Report: Foreclosures are top sellers - Houston Business Journal:

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said banks that are willing to deal on foreclosed unitsd are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Dade County sold the with 50 units closing in thefirst quarter. The Vue at Brickel sold 25 condos, ranking it seventh on CondoReports.com’ top-190 list. “Many banks have taken ownership of unitss in these buildings and are lookin g toget out,” said Adam Cappel, presidenr of CondoReports.com. “Banks, either througb short sales or units they own as a result of are the most active sellersin today’s market as they are willing to accepft market prices.
” The 10 most activer buildings produced an average of 29 sales, or one sale everuy three days. The buildings accounte for more than 11 percent of all condo saledsin Miami-Dade, according to a CondoReports.cokm news release. Most of the activity is tied to individuaplunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculativw investors and thinly capitalized ownersa are being replaced with either owner-occupant or well-capitalized, patient investorse buying in at a much lower Cappel said in the statement. “Mostf are individual unit sales.
The study looked at closeds salesin 2,000 condo projectw with at least 50 units throughout Miami-Dade. The studh excluded units delivered in 2008 and 2009 becausde those sales were likely driven by preconstruction Cappel said.