Woodedge Condominiums
81-unit Edison conversion
81
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
Sponsor maintained nearly 15% of the units for more than 10 years.
Units were selling at very low prices with little activity.
Many owners were upside down (Owing more on share loans [mortgages] than the unit was worth as a co-op.)
Low reserve cash balances insufficient to meet major capital reserves needed to be completed.
After Conversion
The Results
High condo prices have motivated Sponsor and Investors to sell units.
Selling quickly at prices over three (3) times co-op prices.
Owners have recouped their loses through higher sales prices and availability of Fannie Mae financing for new buyers.
Reserves enhanced through sale of complex-owned unit as a condo and new reserves in condo budget.
Financial Impact
Financial Impact
Results shown are from a representative unit. Individual results vary by unit size and condition.
Community Voices
What Residents Say
"Prices have increased dramatically after the Conversion. Two Bedroom co-ops that once sold for $40K are now selling for $150K. A one bedroom co-op sold at $19K just before the conversion now as Condos they are selling in the $100K range. Thanks The Hutton Group for making this happen."
Charles Shell, President
"The Hutton Group are true experts in their field. No one else would have been able to manage the difficulties we faced in the conversion. The Hutton Group saved my investment from shear disaster and turned it into a goldmine. I simply can not say enough about the positive impact the conversion to condominium has made in our community."
Alan Antatki, Shareholder
Property Location
Woodedge Condominiums
28 Woodedge Ave, Edison, NJ 08817
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Could your building see similar results?
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