Glenn View Condominiums
45-unit Los Angeles conversion
45
Total Units
Significant
Value Increase
N/A
Year Converted
CA
State
Property Details
Unit Types
N/A
Year Built
1960
Underlying Mortgage
No - Fees & Closing CostsNo Underlying Mortgage
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Property was in an excellent location in a residential area of Los Angeles, CA but suffered from low values and limited sales activity.
As a co-op, some owners were unable to refinance or secure home equity loans since unit values remained low compared to the loan amount they needed.
There was virtually no reserve fund for future replacement of common areas.
After Conversion
The Results
Immediately after conversion, units as condominiums were selling at 160% of co-op values. The increase in value was a net figure since there was no underlying mortgage to payoff.
During the conversion, every owner had the opportunity to finance up to 95% of their units CONDOMINIUM VALUE, allowing them to cash-out their newfound equity without selling their unit.
Through the conversion process, a substantial reserve fund was established for the new Condominium Association.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Property Location
Glenn View Condominiums
3030 Valle Vista Dr., Los Angeles, CA
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