Condo Association Balance Sheet and Income Statement

Hi All, I am about to put down my downpayment on a rather new condo in Downtown Brooklyn. I decided to have my lawyer request the financials from the Sponsor's lawyer. The balance sheet is showing negative surplus of around $100K (the total assets are valued around 900K). I then went on to the income statements and the net income for 2008 is almost break-even at -35K. While the number may seem high on an absolute basis, percentage wise, it is only deficient by about 2%. But I am still worried. I know this is a rather new building, but are negative surpluses common for condo's? I know it is very possible for Coops to have negative equity, or surplus. Any input would be immensely appreciated. Thanks!!