This is a freshly cleaned & painted unit. It is a ground level, end unit, two bedroom, two bath condo in attractively landscaped Spring Garden Court. This friendly 29 unit gated complex is on a quiet, private street in the heart of the Daytona Beach area. Great location between Daytona Beach and Ormond Beach. The unit features all ceramic tile floors through out for easy maintenance. Also features concrete construction (floor, exterior walls, and ceiling) for lasting strength. New equipment includes toilet, ceiling fan, bathroom faucets, bathroom light fixture, kitchen light fixture. Available for immediate occupancy. The very nominal monthly association fee of $167 includes all exterior maintenance of buildings and grounds (including roof), landscaping/ lawn service, exterior cleaning and painting, exterior security lighting, building insurance, trash/garbage pickup. Zillow estimates rental potential at $1000 per month. History: This condo complex was built in about 1990 and this unit sold for $130,000 by 2006. Other similar units in the complex sold in the same price range. In 2007, a real estate depression began in the area and prices started dropping. By 2013, many owners owed far more than the value of their unit so they stopped making mortgage payments and monthly condo fee payments. That resulted in foreclosures with the banks also failing to make the monthly association payments, so the entire complex fell into disrepair with a large amount of delinquent dues owed. Slowly, the situation has turned around with all units now paying the monthly condo fees and all current owners enjoying rebounding prices. Much credit goes to the aggressive action of the president of the board of directors who has taken legal action to collect delinquent dues and who has overseen a large effort to improve the condition and landscaping of the complex. Today, the complex is financially healthy and is an attractive place to live. The large property next door to the East is actively being built up with new $200,000 townhouse units. The fact that this large amount of previously cleared, empty land is now being rapidly developed will have a positive effect on prices in the Spring Garden community which currently has much lower prices. There is little doubt that the smart thing for an owner of a unit in Spring Garden Court to do is to keep it because prices will continue to rebound at a rate faster than inflation because of much improved market conditions. If my unit does not sell quickly, I plan to lease it for a period of time expecting to sell later for much more than my current asking price. Will offer seller financing only for full price offer: Terms are $20,000 down payment, 6% APR for 5 years, interest only payments of $273, Balloon payment of $54,500 due at end of 5 years. Consider the following: Your total monthly cost will be ($273 mortgage + $167 condo fee + $90 taxes + $20 insurance on interior = $550). If you rented a similar unit in this complex it would be about $850, thus you are saving $300 a month by not paying market rent and you own the place. In five years you will have saved $18,000 on the cost of renting at market level. Thus you have almost recovered your $20,000 down payment. At that point you owe $54,500 but the market value has likely gone up $22,000 to $30,000 in those five years so getting financing to pay the $54,500 or selling for a nice profit should both be very likely possibilities. Call Bill at 386-672-3299 for private showing.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
