Report: Foreclosures are top sellers - San Francisco Business Times:

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said banks that are willing to deal on forecloser units are driving the first quarter For example, Shoma at Keys Cove in south Miami-Dadwe County sold the most, with 50 units closing in the firsg quarter. The Vue at Brickell sold 25 condos, ranking it seventh on CondoReports.com’ top-1o0 list. “Many banks have taken ownership of units in thesde buildings and are looking to get saidAdam Cappel, president of “Banks, either through short salews or units they own as a result of are the most active sellers in today’s market as they are willingt to accept market prices.” The 10 most active buildings produced an average of 29 sales, or one sale evergy three days.
The buildings accounted for more than 11 percent of all condo salesin Miami-Dade, according to a CondoReports.com news Most of the activity is tied to individual unit sales, and not bulk Cappel said. “These buildings are movingh toward stability as speculative investors and thinlgy capitalized owners are being replaced witheither owner-occupant or patient investors buying in at a much lowefr cost,” Cappel said in the “Most are individual unit sales. The study looked at closerd salesin 2,000 condo projects with at least 50 unitx throughout Miami-Dade.
The study excluded units delivered in 2008 and 2009 because those sales were likely driven bypreconstruction contracts, Cappel said.