There will be more REO's out, but there are plenty out there now as well. The reason you probably aren't seeing that many is that in this price range, there are many more buyers than there are properties. Almost everything in this price range is going out within a few days of being on the market and usually with multiple offers. You'll want to check the health of the building's association as some of the condo's that have had a lot of REO's and short sales may not have a healthy balance sheet (reserves and funding). Are you working with an agent? If not, it would be a good idea to have an agent work with you rather than trying to call the listing agent directly. Many of the REO listing agents are overwhelmed by the number of listings they have as well as the multiple offers coming in and they may not get back to you. Find a good agent and be prepared to keep submitting offers...you'll get something. Feel free to contact me if you would like more information.