The Enclave: A Condominium Community
104-unit Fairlawn conversion
104
Total Units
Significant
Value Increase
N/A
Year Converted
OH
State
Property Details
Unit Types
N/A
Underlying Mortgage
Yes - large and expensive underlying mortgage with HUD
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Owners who wanted to sell were unable to do so because of the cooperative form of ownership and the related monthly fees.
As a Co-op, owners could not refinance and take advantage of historically low interest rates since no lender was willing to finance Co-op shares.
The Co-op was bleeding from negative cash flow due to defaulting members not paying their fees.
After Conversion
The Results
As part of the conversion, units were sold at top prices. Monthly common charges were reduced to levels of comparable condo units in the market.
Through conversion, Hutton was able to secure Fannie Mae approval and shareholders were able to finance their conversion with low interest rates that reduced their monthly costs.
Units are selling well as condominiums, thereby improving cash flow and monthly fee collections.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"Despite the obstacles we faced, Hutton worked diligently to achieve our stated goals: Convert to condominiums, increase property values, provide open financing options and reduce monthly housing costs. They worked with each owner to address individual circumstances and they eventually got enough of our members the financing they needed to become condominium owners. They did everything they said they would do and then some."
Dianne Onesti, Board President
"We were struggling with no market for our units and a very large and expensive underlying mortgage with HUD. Hutton helped to convert our units to condos with Fannie Mae financing and now are units are finally marketable. If it wasnt for Huttons tenacity and persistence, we would not have achieved our conversion plan. Even when it seemed impossible, Jack Boyajian and the Hutton team kept on fighting for us."
Jackie Hughes, Board Treasurer
Property Location
The Enclave: A Condominium Community
3800 Rosemont Blvd, Fairlawn, Ohio
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Could your building see similar results?
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