The Stratford House
133-unit Hackensack conversion
133
Total Units
Significant
Value Increase
N/A
Year Converted
NJ
State
Property Details
Unit Types
N/A
Underlying Mortgage
Yes (Including underlying mortgage, fees & costs)
The Transformation
From Challenges to Success
Before Conversion
The Challenges
Out of 133 total units, The Stratford House only sold 4 units in the 12 months prior to conversion
The Stratford House was considered ineligible for competitive bank financing
Suffered for years from slow sales and extremely low market values as compared to comparable condos.
After Conversion
The Results
In the first year after conversion to condos, 24 units sold with rapid market absorption at The Stratford House.
Fannie Mae approval allows buyers to purchase with a downpayment as low as 3% and at the best interest rates in the market.
Monthly carrying costs for most owners have gone down significantly in some cases by over $200 per month
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"Financing was always difficult to obtain as a Cooperative. Banks were unwilling to lend money based upon their past unfavorable experiences with Co-ops."
Peter Vallas, Unit Owner
"Literally overnight, our equity has substantially increased and the number of sales we have had since our conversion surpass any sales volume since our original conversion to Co-op 20 years ago."
Steve Muhlstock, President
Property Location
The Stratford House
150 Overlook Ave, Hackensack, NJ 07601
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Could your building see similar results?
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