I would love to buy a condo or home in WaterSound as a place to retire, but how can anyone afford these prices???

I'm looking at the condos at WaterSound and they range in price from $1-3 million! The homes range from $2.5-6 million! Are most of these condos and homes owned by corporations or investors? The prices are unreal. Does anyone actually buy a property and live there themselves? Maybe if I was fortunate enough to inherit a couple of million dollars, we might be able to afford to buy there. I guess I can give up our dream of owning property near the beach.
You might want to look again right now and keep your eyes peeled as condo prices continue to sink.
There are now 3 very nice oceanfront 3/3.5 condos in Watersound listed for under $1 million. One is actually listed at $850k which is what these places were going for in 2003. I still think condo prices will continue to sink lower. However, if someone is looking to buy right now, I gotta say that $850k is a pretty darn good price for a condo in Watersound Crossings (especially compared to condos priced much higher in Sanctuary, Redfish, Adagio, Bella Vita, Watercolor, etc.). If I wanted a long term retirement condo in Watersound, I might be tempted on this one. But, I'm a SFH kind of person and not a huge fan of Watersound.
There are also numerous SFH listings well under $2 million in Watersound. A couple are nearing foreclosure (there will be an attempted auction of several of these properties in the near future) and already listed at prices that were unheard of a couple of years ago. Keep your eyes peeled--some of these nicer houses (not the St. Joe built cottages on Keel Court) may even go for less than $1 million.
In addition, there are two 2/2 units in Watercolor listed for under $800k. There are also numerous SFH listings in WC at well under $1 million. Like the Watersound condo listing at $850k, these WC prices are harkening back to 2003 levels.
Finally, you have several units in the flats at Rosemary Beach under $500k which is where prices were back in 2003.
Don't despair

. As noted above, you can get into a nice place today in a premier community in the 30A corridor for well under $1 million. Outside of these premier communities it is easy to find nice places in the $500k range. And, given the current economy and the bulging inventory along 30A, prices will likely get even better for buyers in all but the most sought after, near beach locations in WC, WS, RM, etc. I do believe that the top 5% of the properties in terms of proximity to the beach, quality of construction, amenities available, etc. (the premium properties such as beachfront in WS, Phase I in WC, much of the Retreat, much of Seaside, and near ocean in RM) will hold value better than the remaining 95% of the inventory in the market which will continue to erode.