Technically, it did in this last cycle. A number of new homes have been built and sold.
Also, the lots have come up quite a bit. They were $45k at the bottom, only a few years ago. Now, asking price is between the high 100s and the low 300s.
Seanest is an interesting development. There was a tussle about beach easements a while ago. If my memory serves me right, the community actually combines 2 older parcels. The result being that some owners are supposed to go down one walkover and others are supposed to go down another. Not sure if that gets enforced.
Why it hasn't been built with the rapidity of other communities? Little tall skinny buildings made of concrete are more expensive per square foot to build than short ones made of wood.