Report: Foreclosures are top sellers - Nashville Business Journal:

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said banks that are willing to deal on foreclosed unitas are driving the firstyquarter activity. For example, Shoma at Keys Cove in soutbh Miami-Dade County sold the most, with 50 units closing in the first The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-10p list. “Many banks have taken ownership of units in thesee buildings and are looking to get saidAdam Cappel, president of “Banks, either through shorf sales or units they own as a result of foreclosures, are the most activer sellers in today’s market as they are willingt to accept market The 10 most active buildings produced an averager of 29 sales, or one sale every three The buildings accounted for more than 11 percen of all condo sales in Miami-Dade, according to a CondoReports.
co m news release. Most of the activit is tied to individualunit sales, and not bulk Cappel said. “These buildings are moving towarsd stability as speculative investors and thinly capitalize d owners are being replaced witheither owner-occupant or patient investors buying in at a much lower cost,” Cappelo said in the statement. “Most are individual unit The study looked at closed salesin 2,000 condo projects with at least 50 units throughout Miami-Dade. The studg excluded units delivered in 2008 and 2009 because those sales were likely drivehn bypreconstruction contracts, Cappel said.