Report: Foreclosures are top sellers - East Bay Business Times:

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said banks that are willing to deal on foreclosed units are driving the firstrquarter activity. For Shoma at Keys Cove in south Miami-Dadse County sold the most, with 50 units closing in the firsgt quarter. The Vue at Brickell sold 25 condos, rankin g it seventh on CondoReports.com’ top-10 list. “Many bank have taken ownership of unitsd in these buildings and are looking to get saidAdam Cappel, president of CondoReports.com. “Banks, eithert through short sales or units they own as a resulrof foreclosures, are the most active sellerd in today’s market as they are willing to accepg market prices.
” The 10 most active buildingsz produced an average of 29 sales, or one sale everty three days. The buildings accountedd for more than 11 percent of all condop salesin Miami-Dade, according to a CondoReports.con news release. Most of the activity is tied to individuaolunit sales, and not bulk buys, Cappell said. “These buildings are movintg toward stability as speculative investors and thinly capitalized ownersa are being replaced witheither owner-occupant or well-capitalized, patientr investors buying in at a much lowetr cost,” Cappel said in the “Most are individual unit The study looked at closecd sales in 2,000 condk projects with at least 50 units throughout Miami-Dade.
The studh excluded units delivered in 2008 and 2009 because thosed sales were likely driven by preconstruction Cappel said.