Tell your buddy to rent and wait out the storm........... I have lived in East Jupiter for 8 years and have seen the prices quadruple in that time and are now half that. Tons of cheap rentals (some in places that have never been lived in!). Stuff out west can be had very cheap (3 acres/ 2K sq ft for less than 250K) if you can live with dirt roads, septic and well. Relatively new (less than 3 years old) townhouses 3/2- 2 car garage- 1800 sq ft can be had in under 200K.
If I had the option I would rent for a year, learn the area buy next year.........
