Once again, Mark Pearlstein, a real estate attorney, selects a reader's terrific question for discussion. As a condo board president, I love discussing these issues with fellow condo associations on my block and find Mr. Pearlstein a "go-to" resource. Some people clip coupons, I clip condo board advice columns.
The above linked question deals with proper accounting, budgeting and transperacy for condo boards. I can't stress this enough... when you buy a condo unit, you buy the whole building. This can be a great thing in that you really have a beautiful building, kick ass neighbors, and adequate management. Nothings perfect in City living (for most of us), but the aforementioned ingredients are a good start.
However, there can be nightmare buildings and mismangement of funds. In the past few days I discussed inspections and how they play into your real estate transaction... I will make a point to gather some of my favorite client tips for condo living (especially new construction purchases and new-conversions) and enumerate them a bit on the blog... for now, you have to work with me for this invaluable education on how to avoid less than well run buildings.