Are condos good buys in this economy? 50% 0ff as short sale approved.. is this a good deal? I need some help?

question # 1
if i purchase a condo via short sale ” already aproved by bank”, and the price is $100,000 and the assesed price is 200,000 does this means that the equity in the property is $100,000?
2. how long would i have to weit in order to be bable to take out equity.
is [...]