The quickest and easiest way around your conundrum and avoiding agent double speak is to hire an appraisal company of your choosing to appraise the condo. Yes, it might cost 300 dollars, but isn't that worth it to see a fair evaluation of your considered condo investment? The appraiser will take into consideration all updates or lack thereof. They will also discuss the condo management company. I think it is worth it to you. $300 per sq ft in FL in this market seems super high...especially with only distressed sales.
10K to 300K overpayment risk is too much, spend 300 and see an independent assessment!
I realize that shorts are one factor. How much weight would you put on it being 3 of them all in the same range and the only sales in that building? For example, the shorts are at $155 sq ft, where everything in that zip similar square footage, bed/bath, view that sold in past 12 months averages $330 sq/ft and in 09 was $260 sq ft.This list is at $309 sq/ft. So its all over the place, thus our confusion.