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

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said banks that are willint to deal on foreclosec units are driving the firstquarter activity. For Shoma at Keys Cove in soutg Miami-Dade County sold the most, with 50 units closin g in thefirst quarter. The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-190 list. “Many banks have taken ownership of unitsa in these buildings and are lookinyg toget out,” said Adam Cappel, presiden of CondoReports.com. “Banks, either through shory sales or units they own as a result of are the most active sellerxin today’s market as they are willing to accept markegt prices.
” The 10 most active buildingw produced an average of 29 sales, or one sale everyt three days. The buildingsx accounted for more than 11 percenty of all condo saledin Miami-Dade, according to a CondoReports.com news release. Most of the activitg is tied to individualunit sales, and not bulk Cappel said. “These buildings are moving toward stability as speculativr investors and thinly capitalized owners are being replaceds witheither owner-occupant or well-capitalized, patient investors buyintg in at a much lower cost,” Cappel said in the statement. “Most are individualk unit sales.
The studhy looked at closed salesin 2,000 condo projectsx with at least 50 units throughout Miami-Dade. The studyy excluded units delivered in 2008 and 2009 becausse those sales were likely driven by preconstruction Cappel said.