I lived in this area for some time and am pretty familiar. Hope the info provided helps.
The project was interesting to watch go up. The builder ran into some severe excavation problems and was delayed as they dug out a lot of boulders and such.
The development is good looking though and I can see the attraction. Looking though the tax records I see a number of the units owned by two different parties... The Kneeland Group and Ski Bum Trust.
I believe these two groups own too many of the properties for you to obtain conventional financing. The problem will be that the development is non-warrantable and will fall out of most lenders guidelines. If you are planning on paying cash, this will not be a hinderance. However, if you are planning on finacing you may find few, if any, options. The underwriting guidelines are pretty tough these days.
Another concern you may want to put in the mix is resale. As long as the community remains non-warrentable, the buyer pool will be relativly small. This can affect long term appreciation and values. Plus, it will make it hard for you to sell when the time comes.
Make sure and get a copy of the HOA's financials. A lot of HOA's are underfunded and we're expecting to see some homeowners hit with special assessments. One thing to beware of is whether they are using cash verses accrual accounting methods. They can hide a lot of problems this way. We posted an HOA advisory on our real estate blog site, http://www.urbanlifeblog.com
a couple weeks ago that you may want to take a look at.
You asked about a good pub. I like your style!!! Aross the street and to the north is Larry's.. its pretty much a dive bar with some local personality... I use that term loosly. Just on the other side of the 101 freeway is Cave Creek wines. They are great and have some fun wine tasting and a lot of good people. A bit far to walk though, especially on the trip back.
Hope this helps a bit. The condo market requires a lot of due-dillignece these days. Make sure you have a knowledgeable agent representing you rather than the agent listing the property.... their client is the Seller, not you.