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

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said banks that are willing to deal on foreclosed unitsa are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Daded County sold the most, with 50 unitsz closing in thefirst quarter. The Vue at Brickelll sold 25 condos, ranking it seventh on top-10 list. “Many banks have taken ownership of unites in these buildings and are looking to get saidAdam Cappel, president of CondoReports.com. “Banks, either through shortt sales or units they own as a resulrtof foreclosures, are the most activer sellers in today’s market as they are willing to acceptr market prices.” The 10 most active buildingsx produced an average of 29 or one sale every threr days.
The buildings accounted for more than 11 percenrt of all condo salesin Miami-Dade, according to a CondoReports.com news release. Most of the activity is tied to individualpunit sales, and not bulk buys, Cappel said. “These buildings are moving toward stabilityt as speculative investors and thinly capitalized ownere are being replaced witheither owner-occupant or well-capitalized, patient investorsa buying in at a much lower cost,” Cappel said in the “Most are individual unit sales. The study lookex at closed salesin 2,000 condo projects with at leasy 50 units throughout Miami-Dade.
The study excluded unitse delivered in 2008 and 2009 becaused those sales were likely driven by preconstruction Cappel said.