The Gardens at Addison
1-103 Bella Vita Way.,
Ormond Beach, FL 32174
- YEAR BUILT …2007
- STOREYS …2
- VIEWS …City
- PETS …Yes
- PARKING …1-car garage
- POOL …Community
- LAUNDRY…In unit
- SOCIAL ROOM…Yes
- GYM…
- OTHER AMENITIES…
- RENTALS…1 year minimum
The Gardens at Addison are located in mainland Ormond Beach, close to I-95. It is a 15-20- minute drive to the Beach. Out of planned 72 condo units, only 12 have been built by Fretwell Homes.
These condos come in blocks of 6 units, with units built on 23′-wide lots, townhome-style 2-level 2-and 3-bedroom units with 1-car garage. Amenities include a clubhouse and community pool.
Today only 2 blocks of 6 units are completed. Remaining land for 60 units in The Gardens at Addison is currently for sale.
County record shows that only 4 unit out of 12 completed condos were sold. The rest are owned by the Developer/Builder.
My understanding is that Developer built them at the worst possible time on the market, when values were going down, and this is why the Developer could not sell the units, and had to carry a big mortgage, and ended u in this unfortunate situation, where carrying charges accumulated in 10 years can’t be satisfied at prices, that would be realistic on the market today.
But this is my guess, nothing more.