I see there are already 5 answers to your question but I'll offer my 2 cents as well.
Someone once said you never know when you've hit the bottom until you're on the way back up. There's no real way any of us can know. Plus, "bottom" can be relative. What I can tell you is that generally speaking the Ocean City market has experienced price levels reminiscent of 2002/2003, pre-boom. Understand that this is a generalization and there will and are exceptions. There are buildings or developments in town where the prices have risen as mentioned by Carmen.
If you're specifically inquiring about Gateway, the questions you should be asking yourself is "Can you afford it? Can you qualify for a loan in that amount? Is it what you want? And to elaborate on Monica's response, have you seen other oceanfront units or buildings in town? The Gateway may appear to be a "bargain" compared to their inital pricing of a few years ago but there's the argument that those prices may have been inflated.
As I'm sure my colleagues would agree working with a Buyer's Agent is the best way to ensure that you have the representation and information you need to make such a decision. Hopefully you are.
Best of luck.