Should Anyone Buy Owner Occupied Condos In This Market? (foreclosures, renting, value)

[dreamfollower]

Since almost all HOA Condo communities in Southern California have suffered from foreclosures and subsequent deficiencies, is this type of property one that is no longer worth the risk? {Maybe higher assessments in the near future and how will this translate to decent resale value?}

I would not be renting the condo and reaping any kind of rental income. I would be Owner Occupied.

Any opinion on either side of the argument would be appreciated.

Thanks.

[MMichelle]

I can't give you a blanket, Yes or no answer.
The important thing to look at is the financial stability of the HOA. Regardless of your occupancy, before you buy into an HOA you need to determine if the HOA is solvent. If your are not well versed with financial documents ask your CPA to review them for you.