Condo conversions are made easy with local expert Michelle Mumoli
Homeowners and investors across Hudson County are responding to buyer demands and capturing value in the process by converting multi-family homes into condominiums. The conversion process, which is increasingly common in Jersey City and Union City, splits larger rental properties, typically two or three families, into individual condo units which are then updated and sold individually to owners.
The process has its benefits, including reducing the development of new construction in the area, maintaining the existing character of the neighborhood, and most importantly, updated, code-compliant homes that meet today’s safety standards.
With real estate prices rising over the previous decade, these condominium conversions increase home ownership by taking a larger building, which would be owned primarily by investors because of size and price, and puts the units in the hands of the owners.
In the past year and a half, a three-family home at 113 38th Street in Union City has gone through the conversion process. The existing three-family house was subdivided into three condominium units which were then completely renovated, brought up to standard and put up for sale.
Navigating the conversion process can be intimidating. In addition to the various local, state, and federal rules, there are also many specialists to deal with, including lawyers, city agencies, surveyors, contractors, and more.
For the uninitiated, having an expert to walk you through the process is invaluable. That’s why the owners of a three-family home at 113 38th Street in Union City turned to Compass’s Michelle Mumoli when they decided to convert their property.
Originally from Newark and the daughter of immigrant parents, Michelle offers her clients more than just transactional assistance, she has a vast network of lawyers who are well versed in condo conversions and proven contractors / builders. in Hudson County.
The Union City project took 18 months from start to finish. Michelle worked with clients advising on layouts, designs and finishes early on, then pre-marketing the homes and eventually settling transactions. Construction and renovations were handled by VCM Group of Kenilworth, NJ.
âConsultations start with working with architects and designers and then turn into impactful upcoming marketing that helps projects generate interest and propel them to the fence line with utmost care, as well. that ethical transparency and, of course, honest advice throughout the process, âMichelle told Jersey Digs.
Michelle got her start in real estate at a young age when her parents realized their American dream of owning real estate, especially owning multi-family buildings that she helped manage.
“It is from my parents’ experience in their real estate investments that I am able to identify a good real estate find when I see one and I am not afraid to share it,” said Michelle. A proud graduate of the University of New Jersey City, Michelle has made Jersey City her home for the past 17 years and introduced buyers and investors in Jersey City, Newark and beyond long before they became points. hot.
Two of the converted units at 113 38th Street were sold by Michelle, one at 10% more than requested. The remaining home, listed for $ 319,000, is fully renovated, spans 857 square feet, and includes two bedrooms and one bathroom.
Kitchen finishes include white shaker cabinets paired with calacatta quartz countertops and stainless steel appliances. An open floor plan and large windows create a light and airy living space. LVT flooring runs through the entire house. The house also benefits from access to the calm and common courtyard. For more details, visit the list here.
Michelle Mumoli is a Certified Broker / Salesperson at Compass, NJAR Circle of Excellence winner from 2016 to present, and has achieved a turnover of $ 300 million during her eight-year career.
For more information on the condominium conversion process, contact Michelle at 917-268-8916. You can also visit him on Instagram at @michellemumolirealtor and on his website michellemumolirealestate.com.