Case Study

808 Laurel Condominiums

36-unit San Mateo conversion

Property location

808 Laurel Ave, San Mateo, CA 94401

Total Units

State

The transformation

From constraints to outcomes

Each project began with a specific set of financing, legal, or market challenges and moved through a different path to a successful outcome.

Before conversion

The constraints

The Co-op was searching for a way to convert to condominium for some time but was hindered by municipal and state objections and legal issues.

While prices for condos were rising rapidly in the hot tech market, co-op unit values in the building remained severely depressed.

As a co-op, financing options were limited to a few banks willing to finance co-ops.

After conversion

The documented outcomes

Hutton addressed all issues and converted all units to condos without any need to change common elements (i.e. parking, access, etc.) and obtained state BRE approval (public report).

After conversion, unit values immediately increased by as much as 70% to 100%. Units were on the market for a very short time before being sold above asking.

The completed condominium obtained Fannie Mae project approval, expanding the financing channels available to new and existing owners.

Project record