Condos sales are few and far between currently so this may not make much difference. Most lenders are reluctant to loan on buildings that have a high percentage of rentals versus owner occupied.
If potential buyers 'shun' new condo projects, then the lenders won't loan to build them. Eventually, the condos for sale will be sold and once the market demands more then the lenders will most likely loan on new projects.

As RvW said, prices on bank owned properties, in some cases, are a bargain. A particular residential property had $380,000 owed on it. A buyer offered $340,000 on a 'short sale', meaning the lender would take less for a payoff on their loan. The buyer dogged them for an answer almost every day for 4 months, but nobody would make a decision. Eventually, the trustee sold the property. The place was then put up for sale by the bank for $278,000. and it sold, because there were several parties interested, for $299,000. It was appraised for the financing of the purchase for $375,000. in today's market.
So, because the bankers were so scared of making a decision to accept less money than what was owed, the bank ended up farther in the hole then they would have had somebody made a decision on the initial offer.
Hard to figure out what the bankers were thinking -or not.