Can I buy a condo without a condo association?

I'm considering the purchase of a condo which is in a building that has six units total. Four of the six have been foreclosed (including the one I want. The realtor who showed me the place made a point to let me know twice that there is currently no Condo Association in place for this property. I think I understand the purpose for having an Association - to maintain the common areas of the building, so I guess my question is - is not having an Association serious enough to be a deal killer? Or is there a way to organize and start one? Signed, Confused in Chicago