As James said, like most "newer" complexes you need to do your research. A large number were sold at the top of the market so there are a lot of short sales. If the financial situation makes sense this could be a good property to own and hold for personal use or rental. There used to be some full time residents but I'm not sure if they are still there.
I'd research this very carefully so you know what you're getting into. This "resort" is a former apartment complex that was built in 1961 that was converted to a condo in 2005. Keep in mind that it was built to apartment standards 48 years ago. Typically the construction is not the same quality level - consider noise barriers between units, etc. There are a ton of short sales (pre-foreclosures) on the market & bank owned units. Some of the 1 bedroom/1 bath units sold for in the low $300k range & the 2 bedroom/2 bath units sold for in the high $300's at the height of the real estate insanity. Now what is selling is in the low $100's.
I'd suggest contacting your lender & give them the name of the condo, Barefoot Beach Resort of Indian Shores & see if you can get a loan if you buy there. Most of the recent sales have been all cash. I see some of the units have supposedly been sold to people getting a conventional loan but ... I have my doubts. Also I'd be concerned about the association fees. If this many condos are close to or in foreclosure or are already bank owned, owners typically stop making their monthly payments, which often results in the remaining unit owners having to make up for any unpaid fees.
The complex is primarily a less expensive rental "resort" now with owners renting out their units through a management company. The bottom line is, it's your decision if you want to buy into a complex like this.
Prudential Tropical Realty
W 727-799-2227 ext 223
There are also 2 bedrm unit for 145,000
Please email me firstname.lastname@example.org so I can email you the info. I do not want to call you that late
Thank you ,