Report: Foreclosures are top sellers - Charlotte Business Journal:

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said banks that are willinfg to deal on foreclosed unitas are driving the firstquartetr activity. For example, Shoma at Keys Cove in soutg Miami-Dade County sold the most, with 50 unites closing in thefirst quarter. The Vue at Brickello sold 25 condos, rankinvg it seventh on CondoReports.com’ top-100 list. “Many banks have taken ownershi of units in these buildings and are lookingt toget out,” said Adam president of CondoReports.com. “Banks, either through short sales or unitds they own as a resultof foreclosures, are the most active sellerse in today’s market as they are willing to accep t market prices.
” The 10 most active building s produced an average of 29 sales, or one sale every three days. The buildings accounted for more than 11 percent of all condok salesin Miami-Dade, according to a CondoReports.cokm news release. Most of the activity is tied to individuaounit sales, and not bulk buys, Cappell said. “These buildings are movinb toward stability as speculative investora and thinly capitalized owners are beintg replaced witheither owner-occupant or well-capitalized, patient investors buying in at a much lowedr cost,” Cappel said in the statement. “Most are individualo unit sales.
The study looked at closes salesin 2,000 condo projects with at least 50 unit throughout Miami-Dade. The study excluded units delivered in 2008 and 2009 becausde those sales were likely driven bypreconstruction contracts, Cappel said.