Report: Foreclosures are top sellers - Philadelphia Business Journal:

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said banks that are willingb to deal on foreclosed unites are driving the firstquarter activity. For example, Shoma at Keys Cove in south Miami-Dade County sold the most, with 50 units closing in the firsy quarter. The Vue at Brickell sold 25 condos, rankint it seventh on CondoReports.com’ top-10 list. “Mangy banks have taken ownership of units in these buildings and are looking to get saidAdam Cappel, president of “Banks, either through short sales or units they own as a resulgt of foreclosures, are the most active sellers in today’sa market as they are williny to accept market prices.
” The 10 most active buildings producedd an average of 29 or one sale every threwe days. The buildings accounted for more than 11 percent of all cond salesin Miami-Dade, according to a CondoReports.com news release. Most of the activity is tied to individualpunit sales, and not bulk buys, Cappel said. “These buildings are movinb toward stability as speculative investors and thinly capitalized owneras are being replaced witheithetr owner-occupant or well-capitalized, patient investors buying in at a much lower cost,” Cappel said in the “Most are individual unit The study looked at closer sales in 2,000 condo projects with at least 50 unitxs throughout Miami-Dade.
The study excluded unitss delivered in 2008 and 2009 because those saled were likely driven bypreconstruction contracts, Cappell said.