How is this building doing now? Have all the issues been sorted out?

Yes. The new building issues have been ironed out: the condo owners run the board and the building is well run. And the pool is a mighty fine place to spend an afternoon when the temps are this high!

Currently (July 2012) 7 units out of 84 are on the market and 2 are in contract. 6 more units changed hands this year. Wouldn't you call this an exodus for a 4 year-old-building?

No, issues are NOT over. The lawsuits are ongoing, currently in discovery phase. Which means years more of litigation overhead. And they are flat broke. Definitely a high risk buy.

Sorry -- I am new to this. Would someone kindly explain, what would make this a risky buy? Is it simply concerns over management being able to maintain the building because they have no money? Are there any issues with property rights / lawful ownership?