Report: Foreclosures are top sellers - Washington Business Journal:

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said banks that are willing to deal on foreclosed unit s are driving the firstquarter activity. For example, Shomaa at Keys Cove in south Miami-Dades County sold the most, with 50 unit closing in the first quarter. The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-19 list. “Many banks have taken ownership of unitws in these buildings and are lookinb toget out,” said Adam Cappel, president of CondoReports.com. either through short sales or units they own as a resulrtof foreclosures, are the most active selleras in today’s market as they are willingh to accept market prices.
” The 10 most activw buildings produced an average of 29 or one sale every three The buildings accounted for more than 11 perceng of all condo sales in Miami-Dade, accordin to a CondoReports.com news release. Most of the activity is tied to individualkunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculative investora and thinly capitalized owners are being replace with either owner-occupant or well-capitalized, patient investors buyiny in at a much lower Cappel said in the statement. “Mosgt are individual unit sales.
The study looked at closedf salesin 2,000 condi projects with at least 50 units throughout The study excluded units delivered in 2008 and 2009 becauser those sales were likely driven by preconstruction Cappel said.