CASE STUDY MOUNTAIN CLUB CONDOS PARSIPPANY, NEW JERSEY Property Information Location 2467 Route 10 Parsippany, NJ Number of units 702 Converted to Condo 2005 Year Built 1968 As a Co-op As a Condo A large complex (702 Units) converted from rentals in 1988, the co-op units never recovered in sales prices from the decline in the early 1990’s. Owners were forced to rent due to low resale values, making the community more tenant-concentrated than was desired. After conversion, unit values doubled and market absorption significantly improved. Investor owners were able to sell their units to owner-occupants at higher prices thereby increasing the owner occupancy levels in the community. As a co-op, owners were limited in their options to refinance or get home equ

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