Magnolia Cottages?

What can you tell me about this neighborhood? I'm seeing 4 houses in there currently listed for under $1M with price reductions on at least 2 of them. I don't see any other streets with that much inventory listed in that price range. It is a super cute area, so I'm curious if there is something I'm missing on why there is availability at that price.

I think the price reflects the fact that the houses are quite small. Look at the price per square foot and you see that the houses under $1M are listed at around $750 per square foot. They aren't a "good deal" if you look at price per square foot, but if you have a budget of $1M or under, then they are about all you're going to find for a single family home on the East side of 30A and South of 98. The larger houses in Magnolia Cottages that have sold for over $1M have sold in the upper $500s per square foot. The neighborhood is higher density, but there are two nice pools and it has deeded beach access. Magnolia Cottages is a heavily rented neighborhood. Great if you're buying to rent. Not so great if you're wanting to live there full-time or have a quiet place to relax. The area in general is fantastic. The price reductions are likely because the original list prices were too high compared to the comps.

The homes are a bit dated ... about 16 - 17 years old. Until the last few months, these homes were selling in the 490K to 550K range. This market is crazy and I'm not sure if I would buy at these inflated prices. That being said, maybe the prices will stay high; who knows?