Barb, I chose St. George for two reasons ... I wanted a warm retreat, love the red-rock desert, AND this resort town had an extremely overheated real estate market that has tanked, big time. I bought the condo for $30K less than the county's assessment -- which is always low anyway -- and $84K less than the seller paid for it in '05.
It's in a lovely development right next to high-falutin' gated communities on one of the state's best golf courses. Location, location, blah blah blah. AND my son & his family can use it as well.
From a practical standpoint, I have some insurance money from my husband's death invested in the market , and I took a beating in the Wall Street collapse. Soooo, I thought to myself, if I found a NICE fire-sale property in a much-desired complex, that might give me a better return over the next 4-5 years than the volatile stock market.
All I need to do is wait out the stream of foreclosures trickling onto the market. I figure that will take 18 months to 2 years more. There is a feeding frenzy right now for St. George "deals," which is why, when I saw a brand-new listing on Monday, I made an offer on Tuesday. If I had harrumphed around, it would have been gone.