This is Sandy Wallace with Keller Williams Realty in Santa Cruz, CA. I do agree with all the answer you have received so far. These days it is especially important to have a good realtor and lender to go over all the details of buying any home or condo. Before you consider making a offer you can find out if the complex is approved for a loan. That would include not having any law suits pending, having a strong reserve fund for repairs to the complex, and the HOA is run properly. Make sure your Realtor and Lender are working together to verify this information with you. Remember it is always your responsibility to do your own due diligence and your Realtor and Lender can help you.
The name of this complex is Capitola Villas it has 2 pools, a laundry area, and is close to the Capitola Mall and the Capitola Village. Yes there are a lot of short sale and foreclosures in this complex and if you are prepared to buy you can negotiate the sale price, a credit for closing costs, and possibly repairs, this could be a very good purchase for you. If you have not selected a Realtor to help you I would like to offer to meet with you ASAP, you may qualify for the tax credit!
You should look closely at more than the current HOA fees for any condo you are considering. Many are going into default due to delinquent owners not paying their fees, and most complexes in this area are underfunded for reserves as well. That can mean difficulty obtaining financing, and special assessments for repairs down the road.
831 588 8485
Sereno Real Estate Group
2470 Porter Street
Soquel Ca. 95073