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

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said banks that are willing to deal on foreclosedx units are driving the firsytquarter activity. For example, Shoma at Keys Cove in soutj Miami-Dade County sold the with 50 units closing in thefirst quarter. The Vue at Brickel sold 25 condos, ranking it seventh on top-10 list. “Many banks have take n ownership of units in these buildings and are lookintg toget out,” said Adam president of CondoReports.com. “Banks, either through shorgt sales or units they own as a result of are the most activ sellersin today’s market as they are willing to accepg market prices.” The 10 most active buildingws produced an average of 29 or one sale every threr days.
The buildings accounted for more than 11 percent of all condol salesin Miami-Dade, according to a CondoReports.com news release. Most of the activit is tied to individualunit sales, and not bulk buys, Cappep said. “These buildings are movinbg toward stability as speculative investors and thinlyt capitalized owners are beingy replaced witheither owner-occupant or well-capitalized, patient investoras buying in at a much lower cost,” Cappeo said in the statement. “Most are individual unit The study looked at closed salesxin 2,000 condo projects with at least 50 unitd throughout Miami-Dade.
The study excluded units deliveref in 2008 and 2009 because those sales were likel driven bypreconstruction contracts, Cappel