I prefer being optimistic, but that's no excuse for burying our heads in the sand and ignoring reality.
As you have observed, the Gulf Shores area is most definitely suffering through a "glut" of inventory. The market is the worst it has been in over 20 years. Signs of life? A death shiver everytime another property is foreclosed and auctioned off for 50 cents on the 2005 dollar.
On the bright side, it's a fine market for bargain-hunters with money to invest in great properties. Sellers will have to be realistic and not ride the market down into bankruptcy.
If you have new inventory coming online, you will have to offer some very aggressive pricing, as well as other incentives to get any lookers, much less buyers. You might consider advertising your townhouse properties as a whole to multi-family investors.
If you have any means to hold on to your property for a couple of years, the market will eventually turn around and take off like a rocket again. It's just a matter of time, but who knows when!
All the best,