Very good question - and when it comes to buying a condominium there are plenty of other concerns with the Associations Reserve Fund status and viablity than just the impact of delinquent owners, short sale homeowners, and forclosures.
There are about 115 +or - units and 11 active listings of which 3 are under contract. I will tell you that of the remaining 8 units, most are foreclosures and bank owned REO ---and some Short Sale units. At this time I suggest you avoid Short Sales like the plague until banks get their act together! They can drag their feet for months with your offer and then one day just reject your offer outright or sell to a higher bidder coming in after you.
Nine percent of units for sale is a little high but does not alarm me in this market and in this price range. Because of the recent age (2006) of construction, these units should be FHA approved, and that is an important thing to always check up front, because a lot of older condos are not FHA approved and sometimes buyers find out they can not get a loan until well after their offer has been submitted.
These are nice looking units and some are available for well inder $100K - so long term, these units can be a good deal. Until I saw them personally however, I can not vouch for the quailty of construction or any existing conditions that can impact the associations finances. Buying a condo requires more due-diligence than buying a single family home, and for that reason you want the best agent you can find. NEVER deal directly with the listing agent or one of the REO agents! If you do not have a buyer broker representing you, I would be happy to talk to you.
The Wise Buyer Program provides over $5000 worth of free home structural and major systems analysis in addition to top buyer representation. There is nothing else like it in Atlanta - with this system you are more informed because you know what you are buying Before you ever submit your offer! That approach has many significant benefits - for more information, see the site below.
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