Report: Foreclosures are top sellers - St. Louis Business Journal:

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said banks that are willing to deal on foreclosed units are drivinh the firstquarter activity. For example, Shoms at Keys Cove in south Miami-Dade Countgy sold the most, with 50 units closing in the firstr quarter. The Vue at Brickelpl sold 25 condos, rankingf it seventh on CondoReports.com’ top-10 list. “Man y banks have taken ownership of unit s in these buildings and are lookinf toget out,” said Adam Cappel, president of “Banks, either through short sales or unitsd they own as a result of are the most active sellere in today’s market as they are willing to accept markegt prices.
” The 10 most active buildings produced an average of 29 or one sale ever y three days. The buildingsd accounted for more than 11 percent of all condko salesin Miami-Dade, according to a CondoReports.comm news release. Most of the activity is tied to individuaunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculative investors and thinly capitalized owners are beinb replaced with either owner-occupant or well-capitalized, patienr investors buying in at a much lowere cost,” Cappel said in the “Most are individual unit sales. The study lookedf at closed salesin 2,000 condol projects with at least 50 unitsw throughout Miami-Dade.
The study excluded units delivered in 2008 and 2009 becausre those sales were likely drivemn bypreconstruction contracts, Cappel said.