Your questions sound much more sincere in that format.
Ever since those 4-5 projects were started (Sanctuary at Redfish, Sanctuary by the Sea, Redfish Village, Lakeside at Redfish, and Grayton Preserve), I had a few questions on my own, and still do. If all are built out, and 80% filled on a holiday such as Independence Day, how the heck is that tiny little stretch of beach, which has forever been a sleepy little place for only birds, going to suddenly handle that capacity? Currently, it is still a sleepy little stretch of beach for birds, but one day, it will be people central, and the precious dunes and outflow will be altered by all of the people trampling through it as the shuttle boat will need a real place to dock at the beach.
I think you would have to be an owner to know the answers to some of your questions, but I'll tackle the ones I know.
1) looks like the developer still owns 11 units
2) only one unit is bank owned, but not all units are "individually owned." Some are owned by LLCs.
3) tough information to get. County records don't differentiate between auction vs traditional sale. MLS also requires any ECAR affiliated auction companies to enter and property sold at auction as a closed sale in the appropriate category for agents and appraisers to use as comps. If kept in the Auction category, running comps would be a PITA. As for who is flipping, I'd guess the majority of people who bought in 2005-2006 were flippers.
4) from dock to beach is only a 2 minute leisure ride on that shuttle boat, and shuttling 50-60 ppl would be easy enough if there was someone dedicated to that. PITA (pain in the @ss) for anyone who is at the beach and wants to come back early to potty or because they got to hot, or too sunburned, or forgot their cell phone, or have to check on the baby, etc. -- A huge downside, IMO.
6) is not a question, but a statement, and I agree that it is more of a hike than people will take, especially if they are wearing a wet swim suit with sandy crotch.
7) Unless you are entering the property, you are seeing only the overflow parking lot. Owners park under the building, but you are still correct in that not many cars are there. There are a couple of long term renters in there, and appears to be only one owner living at the property.
8) Would be a nice unit for someone looking for views. There are four units which sold in Sept '08 for around $400K or less. I think those were appropriately priced at the time. For someone looking for a nice location for a second home, this property would work, at the right price. Not everyone who lives here or vacations here, goes to the beach on daily basis, so direct beach access isn't an issue for them. Hell, I know many people who's second home or primary home is in Seagrove or places farther east, yet when they go to the beach, they drive to Grayton.
The developer sold those four around the $400K price, so those weren't failed flippers. The biggest loss I've seen in there was a unit which originally sold at $1,018,200 that sold in Sept '08 for $467,500. While that is a big bag of money, percentage-wise, I've seen much worse in drops during that same time period.