True - I am not a realtor, but i do have access to a few facts. The information I stated was what I was told this by several people last year and I have no reason to doubt it, nor guarantee it. Seems like you are very, very interested so dig away and let us know what you find.
As I recall there were about 1,100 units planned for WaterColor. I don't know how many have been completed but it seems like it would be close, but for all I know it could be half that at the moment.
My point is that however many units currently completed in WaterColor, it is such a greater number than those completed in Alys Beach that comparing the 2 problematic at best, and a waste of time at worst.
Alys Beach is a victim of bad timing, which as far as I can tell is the development's only real problem, and a problem everyone has to some extent. If the bubble hadn't burst it, would be at least half built out by now and one of the hottest products in the world in my opinion. It may still be that one day. Alys Beach may not appeal to everyone but the product and planning is unmatched. Only time will tell and it will be interesting to look back 20, 50, 100 years from now.
As an aside, I find it interesting that we get Alys Beach naysayers on this forum in oddly regular intervals with oddly similar-sounding posts. Is Alys Beach an attractive target for some reason?