Cedarbrook
193-unit Morris Plains conversion
193
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
Suffered for years from slow sales and extremely low market values, never reaching late 1980s values as co-op units.
Was considered ineligible for competitive bank financing and being hostage to only a few expensive lenders.
High investor concentration with shareholders having limited exit strategies.
After Conversion
The Results
Units that were selling for $55,000 as co-ops are now selling for over $180,000 as Condos, providing original owners with recovery and expansion of their investments.
The Hutton Group arranged Fannie Mae approval allowing buyers to purchase or refinance at the lowest rates available and with downpayments as low as 3%.
Higher condo values allowed owners to sell to owner-occupants creating a stronger sense of community.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"I for one was skeptical of the entire process of converting from Co-op to Condo, questioning and mostly fighting against every detailespecially the costs involved to shareholders who already were stretched to the very limit. However, Ill be the first to say that converting to Condo was a huge success and entirely beneficial to our owners. Weve seen selling prices go up beyond The Hutton Group's estimates, units have been selling quickly, and there seems to be a demand for units in our complex."
Kim Costa, Board President
"We were in a never-ending spiral of few sales and low prices. Shareholders could not afford to sell their shares and the only recourse was renting. This resulted in individuals living in our units who did not have the same concern for our community. This lack of concern caused additional problems, which had a negative impact on the few sales that did occur. We needed an exit strategy that would increase values and sales. The Hutton Group provided that solution and we now are experiencing a minimum of double our previous sales. Five star rating to The Hutton Group!"
Jack Black, Board Vice President
Property Location
Cedarbrook
2350 NJ-10, Morris Plains, NJ 07950
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