The 2 large parcels in the front that are common area (where I believe the commercial was supposed to be) is now bank owned. There are also a lot of foreclosures in the community which generally means a lot of people not paying their HOA/COA fees - the funds required for maintenance. What happens of course is that either the community has to spend less on taking care of the community or they have to raise association fees and the paying members have to make up for the non-paying ones. The Village of Blue Mountain is not the only community on 30A where the bank has taken over common grounds. The Village of South Walton is in the same situation. Hotel Saba is not bank owned but sure seems to be at a standstill. So in this day, it's not surprising but still a cause for concern. The prices are great (or should be) but the future is uncertain.
You said that you are looking at a condo. If so, you are by law entitled to see the association financial records as well as the condo docs.
Section 718.503(2) (a), Florida Statues, provides ?? each prospective purchaser who has entered into a contract for the purchase of a condominium unit is entitled, at the seller?s expense, to a current copy of declaration of condominium, articles of incorporation of the association, bylaws and rules of the association, financial information required by section (s.) 718.111
Notice that you have to have a contract but you have 3 days to rescind after receiving the required documents if you don't like what you see.
If you are serious about putting an offer in on a unit, I would have your realtor request a copy of the BOD minutes and the listing agent may give them in advance of a contract. These are generally vague by design but can give you quite a bit of information regarding the problems that the association is having. There is certainly nothing wrong with a prospective buyer wanting full disclosure before making such a big decision. Don't be afraid to get the information that you need rather than rely on hearsay. And certainly don't go into it blind.