I'd bet if there were a good field of competition the price would drop

And don't get me started on the former point, there's plentiful of experiences first hand where agents just try to get too cute due to a lack of knowledge and a dogmatic view of a 6month lookback at pricing.

I'm not in that market but I would recommend finding off-market deals, targeting distressed properties, or focusing on smaller multifamily units in less competitive neighborhoods.

Competition is much lower this time of the year and the election has further slowed down the market, which creates opportunities for savvy buyers.

Watch out for any water filtrations from the upstairs pool I have seen that happen in a couple of projects, make sure it's a good builder.I like boutique projects with fewer neighbors, more exclusive, less resale competition, and less rental & rate competition as well.

More than likely, the loan officer on your file either A) didnt know their own product very well, or B) glossed over this aspect in order to get the loan to closed due to a lack of integrity. 

I like how I can dig into the competition and see their nightly rate, pet policy, etc.   

It is definitely a competitive market. 

The reason I say this is if someone pays $40k for training and they only have say $50k - it does not matter how awesome the training is, the chances of following up with success would be impeded due to lack of cash. 

For me, I feel I would be gambling due to lack of understanding and overall skepticism.