What's it worth? Duo Condos -- Hallandale

As prices start to fall significantly, some regular readers are starting to consider a purchase. Therefore I’ve decided to add a post called, “What’s it worth?” The post is designed to solicit opinions on the value of a particular property – not necessarily the current market value, but price point where buying the property as a residence (not to flip) makes sense.

The following email from a reader gave me the idea for this new post :

"I love reading your site, thanks. I was wondering if you had a message board that I could discuss specific buildings I'm looking at with other local market observers? I searched the site but can't seem to find anything. If there is no board, would you have any insight into the newly constructed Duo building in Hallandale? I've been watching it for a few months and am seeing the prices steadily decline, but am not sure at what point 915 square feet of new construction is a good price. The cheapest is $232,000 right now. I'm also concerned about what happens in the event that this building has like 20 people living in it if everyone else were flippers or people who are now going into foreclosure. How does the maintenance of the building get paid by such a few number of owners?"

"Thanks for any insight."

For some background, here’s some websites that show the property. The first one shows the overall condo and the second one shows most of the listings both for sale and for lease:

Weichert Realty

Condocompany.com

Keep in mind that according to the listing agents, the monthly HOA on these condos are around $400, $500, and $650 for the 1, 2, and 3 bedroom units respectfully.

What do you think this property is worth? What will be a good price point for the 1, 2, or 3 bedrooms?