Because most of the new ones are being built a little further out, the success that I witness and am a part of are primarily resales that the new owner upgrades adding a number of amenities that today's vacationers want and that make the vacation home stand out against the competition. 

Lauderdale are very competitive markets.You'll definitely want to focus on finding your own off-market deals.

They seem to be competitively priced and I have them for my personal coverage.

There's still plenty of opportunity around here for those willing to be creative, but super challenging and lots of competition for what opportunities do exist.

The competition is high, therefore there are fewer and fewer to choose from, and the prices are being driven up.

I know those rates definitely isn't the most competitive but there aren't just many options at this point with the banks.

Because of this, competition for these types of properties (< 4 families) is quite high, but there is an opportunity for adding value if you find one undervalued, or your returns (at the moment) are low, but you're hoping to justify the price by increasing rents in the future.

You have an opportunity to buy with no competition AND you have the money.

@Nick Marie  we do not buy any database,  we create one using Zoho CRM  if you make your own, you will have less competition,  

REO's DO look at rehab costs for their properties, however this only helps if there is no competition for the property, which is rare in my market.