Like with most any place it Tampa, the prices have dropped at least 10-15% depending on WHEN you start counting. I think that area that you are a talking about near MAcDill AFB and Interbay Port Tampa area is of the areas that will go up the quickest once the market rebounds.
It's like the stock market, if you want to buy some stocks, just buy them while they are low. Its nearly impossible to find the absolute bottom because once we know that was the bottom, it's already gone! When the market shifted from a buyers market to a sellers market, it was almost over night. Within one month (Between December and January) there were siginfcant changes. Most people didn't even notice the change, the ones that did and SOLD not looking for the top, did well.... and the other ones, well the got caught with their pants down so to speak (looking for the peak).
That's my opinion. Living in FL my whole life I have seen a lot of areas change, Seminole Heights is experiencing that now, as well as a few other area. I think port Tampa is still a good area, but will improve signifcantly over the next 5 years or so.
Here is Picnic Island, nearby. http://www.realestateshows.com/174277
If I can answer anymore questions for you, just let me know.