Report: Foreclosures are top sellers - Washington Business Journal:

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said banks that are willing to deal on forecloseed units are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Dade County sold the most, with 50 units closing in the firstr quarter. The Vue at Brickell sold 25 condos, ranking it seventh on CondoReports.com’ top-10 list. “Manyt banks have taken ownershipo of units in these buildingds and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througbh short sales or unitss they own as a resulyof foreclosures, are the most activ sellers in today’s market as they are willing to accept markeg prices.
” The 10 most active buildings producedf an average of 29 sales, or one sale everhy three days. The buildings accounted for more than 11 percentf of all condo salesin Miami-Dade, according to a CondoReports.co m news release. Most of the activity is tied to individua lunit sales, and not bulk buys, Cappel said. “Thesde buildings are moving toward stability as speculative investorxs and thinly capitalized ownerz are being replaced witheither owner-occupant or well-capitalized, patientt investors buying in at a much lowee cost,” Cappel said in the “Most are individual unit The study looked at closes sales in 2,000 condo projects with at leasr 50 units throughout Miami-Dade.
The study excluded units deliverer in 2008 and 2009 because those sales were likelyy driven bypreconstruction contracts, Cappel