Makes sense to me. A lot of 30-A corridor developments are pre-boom. If the seller is an original owner, or someone who bought like in 2003 or earlier and paid pre-boom prices (and didn't do some huge "cash out your equity" refinance or HELOC) then they can go fairly low price-wise and still come out ahead compared to 2003 prices. The newer developments north of 98 tend to have less of that kind of wiggle room for original buyers.
From what I remember of Flamingo Village in the late 90s and early 00s, you could get something nice but not granite-riffic for less than $175K, and some smaller homes were even less than $150K. So the pre-boom owners, while probably mentally cursing themselves that they didn't sell at the peak, can still come away with what would be reasonable appreciation in a non-boom market.
