I work for a Property Management company that manages commercial owners associations which isn't much different from HOAs. When looking at a property in an owners association you can request to look at the current operating budget, current/past financials, and board meeting minutes to see where the property stands financialy, and operationally. Also, look at the amount in the Reserve account, this should be well funded in order to replace roofs, or parking lot repairs otherwise when the time comes owners will get a surprise bill for a portion of the expenses which can be in the hundreds to thousands. Another reason the dues may be high is that there may be significant delinquent owners. The associaiton still has to pay monthly expenses to maintain the property, so sometimes they will budget for a bad debt expense. Basically, they estimate how many owners will not be paying (i've seen $35,000 in one year), then they will add this amount to the operating budget to make up for the deficiency. Ultimately it is the non-delinquent owners that will be paying for the delinquent owners.
One more thing, look at the operating expenses on a per sq ft basis when comparing multiple properties, this will give you a better way to compare multiple properties. Consult with a property managemnt company, and they will be able to tell you what the average operating expense p/sq/ft should be.
Lots of things to consider when buying in an HOA, hope this helps.
