You'd probably be hard pressed to find a home for less than $250K even there today. And I've seen more than a few wetlands filled in with dirt to build apartment complexes and neighborhoods on in Florida. To be fair, there are several huge over-sold neighborhoods in Florida that never met the hype, but for every one of them there are real success stories too.
My point is the majority of speculators lost most of their money in the short-term, and didn't live long enough to see the value of their investment appreciate, and for most people that would qualify as a failed investment.
https://goo.gl/maps/Xe3ns9Cd2tv