Sure it's an investment, but Gray's comprehensive survey of the ""Terrible Eventualities"" of condominium living may make you think twice. Condo living, she cautions, is ""a 50-50 mix of real estate and politics."" Your problems begin with developers' skulduggery, like the low estimate for maintenance that suddenly leaps after you move in or that enormously profitable ""recreation lease"" (to use the pool and the golf course). Say you don't get taken on the shady legal angles -- your resale value could suffer through mismanagement by your fellow-owners, who are usually abysmally ignorant of how to run their own affairs. Other minor irritants include pets, guests, incontinence in the pool. Still, ""buying into a condo means joining a club"" and despite the attached strings, the ripoffs, putdowns, temper tantrums and insurgencies you may experience, Gray dearly loves her ""new lifestyle."" She answers all the questions and points to all the booby-traps -- and you just know she acquired all that wisdom the hard way.