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

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said banks that are willing to deal on foreclosee units are driving the firstquarterd activity. For example, Shoma at Keys Cove in southu Miami-Dade County sold the most, with 50 units closin g in thefirst quarter. The Vue at Brickellp sold 25 condos, ranking it seventh on top-10 list. “Many banks have takehn ownership of units in these buildingse and are looking toget out,” said Adam Cappel, president of CondoReports.com. “Banks, either through short sales or unitds they own as a resultgof foreclosures, are the most activ e sellers in today’s market as they are willing to accept marker prices.
” The 10 most active buildings produced an averagde of 29 sales, or one sale everyh three days. The buildings accounted for more than 11 perceng of all condo sales in according toa CondoReports.com news Most of the activity is tied to individual unit sales, and not bulk buys, Cappel said. “Thesed buildings are moving toward stability as speculative investors and thinlyu capitalized owners are being replaced with either owner-occupant or well-capitalized, patient investorsd buying in at a much lowe r cost,” Cappel said in the “Most are individual unit The study looked at closed salesx in 2,000 condo projects with at least 50 units throughout The study excluded units delivered in 2008 and 2009 becaused those sales were likely driveb by preconstruction contracts, Cappel said.