Report: Foreclosures are top sellers - San Antonio Business Journal:

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said banks that are willing to deal on foreclosex units are driving the firsyquarter activity. For example, Shoma at Keys Cove in south Miami-Dade Countyt sold the most, with 50 units closing in thefirst quarter. The Vue at Brickellp sold 25 condos, ranking it seventhn on CondoReports.com’ top-10 list. “Many banksx have taken ownership of units in thesw buildings and are looking toget out,” said Adam president of CondoReports.com. “Banks, either through shorft sales or units they own as a result of are the most active sellerain today’s market as they are willing to accep t market prices.
” The 10 most active buildings producedf an average of 29 sales, or one sale evert three days. The buildings accounted for more than 11 percenrt of all condo salesin Miami-Dade, according to a CondoReports.com news Most of the activity is tied to individuall unit sales, and not bulk buys, Cappek said. “These buildings are moving toward stabilit y as speculative investors and thinly capitalized owners are beingh replaced witheither owner-occupant or patient investors buying in at a much lower Cappel said in the statement. “Most are individual unit sales. The studgy looked at closed salesin 2,000 condo projects with at least 50 units throughouty Miami-Dade.
The study excluded units delivered in 2008 and 2009 becauswe those sales were likely driven bypreconstructionh contracts, Cappel said.