surpass any sales volume since our original conversion to Co-op 20 years ago.”
Steve MuhlstockPresidentThe Stratford HouseHackensack, NJ
“Despite the obstacles we faced, Hutton worked diligently to achieve our stated goals: Convert to condominiums, increase property values, provide open financing options and reduce monthly housing costs.”
Dianne OnestiBoard PresidentThe Enclave: A Condominium CommunityFairlawn, OH
“Because of our contract with The Hutton Group, Geddes Lake has stabilized property values in a declining market, raised $2M of capital to replace our roofs and given our community a fresh start.”
Stephanie PalmerSecretary of the Board of DirectorsGeddes Lake CondominiumsAnn Arbor, MI
“Thanks for all the hard work the The Hutton Group team put into our conversion.”
M. KermaniUnit OwnerPittsfield Village (The Village)Ann Arbor, MI
“… I was surprised by how smoothly the paper work part of the process went. …”
Mickey DickensonOwner and Board MemberMarilyn ManorHackensack, NJ
“[They] really did save our community and after seeing the work The Hutton Group put into our conversion, residents told me the fee was not only well worth it, but after they noted the conversion process, they stated that we never could have accomplished conversion without The Hutton Group.”
Patty UrbanPresident of the Board of DirectorsGeddes Lake CondominiumsAnn Arbor, MI
“The Hutton Group provided that solution and we now are experiencing a minimum of double our previous sales.”
Jack BlackBoard Vice PresidentCedarbrookMorris Plains, NJ
“Prices have increased dramatically after the Conversion.”
Charles ShellPresidentWoodedge CondominiumsEdison, NJ
“Jack Boyajian performed an absolutely excellent job.”
Jose PerewozkiVice PresidentLaguna LidoLaguna Beach, CA
“To The Hutton Group 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.”
F. SnitzUnit OwnerPittsfield Village (The Village)Ann Arbor, MI
“The Hutton Group managed successfully the details of all shareholders.”
Mafalda SalviBoard Vice PresidentBella Vista CondominiumsFort Lee, NJ
Testimonials describe historical experiences. Results vary by building and market.
Start with your perspective.
See what conversion could mean for you and your building.
I’m a board member
Evaluate the proposal, your board’s role and the community’s decision.
Board member guide
For rental building owners
Rental-to-condo conversion.
We also convert rental buildings to condominiums.
Explore rental conversion38 homes
Converted to condominiums
Pacific Gardens · 2021
Your questions, answered
If your question is not answered here, please call us at 800-259-7595.
Call 800-259-7595What does conversion cost, and when do we pay?
The fee is specific to your building and disclosed before shareholders vote. Hutton’s conversion fee is paid when the unit deed is delivered. Your proposal also explains any financing and closing costs that apply to you.
How long does conversion take?
The schedule depends on your building’s documents, finances, required approvals and closing arrangements. The feasibility study helps us assess those factors and discuss a realistic timetable with your community.
Who decides whether our building converts?
Your shareholders decide through a vote. The required approval depends on your governing documents and applicable law. Before the vote, we explain the proposed plan, costs and what conversion would mean for individual owners.
What happens to my existing share loan?
Your existing loan needs to be addressed as part of the conversion. We review your balance, available financing and proposed repayment arrangements with you individually before the vote.
Can I request a feasibility study without board approval?
Yes. A shareholder or board member can make the initial request. Completing the study usually requires documents and information from your board, but requesting it does not commit your building to convert.
Will our board and building rules change?
Conversion does not necessarily mean replacing your board or starting over with your rules. Existing board members can continue, and rules can be carried into the condominium documents, subject to the requirements that apply to your building.
Your next step.
Or call us at 800-259-7595
E-mail: info@huttonfirm.com