Bella Vista Condominiums
166-unit Fort Lee conversion
166
Total Units
Significant
Value Increase
N/A
Year Converted
NJ
State
Property Details
Unit Types
N/A
Underlying Mortgage
Yes (included in conversion obligation)
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Prices for Co-op remained far lower than comparable units in the area.
Sponsor owned 2/3 of the units and would not sell because of low values.
Limited financing for Co-op made it difficult for new buyers to afford units.
Small reserves as Co-op with many repair and maintenance issues.
After Conversion
The Results
Condos now selling at nearly three times Co-op values.
With prices escalating, sponsor is selling all units instead of leasing them.
As a Condo, approved by Fannie Mae with 10,000 Lenders available offering the lowest interest rates.
Parking spaces were sold generating over $1 Million for badly needed repairs.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"How can we begin to thank you for the Miracle of converting our co-operative into a successful condominium? What we thought was impossible. We never dreamed after years of struggling to convert our co-op that your staff would make the conversion a reality. Given the complex and size of the project, everything you told the shareholders you would do you did and more. For that we are grateful."
Marilyn Badami, Board President
"Bella Vista cooperative had devalued to unbelievably low prices. The board was hesitant about the success of conversion to condominiums as the property had a majority shareholder. The Hutton Group managed successfully the details of all shareholders. Property value has more than tripled, units are selling at prices way above those initially projected. Furthermore, The Hutton Group has left Bella Vista Manor fully funded, enough for major improvements to the property. All this and in a really unexpected timeframe. The Hutton Group, the ultimate expertise in property conversion."
Mafalda Salvi, Board Vice President
Property Location
Bella Vista Condominiums
2330 Linwood Ave, Fort Lee, NJ 07024
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Could your building see similar results?
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