San Tomas Estates
96-unit San Jose conversion
96
Total Units
Significant
Value Increase
N/A
Year Converted
CA
State
Property Details
Unit Types
N/A
Year Built
1971
Underlying Mortgage
No - Fees & Closing Cost, No Underlying Mortgage
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Located in the suburbs of San Jose, CA, this co-op had a sister complex that was a condominium wherein units were selling for $100,000 more than the co-op units next door.
There were only two (2) lenders that were willing to offer share loans to buyers or existing shareholders wanting to refinance. There was virtually no choice as to terms, rates or costs.
The co-ops aged governing documents was not as effective in the enforcement of house rules as the members would like.
After Conversion
The Results
Immediately after the conversion was approved, units at the co-op sold for much more than previous asking prices and in a shorter time period. Values after conversion were even higher.
The Hutton Group and its Primary Lender arranged for Fannie Mae approval which provided competitive rates and terms for the conversion and beyond.
The Hutton Group helped to adopt modern condo governing documents which improved enforceability & the quality of life.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Property Location
San Tomas Estates
1335 Phelps Ave, San Jose, CA 95117
More Success Stories
Related Case Studies
Could your building see similar results?
Every co-op is different, but the fundamentals of conversion value are consistent. Get a complimentary feasibility study to understand your building's potential.