Water from exhaust on cold start

[MikeMcMo]

Can somebody tell me what this means?

I'm looking at this 2008 Cayman. Seller told me he started the car for the first time in a while to pull it out of the garage earlier in the day.
I checked the exhaust- cold- and started it up, and it put this much water out on the driveway. Seems like an awful lot. He said it's typical of high compression engines. My '99 Boxster doesn't do anything like this.

I'm trying to decided if it's even worth paying for a PPI for this car. A little help? TIA!