Who will be residents at Nautilus Cove in the coming years?

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Our new crop of owners will come via buying foreclosed units, some short sales and now and then via a direct purchase from an Owner.
Those Owners who purchased here 2005-2009, before the realty bubble burst, paid what is now seen to be 'top dollar' for their units. Today's sale prices are 40-55% of the old developer prices and those still owning condos here from purchases at the old prices are getting to be fewer in number each quarter.
Keeping a condo purchased for top dollar is just not an economically viable situation for many of the old Owners. 
If you have a mortgage you will be paying several hundred dollars a month more for it than you could rent the same unit for, and as a renter you would pay no taxes or quarterly dues. So some are leave Ownership here for rental housing.

Those who retain the unit and rent it out find that it is not possible to make enough to equal what they pay in mortgage, taxes and dues. Each month this group goes a bit further in the hole for units whose prices won't get back to their original purchase price for 15-20 years. 
Increasingly, underwater Owners are trying for an authorized short sale but some simply stop paying both their mortgages and the condo dues, pack up and leave and others just wait until they are foreclosed on and evicted.
Those who paid cash for a unit are in the worst shape, they can't just mail in the keys and depart. Either they keep the unit and live in it or they have to sell and match the steeply discounted prices of the foreclosures and the newly discounted Developer prices for their 56 unsold units.