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

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said banks that are willin to deal on foreclosed units are driving the firstquartee activity. For example, Shomza at Keys Cove in south Miami-Dade Count sold the most, with 50 unitsd closing in thefirst quarter. The Vue at Brickell sold 25 ranking it seventhon top-10 list. “Many banks have taken ownership of units in thesew buildings and are looking to get saidAdam Cappel, president of “Banks, either through short sales or units they own as a result of foreclosures, are the most activer sellers in today’s market as they are willingb to accept market prices.” The 10 most activse buildings produced an average of 29 or one sale every three days.
The buildingse accounted for more than 11 percent of all condo sales in according toa CondoReports.com news release. Most of the activituy is tied to individuaounit sales, and not bulk buys, Cappepl said. “These buildings are movingh toward stability as speculative investors and thinlyt capitalized owners are being replaced witheither owner-occupantf or well-capitalized, patient investors buyinf in at a much lower Cappel said in the statement. “Most are individua l unit sales. The study looked at closesd salesin 2,000 condo projects with at leasrt 50 units throughout Miami-Dade.
The study excluded units deliveref in 2008 and 2009 because those sales were likely driven bypreconstruction contracts, Cappel said.