I believe that both of these complexes are Apartment to Condo Conversions that were created during the peak of the housing market several years ago. As such, anyone who purchased during this time frame is most likely in a negative equity situation which may lead homeowners on the path to foreclosure. Banks selling foreclosed homes have been largely requiring that outstanding HOA fees be paid for by Buyers so you will want to confirm the amount of these fees prior to close of escrow to avoid any surprises.
The conversions from rental to purchase units historically involved improvements such as new carpeting, tile, granite countertops, upgraded cabinets and appliances. Because structural changes were not often made, these complexes still have the look and feel of apartment complexes to include smaller square footage, no garages and common neighboring walls. These factors can and will likely negatively impact your re-sale options. If you are committed to purchasing a condo unit, I would recommend a complex that was originally built as such. There are three options in the Ahwatukee/Foothills/Club West area I would recommend you look into:
1) Vantage Ahwatukee Foothills Condominiums, 15550 S. 5th Avenue, Phoenix, AZ 85045
2) Stonecliff Condominiums, 1024 E Frye Rd, Phoenix, AZ 85048
3) Mountain Canyon Condominiums, 3236 E Chandler Blvd, Phoenix, AZ 85048
CLICK LINK below to view active listings for sale in these communities. (Valid until 03/11/2010)
As a longtime Resident of Ahwatukee and area Realtor, I can provide you with immediate area assistance. Feel free to contact me directly if you have any additional questions.
Realtor, CRS, ABR, GRI
Phoenician Properties Realty
(602) 460-9085: Cell
Regarding the health of the HOA, City Property Management handles both these properties. I've had trouble getting them to release HOA financial statements without a contract in place on a unit. However, they do have a phone number you can call and perhaps you'll be able to get more info as a potential buyer verses me, a Realtor. Their phone number is 602-437-4777.
I agree with your concern regarding assessments. It is both valid and real. In this market, STRONG due diligence regarding HOA's is wise. If you are going to hold the property for 5-10 years, I'd be less fearful of dramatic losses in value though. I do believe some condo projects will see declines over the next two years due to FHA loan regulations.
I hope this was of help.