Laguna Beach, California
Laguna Lido
48-unit Laguna Beach conversion
Explore the projectRequest your free feasibility study- Location
- Laguna Beach, California
- Units
- 48
- Year converted
- 2002
- Underlying mortgage
- Including land purchase cost, fees & costs
The challenge
Co-op was on leased land with no reasonable means of financing a land purchase.
Unit values as co-ops were stagnant without the same price appreciation as similar condos.
Owners were reluctant to renovate their property since it was on leased land with limited market value.
The outcome
Land purchase fully financed through the conversion with NO CASH required from the owners.
Values doubled immediately after the conversion and have since been appreciating very rapidly.
The conversion provided over $500,000 for immediate renovation of common areas and unit owners in turn have remodeled their own condo units.
From the community
“Jack Boyajian and his firm were the answer to our conversion challenges as a share cooperative. For many years, we had tried to complete a conversion to condominiums with no success. Jacks intelligence, extensive knowledge and experience in the legal and financial aspects of the transaction were the key to us accomplishing our goal. We are now a Fannie Mae-approved condominium project, and are already enjoying significant increases in our property values.”
“The complexity of our deal was unparalleled. Jack Boyajian performed an absolutely excellent job. He covered, with great success, our financial needs, our legal problems with some dissenters, and led us to a painless conversion. I would highly recommend him because he exceeded our expectations in every single aspect. He is a very bright workaholic.”
In Laguna Beach
Laguna Lido31755 Coast Hwy, Laguna Beach, CA 92651Open the building in Google Maps (opens a new tab)
What would conversion mean for your building?
A free feasibility study starts with your building’s numbers and the questions your community needs to answer.