This is correct. Live here now in Condo 1. There was a $30K assessment for repairs that most sellers are currently taking off purchase prices of their homes, but there will be additional assessments in the future as the $30K will be nowhere near enough.

Also, as mentioned elsewhere, there are monthly COA & HOA fees that total about $2K-$2500k per month on top of your mortgage/taxes.

In Condo 1, there are major leaking issues that are supposedly coming from the way the balconies were built. I live on the 7th (top) floor in a 2 floor condo and the leaking is occurring on the downstairs (6th) floor in the bedrooms anytime there is a significant rainstorm.

There is also a know rodent problem here that we seem to deal with every winter, and there has been significant mismanagement by the management company for a lot of issues.