808 Laurel Condominiums
36-unit San Mateo conversion
36
Total Units
Significant
Value Increase
N/A
Year Converted
CA
State
Property Details
Unit Types
N/A
The Transformation
From Challenges to Success
Before Conversion
The Challenges
The Co-op was searching for a way to convert to condominium for some time but was hindered by municipal and state objections and legal issues.
While prices for condos were rising rapidly in the hot tech market, co-op unit values in the building remained severely depressed.
As a co-op, financing options were limited to a few banks willing to finance co-ops.
After Conversion
The Results
Hutton addressed all issues and converted all units to condos without any need to change common elements (i.e. parking, access, etc.) and obtained state BRE approval (public report).
After conversion, unit values immediately increased by as much as 70% to 100%. Units were on the market for a very short time before being sold above asking.
The new condo is Fannie Mae approved so new and existing owners can get the best terms from virtually any lender.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Property Location
808 Laurel Condominiums
808 Laurel Ave, San Mateo, CA 94401
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