This is definately a better time to be a buyer than a seller. Buyers have more choice than ever before and can cherry pick quality properties at a good price. Less chosey buyers in this situation could "bottom feed'-put low offers on any lots they wanted until they got a "bite".
I would think that most of the 30A property owners who are lowering their prices are the "flippers" who are caught with build out deadlines and overextended credit. Once those sellers are weeded out the market will probably stabilize but until then prices maybe headed down some more.
A buyer can be patient in this environment but must be wary - if sales start to increase sellers will be happy to raise their prices quickly.
Essentially prices will drop until prices hit a level that brings in more buyers that would reduce the inventory of lots and homes. There is also a level at which some sellers will just pull their properties off the market if they do not need to sell now-that could be a wise decision in the long run.
I feel that 30A is a good investment because it is so unique and has the highest coastal elevations on the coast south of Maine. Frankly after seeing the devastation in Miss. and New Orleans I would not live on the coast unless I was at least 20 to 30 ft. above sea level.
I would not want to be a buyer or seller in low lying areas especially many areas of Panama City Beach, near the Choctawhatchee bay, and Destin . If a property required flood insurance I would run the other way.
I believe that it is best to sell high and buy low but it is hard to predict what is "high and low". It is also best to buy high elevation and sell low elevation. On 30A the odds are in the buyer's favor.If we do not have any more market disruptions this fall, such as another hurricane, prices may hit that stable level and start back up on 30A.
It is hard to say at this time how much the evacuees from New Orleans
( who are undoubtedly seeking higher ground) may impact our market but it can only help. I hope at least some chose to stay here if just for the reason that we would be enriched by a little of New Orlean's spirit and diversity .