Los Angeles, California
Glenview Condominiums
45-unit Los Angeles conversion
Explore the projectRequest your free feasibility study- Location
- Los Angeles, California
- Units
- 45
- Year built
- 1960
- Year converted
- 2007
- Underlying mortgage
- No underlying mortgage; fees and closing costs only
The challenge
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.
The outcome
The project record reports that units sold at 160% of their former co-op values after conversion. There was no underlying mortgage to repay.
At the time of this conversion, owners had access to financing of up to 95% of condominium value, subject to the loan program and individual qualification.
Through the conversion process, a substantial reserve fund was established for the new Condominium Association.
Historical project figures
Conversion completed in 2007.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $4,000,000
- Recorded co-op value per unit
- $140,000
- Recorded condominium value per unit
- $220,000
In Los Angeles
Glenview Condominiums3030 Valle Vista Dr., Los Angeles, CAOpen the building in Google Maps (opens a new tab)
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