Report: Foreclosures are top sellers - Orlando Business Journal:

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said banks that are willingt to deal on foreclosesd units are driving the firsrquarter activity. For example, Shoma at Keys Cove in south Miami-Dade Countg sold the most, with 50 units closing in the firsft quarter. The Vue at Brickell sold 25 condos, ranking it seventhn on CondoReports.com’ top-10 list. “Many banks have taken ownershipl of units in these buildings and are lookintg toget out,” said Adam Cappel, president of CondoReports.com. “Banks, either through shorty sales or units they own as a result of foreclosures, are the most active sellerws in today’s market as they are willing to accept market prices.
” The 10 most activs buildings produced an average of 29 sales, or one sale every threed days. The buildings accounted for more than 11 percenr of all condo sales in according toa CondoReports.cojm news release. Most of the activith is tied to individual unit and notbulk buys, Cappel said. “These buildings are moving toward stability as speculative investors and thinlyu capitalized owners are being replaced witheitherd owner-occupant or well-capitalized, patient investorsx buying in at a much lower cost,” Cappek said in the statement. “Most are individual unit The study looked at closed saleswin 2,000 condo projects with at leasgt 50 units throughout Miami-Dade.
The studty excluded units delivered in 2008 and 2009 because those sale were likely driven bypreconstructiohn contracts, Cappel said.