Fiori downfall hangs over condo buyers - Business... -
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Published on: 2/4/2005
Last Visited: 10/17/2006
Ever since Gary Holland moved into his condominium in 2002, he's been living a homeowner's nightmare - his development remains unfinished and his residence has lost value.
He places blame at the feet of his builder, Dublin-based Fiori Homes Inc.He's not alone.
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"I feel very bad for Mr. Holland and I feel very bad for his neighbors."
On their own
Holland, assistant director of public safety for the city of Columbus, moved with his family into Fiori's Village at Bexley off College Avenue in September 2002.
Holland thought he bought into a promising development.Its proximity to Interstate 70, the construction quality and the fact it was developed by an established custom home builder played into his decision to buy.
Fiori Homes was the 23rd-largest home builder in Greater Columbus in 2002, reporting sales of $8.79 million, according to Business First research.The company also had participated in the Building Industry Association's Parade of Homes in 2000 and its CondoQuest show in 2003.
When Holland moved in, the 17-unit first phase was nearly complete.Two more phases were to follow, with no more than 60 condos total, Holland said.The condos were priced at $160,000 and up; Holland bought his for $196,000.
But the decision to buy proved to be what Holland said was a mistake.
"Almost immediately, we noticed a staff turnover in the office and in the construction contractors," Holland said.