5-20% would approach "normal" in the SoWal area compared to the craze from the "flipper years". For every negative article on Pcola, Destin, and PCB, there seems to be 2-3 positive ones too. So, if you want to make a doom and gloom argument, you can. If you want to be blindly bullish, you can. I choose to be optimistic and realistic in my balance of closely watching the area and the dynamics.
BTW, I heard that 20/20 had a positive piece on Florida RE (not SoWal specific) last night and the Fotune article re St Joe that was just posted in another thread support the positive view. I choose to be positive and others....choose for themselves. JMO (just my opinion) and not trying to convince anybody.