I would think it will be done bottoming at the beginning of next year after they settle out on the fiscal cliff. But once that is done then it will be bottomed out, More or less. There will have been nothing left after that is not touched by the failures of every entity and degree possible within the system. I'd say summer 2013, but then you have the possibility of flood waters that may be affecting the values there long term, a hundred years from now. You should check the heights. If it is within 4' of Upper High Tide -- then I'd wonder if it is a good idea to buy it.
Fact is I would build a house of my own with an architect before I'd sink a load of investment money in a large operation like that unless you want the worry free living they offer. An individual house in a better area would make more sense to me, using an Architect to locate the site as well, and budget the project so it works out. Labor is down right now and it is easy to get work done, I believe, if anyone wanted work done. Those condos are probably pretty cheap right now though.
Its a challenge. but it is always cheaper to build with an architect.