We've been looking a bit in Florida, tired the weather up yonder.

I noted there was a cheap condo for $109.9k - too small and dreary for us, but I also noted the monthly fees ($675) are almost exactly the same as what the payment would be on this loan with 20% down and 6.something% on the note.

What does this mean? It can't bode well when the value of a piece of RE seems to be headed down, and the upkeep goes up.

I wouldn't touch a condo in FL. A few years back there was a catastrophic failure of a beach condo building resulting in collapse and many dead, not to mention condos destroyed. en.wikipedia.org - Surfside condominium collapse Since then, condo regulations have gotten tougher, and enforced, HOA fees skyrocketing. Add into that grander storm disaster requiring more expensive maintenance. People have had a hard time giving their condo away, as the HOA fees and special assessments get larger and larger.

Additionally, the Canadian Snowbirds are for the most part finding other places to go, so those rentals, and in some cases the Canadian owned properties, are hitting the market, making it harder to sell at a decent price. That of course implies opportunity, IF you think there is a path forward for recovery. I personally do not, but wish you well in your search.

IP,
who also spent 8 years living in a hurricane prone area and will never do so again by choice