If you are looking because you'd like to own and use a property in the south, I am not of much help. However, if you are interested in doing this to take advantage of the investment opportunity, I can help you.
I work for a company called Optimus US Real Estate Fund that has purchased approximately 25 condos in Vegas and 25 in the Phoenix. The condos were all over $200,000 just a couple of years ago, and my company picked them up for $62,500/each. The replacement cost, if you were to buy land and rebuild the condos is approximately $150,000/each. The company is continuing to add to its portfolio, looking at commercial real estate in some other markets.
The advantage to investing with a company like this is it is hassle free. You don't have to find properties, do the due dilligence on them, figure out the tax implications, find renters, etc.. You also don't have the bulk purchasing power that a company like this would have, and likely you don't have the real estate expertise either.
The company plans to rent the properties for approximately 5-7 years until they have reached their replacement value. Then they will be sold. Meanwhile, the investor gets 100% of the net rents, and 70% of the capital at the time of sale.
If you are interested in learning more, let me know. Feel free to poke around on our website:
http://www.optimususrealestate.com/