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

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said banks that are willing to deal on forecloses units are driving the firstgquarter activity. For example, Shoma at Keys Cove in south Miami-Dadse County sold the most, with 50 units closing in the firsgt quarter. The Vue at Brickell sold 25 condos, rankint it seventh on CondoReports.com’ top-10 “Many banks have taken ownership of unitw in these buildings and are lookinhg toget out,” said Adam Cappel, president of CondoReports.com. either through short sales or units they own as a resulftof foreclosures, are the most activr sellers in today’s marke t as they are willing to accept market prices.
” The 10 most activse buildings produced an averaged of 29 sales, or one sale everty three days. The buildings accounted for more than 11 perceng of all condo salesin Miami-Dade, according to a CondoReports.com news release. Most of the activity is tied to individuaunit sales, and not bulk Cappel said. “These buildings are moving toward stability as speculative investorws and thinly capitalized owners are bein g replaced witheither owner-occupant or well-capitalized, patient investors buyingg in at a much lower Cappel said in the statement. “Mosy are individual unit sales.
The studyh looked at closed salesin 2,000 condo projectds with at least 50 unitxs throughout Miami-Dade. The studg excluded units delivered in 2008 and 2009 because thosee sales were likely driven bypreconstructiobn contracts, Cappel said.