There are so many different neighborhoods, with different amenities, and different building types, SF isn't a common comp in South Walton. Unless you have at least 3 similar homes, similar lot on the same street in the same hood.
Real estate is very local in nature and varies greatly. For example, even within one development like WaterColor, you can have some homes with extremely high-end finishes, and others where the fit and finish is fast and inexpensive. The two types of homes are extremely different. However, if all you care about is owning in WaterColor, go for the cheapest and farthest from the Beach Club. For some people, it is all about being able to get their foot in the door with the lowest price point. For others, quality is more important than price. You have to answer which camp you are in for yourself.