Report: Foreclosures are top sellers - Houston Business Journal:

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said banks that are willing to deal on foreclosed unitsz are driving the firstquartetr activity. For example, Shoma at Keys Cove in south Miami-Dade County sold the with 50 units closing in thefirst quarter. The Vue at Brickelpl sold 25 condos, ranking it seventnh on CondoReports.com’ top-10 list. “Many banks have taken ownershipo of units in these buildingsw and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througy short sales or units they own as a resultrof foreclosures, are the most active sellersw in today’s market as they are willing to acceprt market prices.
” The 10 most active buildinga produced an average of 29 or one sale everyh three days. The buildings accounted for more than 11 percent of all condo salesin Miami-Dade, according to a CondoReports.con news release. Most of the activity is tied to individualounit sales, and not bulk buys, Cappekl said. “These buildings are moving towardx stability as speculative investors and thinly capitalized owneras are being replaced witheither owner-occupant or well-capitalized, patient investors buying in at a much loweer cost,” Cappel said in the “Most are individual unit sales.
The study looked at close d salesin 2,000 condoo projects with at least 50 units throughout The study excluded unitse delivered in 2008 and 2009 because those sales were likely drivenm by preconstruction contracts, Cappel said.