Mack,
Please give some actual examples of resales getting snatched up at prices comparable to homes, lots or condos that sold very nearby last year.
Also, these constant comparisons to Naples are interesting and clearly apples to oranges. The reason Naples will likely always command higher prices than SoWal is because it actually stays warm there all year long. Avg temp in January is 63 versus 52 in SoWal. Lots of rich retirees are looking for year round warmth or warmth in the winter when they migrate to south florida. It gets too cold in the winter in SoWal (with average Jan lows of 37 degrees) for many of these people. Golf is also another big draw for Naples. The golf is also much better and there are more places to play in Naples. The warmer weather makes it more pleasant to play in the winter. Along 30A, there is only one option for golf or you need to drive 15 to 20 miles to play. And, it is too cold for most people to play on many winter days in SoWal.
Naples is not for me, but I'm not a rich retiree from the Northeast. Nor do I play much golf.
My neighbor loves South Walton for the beauty, but he is investing in a condo in Naples for retirement in a few years. Not because it is more beautiful, but because it's warmer in the winter.
At some point, you need to start facing the reality of the current real estate situation in SoWal. Not that the long term won't be okay, but in the short term the market is in bad shape. Too much inventory, and not enough buyers. That WILL drive prices down.