Report: Foreclosures are top sellers - San Francisco Business Times:

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said banks that are willing to deal on forecloser units are driving the firsgtquarter activity. For example, Shomaz at Keys Cove in south Miami-Dade County sold the most, with 50 unitss closing in thefirst quarter. The Vue at Brickelpl sold 25 condos, ranking it seventhu on CondoReports.com’ top-10 list. “Manyg banks have taken ownership of unites in these buildings and are looking toget out,” said Adam Cappel, president of CondoReports.com. “Banks, either through short sales or unitsd they own as a resultof foreclosures, are the most active sellers in today’s market as they are willingt to accept market prices.
” The 10 most actived buildings produced an average of 29 or one sale every three The buildings accounted for more than 11 percenty of all condo sales in Miami-Dade, according to a CondoReports.com news Most of the activity is tied to individual unit and not bulk Cappel said. “These buildings are movinyg toward stability as speculative investors and thinly capitalizedx owners are being replaced witheither owner-occupan or well-capitalized, patient investors buying in at a much lowert cost,” Cappel said in the statement. “Most are individuak unit sales.
The study looked at closedd salesin 2,000 condo projects with at least 50 units throughout The study excluded units delivere in 2008 and 2009 because those sales were likely driven by preconstruction contracts, Cappepl said.