Newbie question about Condo Conversions in FL

[Sean Clark]

Hello everyone! I am a somewhat new investor currently residing in Ohio where I bought my first foreclosure home. I am looking at investing in a property or two in Florida and am hoping that someone who is familiar with condo conversions, or just the South Florida real estate market in general can help me here. I am looking into purchasing some condo conversions in the broward county area in Pompano Beach FL. However, I am skeptical to say the least after seeing some of the rediculous prices these condos are going for. One of them had sold for $147,000 in 2006 and just listed for $39,000. Recently I have been reading about entire complexes going under because of insufficient funds to keep the complex afloat. If I do purchase, am I at risk of losing everything? Is resale value on these types of units not predicted to go up in the future? It just seems like its too good to be true, there has to be a catch? Would anyone here recommend investing in something like this? Any help would be greatly appreciated! Thanks in advance!!!!