Shoreview, Minnesota
Shoreview Estates
72-unit Shoreview conversion
Explore the projectRequest your free feasibility study- Location
- Shoreview, Minnesota
- Units
- 72
- Year built
- 1973
- Year converted
- 2006
- Underlying mortgage
- Yes (With Underlying Mortgage)
The challenge
Located about 15 miles from St. Paul, MN, the co-op was home to many empty-nesters who gave little thought to the declining values of the units until they or their family members could not sell or refinance the units at any price.
Even with declining values, shareholders were asked to pay monthly fees to maintain the property and to meet payments on the underlying mortgage.
Seniors in the co-op had no opportunity to participate in reverse mortgages (not allowed for co-ops and no equity existed).
The outcome
Immediately after the conversion, unit prices nearly doubled and the property was re-introduced as a value-based condominium with great conveniences like underground parking and storage space for owners.
Although unit values nearly doubled, total monthly payments (condo fees, taxes and individual mortgage vs. co-op fees) for owners stayed the same or went down after conversion.
The conversion opened the door for reverse mortgages and created the equity to allow owners to use this option.
Historical project figures
Conversion completed in 2006.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $7,000,000
In Shoreview
Shoreview Estates4045 Hodgson Rd, Shoreview, MN 55126Open the building in Google Maps (opens a new tab)
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