As you can see there is a lot of sensitivity (oversensitivity) as to what a Real Estate agent can and cannot say about a community. This stems from Fair Housing and discrimination laws, wherein we agree not to "steer" or otherwise disparage a community based on certain factors. Specifically, the Federal Fair Housing Act generally prohibits discrimination in housing because of race, color, national origin, religion, familial status, gender, and disability. The Fair Housing Act ensures that all persons receive equal housing opportunity. As long as I am not shading my comments based on any of those factors, I can give you my opinion without fear of penalty.
So let me say, to be candid with you, I am concerned about the community as well. I never have understood why the HOA fees are so exorbitant. I believe it is because the association also manages the units in a rental pool. In other words, if you wanted to get rental income from daily and weekly rentals, the association will manage it for you for a portion of the rent. This requires that they have more staff. It also means unlike other associations, this one is definitely a for profit deal and you are pretty much at their mercy. Usually, within a condominium community there are amenities and those amenities cost money to maintain. I am not impressed with the amenities of the community you asked about. Additionally, the units, nor their location impress me either. You need to look at crime stats, to see if you feel the area is safe enough for you. Originally, at the peak of the feeding frenzy, these units sold for as much as $586,997. In March a unit in there sold for only $18,700, and most recently (June 1, 2011) 2 units sold for $40,500. Personally, I don't get it. Someone needs to show me why these went for over a half a million dollars other than stupid greed, and also explain why the association fee continues to be so ridiculously high given the complete lack of amenities and poor quality of the finish of the units themselves. Remember, this is a condominium conversion from an apartment building.
You are correct about the cash requirement. Typically, when there is litigation in a community, it is nearly impossible to get financing. I am showing that the association itself is in litigation, so it would appear that you would need to pay cash for a unit in there.
So, with all of the deals out there, may I ask, what was it about these units that interested you so?
Best of luck, and thanks for reading.