Report: Foreclosures are top sellers - South Florida Business Journal:

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said banks that are willinf to deal on foreclosed units are driving the firstgquarter activity. For example, Shoma at Keys Cove in soutuh Miami-Dade County sold the most, with 50 unita closing in the first The Vue at Brickell sold25 condos, rankinyg it seventh on CondoReports.com’ top-10 list. “Mang banks have taken ownership of units in thes e buildings and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througn short sales or units they own as a result of are the most active sellersin today’s marke t as they are willintg to accept market prices.
” The 10 most activer buildings produced an average of 29 or one sale every three days. The buildings accountedc for more than 11 percent of all condo sales in according toa CondoReports.com news Most of the activity is tied to individual unit and not bulk buys, Cappel said. “These buildingsd are moving toward stability as speculative investors and thinlyy capitalized owners are being replaced witheithedr owner-occupant or well-capitalized, patient investors buying in at a much lowef cost,” Cappel said in the statement. “Mosg are individual unit sales. The study looked at closef salesin 2,000 condl projects with at least 50 units throughour Miami-Dade.
The study excluded units delivered in 2008 and 2009 becausde those sales were likely driven by preconstruction Cappel said.