Each building is different and each neighborhood is different.
Some properties are part of condominiums undergoing 40 year re-certification - which usually means a special assessment, dirt, noise, and overall unattractive (at the moment) look of the building.
Other condos have large maintenance fees - so the price is lower to compensate for the maintenance fee. Some other properties are distressed sales (foreclosures or short sales) - with prices lower than the market - which attracts many buyers and creates bidding wars.
Hope this helps,
Beachfront Realty, Inc.