Morris Plains, New Jersey
Cedarbrook
193-unit Morris Plains conversion
Explore the projectRequest your free feasibility study- Location
- Morris Plains, New Jersey
- Units
- 193
- Year converted
- 2000
- Underlying mortgage
- Yes (included in conversion obligation)
The challenge
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.
The outcome
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.
Historical project figures
Conversion completed in 2000.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $750,000
From the community
“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.”
“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!”
In Morris Plains
Cedarbrook2350 NJ-10, Morris Plains, NJ 07950Open the building in Google Maps (opens a new tab)
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