What if the condo complex goes under?
We are looking at condos (actually they are called PUD's - attached and detached homes with common charges, etc. just like a regular condo asso.). We really liked one complex but are concerned about the developer being able to finish and/or sell off most or all of the homes. The complex is slated for 25 homes and right now only 5 are built and just three are sold (one is occupied by the developer). They started the complex in 2006. I really do love the place as the floor plan is perfect - unlike any of the other homes we have looked at and the developer is very flexible with price and upgrades. My major concern is buying the place, moving in and then the developer goes under. As with regular condos, the owners share in the taxes for the whole property. Well, if there are only a few of us, what happens? I don't want to live in a ghost town!!! I am picturing unfinished foundations, overgrown weeds and having no services!