Report: Foreclosures are top sellers - Washington Business Journal:

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said banks that are willint to deal on foreclosed unitx are driving the first quarter For example, Shoma at Keys Cove in soutu Miami-Dade County sold the most, with 50 units closinfg in the first quarter. The Vue at Brickelk sold 25 condos, ranking it seventuh on CondoReports.com’ top-10 list. “Many banksx have taken ownership of units in these buildingsd and are looking to get saidAdam Cappel, president of “Banks, either through short salezs or units they own as a resul t of foreclosures, are the most active sellersx in today’s market as they are willing to accept market prices.
” The 10 most actives buildings produced an average of 29 sales, or one sale everuy three days. The buildings accountedc for more than 11 percent of all condo salexin Miami-Dade, according to a CondoReports.com news release. Most of the activitt is tied to individual unit and not bulk Cappel said. “These buildingsx are moving toward stability as speculative investors and thinly capitalizecd owners are being replaced witheither owner-occupant or well-capitalized, patient investors buying in at a much lowerd cost,” Cappel said in the statement.
“Most are individual unit The study looked at closed salezin 2,000 condo projects with at leastg 50 units throughout Miami-Dade. The studyt excluded units delivered in 2008 and 2009 because those sales were likelg driven by preconstruction Cappel said.