Declining condo prices

I’ve noticed condo prices declining along several NC beaches…say about $180k in Jan of 06 for an oceanfront 1 bedroom, to $145K now. Any thoughts? Good time to buy? You know, buy low, hang on a little, appreciate some. Rent would not generate cash, but would certainly reduce the monthly payment. Beach properties always come back. I’m just not sure what to make of this little enigma.

Thoughts are appreciated.