Santa Clara, California
Twin Pines Condominiums
80-unit Santa Clara conversion
Explore the projectRequest your free feasibility study- Location
- Santa Clara, California
- Units
- 80
- Year converted
- 2014
The challenge
Unit values were very low compared to similar condos in the area even though the community had gone from limited-equity to market-rate co-ops years back.
As a co-op, owners had only one lender option with uncompetitive terms, limiting unit sales and refinancing options.
Some co-op units were entering foreclosure amid low values and limited financing.
The outcome
After conversion, all units in the community received unit deeds as unrestricted condos and unit sales soared immediately with prices nearly doubling.
Hutton secured Fannie Mae project approval, giving members access to a broader lender pool for refinancing and purchases.
The project record reports that unit values nearly doubled after conversion and financing availability improved.
Historical project figures
Conversion completed in 2014.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $8,000,000
- Recorded co-op value per unit
- $230,000
- Recorded condominium value per unit
- $445,000
In Santa Clara
Twin Pines Condominiums835 Pomeroy Ave. Santa Clara, CA 95051Open 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.