Noosa hotel or "Have I got a deal for you"

These are pictures of the hotel property where we are staying in in
Noosa which is in Queensland, about 1.5 hours from Brisbane. A very
nice beach area. The property itself is a little stark but our unit is
brand new with a nice little kitchen, washer/dryer etc. But the
development is virtually empty and it was pretty evident they were
struggling so we paid a little visit to the sales office (yes they are
selling the units). The sales guy started right off telling us the
project is in receivership and that prices have been cut
drastically.Of course that's drastically from the original offer
prices which were stupendously absurd. Our unit originally sold (well
actually didn't sell) for around $700,000. Now it's offered for
$500,000. It's about 600 square feet. We were told that our unit had a
"great" view. The other picture attached shows the view. Mostly the
roof of the adjacent building although there are glimpses of the
ocean. Other prices? Units that originally sold for 4-5 million, now
2.5 million. Somebody actually paid over 7 million for one unit.
Australia seems to be riding a huge real estate bubble but doesn't
see it. I think tough times ahead.