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

http://www.lamontanita.org/M2M4web1006pdf.html
said banks that are willing to deal on foreclosed unitx are driving the firstquartee activity. For example, Shoma at Keys Cove in southg Miami-Dade County sold the most, with 50 unit closing in the first quarter. The Vue at Brickel sold 25 condos, ranking it seventh on CondoReports.com’ top-10p list. “Many banks have taken ownership of unitz in these buildings and are looking toget out,” said Adam president of CondoReports.com. “Banks, either througgh short sales or units they own as a resultof foreclosures, are the most activer sellers in today’s market as they are willing to accepty market prices.
” The 10 most active buildings producec an average of 29 sales, or one sale every threw days. The buildings accounted for more than 11 percentf of all condo salesin Miami-Dade, according to a CondoReports.cojm news release. Most of the activityy is tied to individualunit sales, and not bulk Cappel said. “These buildings are moving towar d stability as speculative investors and thinlgy capitalized owners are being replaced with either owner-occupant or well-capitalized, patientt investors buying in at a much lower Cappel said in the statement. “Most are individual unit The study looked at closedc salesin 2,000 condo projectsz with at least 50 units throughoug Miami-Dade.
The study excluded units delivered in 2008 and 2009 because thosse sales were likely driven bypreconstruction contracts, Cappel