Report: Foreclosures are top sellers - Phoenix Business Journal:

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said banks that are willing to deal on foreclosed unitz are driving the firsttquarter activity. For example, Shoma at Keys Cove in south Miami-Dade County sold the most, with 50 unitas closing in the first The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-1o0 list. “Many banks have taken ownership of unitws in these buildings and are looking to get saidAdam Cappel, president of CondoReports.com.
“Banks, eithe r through short sales or units they own as a resulfof foreclosures, are the most active sellers in today’s marke as they are willing to accept market The 10 most active buildings produced an average of 29 sales, or one sale every three days. The buildings accounted for more than 11 perceng of all condo salesin Miami-Dade, according to a CondoReports.coj news release. Most of the activityt is tied to individualunit sales, and not bulk Cappel said.
“These buildings are moving toward stabilityg as speculative investors and thinly capitalizefd owners are being replaced witheitheer owner-occupant or well-capitalized, patient investors buying in at a much lowet cost,” Cappel said in the “Most are individual unit The study looked at closed sales in 2,009 condo projects with at leasg 50 units throughout Miami-Dade. The studuy excluded units delivered in 2008 and 2009 becausde those sales were likely driven bypreconstructionj contracts, Cappel said.