At first I thought, uh oh, more people will want to move here. Then I realized they would see the town's median price for homes, average family income, car insurance, state taxes, etc. (they left out real estate taxes - the real killer) and decide otherwise... . 
http://money.cnn.com/magazines/moneymag/bp.../CS3476940.html
My favorite quote from the comments:
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By the way, if it EVER takes just 1 hour to make it to the Poconos, NYC or the shore from the Warren area...it's a freakin' MIRACLE.

http://apps.money.cnn.com/bestplaces_2009/...sp?id=PL0846355
http://apps.money.cnn.com/bestplaces_2009/...355,&view=b
Oh, lookey, a real steal on a recently reduced house in town... 
http://money.cnn.com/galleries/2009/moneym...moneymag/6.html
Oh, lookey, a real steal on a recently reduced house in town...
http://money.cnn.com/galleries/2009/moneym...moneymag/6.html
It must be a trend, we have real steals too! 
This one is in the same price range as the one you posted but as you can see is smaller. There are a lot of these available. They may have been second or winter homes and hardly used. I used to live near the water but it'd just not practical given insurance is almost impossible to acquire.
OH, I like that one...

I'd wait a bit longer for any serious inquiries since the prices are still falling. Keep in mind that some of these properties increased 3 fold in 4 years time, so the prices are still high. Of course if your serious look here for repos http://www.realtytrac.com/ anywhere in the country, there are some very interesting new or barely new properties for a song. Newer properties are the key. Efficient housing will be the only investment that will increase in the future and the cost of retrofitting an old house will become a loser. Single family housing will become unaffordable without the efficiency of scale. New condo complexes close to needed resources will be prime real-estate, while the suburban home will be in decline.
It's happening now in prime markets. if you want to make a good investment buy something near D.C. With the new growing government prime housing is in demand.
It's certainly better than waiting for an Apple to crawl back up the tree. 
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somehow the idea of living within walking distance of a golf course is an odd attraction.
I'm not a golfer, myself, but living on or in a golfing community seems to be a big attraction in the southeast. Personally, if I'm going to be out sweating in the sweltering heat and Sun, you'll have to pay me more than you might want! Been there, done that. It's called farming.
Frankly, I couldn't even afford to pay for keeping the 'grounds' on that small mansion!
And don't forget the insurance, taxes, maintenance, etc.
The purchase price is almost irrelevant, it's the details that will get you! I suspect that not many of these houses ever become a home.