Let's see--you can easily buy a piece of gulf front land in Watersound for under $2 million right now and build an absolute masterpiece for $300 to $350 per square foot. So, you could buy a lot and build your own 6000 square foot palace for $4 million plus/minus or buy the "beauty" under construction for $12 million??? Like I said, my guess is no more than $4 million and it will take a long time to sell at that price.
Given current land prices and falling construction costs, it would be much more cost effective right now to buy a lot and build in Watersound than to pay anywhere near the list price for most of the listings in Watersound.
Maybe, the Watersound seller will get lucky and find someone that doesn't care much about investment value that will give them a "lowball" offer of $5 or $6 million (thinking to themselves, "wow, what a great deal, I just got 50% off the asking price"). I don't think so, but you never know where you might find a a true real estate visionary to make such a purchase.