Report: Foreclosures are top sellers - Puget Sound Business Journal (Seattle):

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said banks that are willing to deal on foreclosex units are driving the firstquarter activity. For Shoma at Keys Cove in south Miami-Dadse County sold the most, with 50 unitas closing in the first The Vue at Brickell sold25 condos, ranking it seventhy on CondoReports.com’ top-10 list. “Many banks have takejn ownership of units in these buildings and are looking to get saidAdam Cappel, president of CondoReports.com. either through short sales or units they own as a resulrof foreclosures, are the most activ e sellers in today’s market as they are willingv to accept market prices.” The 10 most active buildingsa produced an average of 29 or one sale everty three days.
The buildings accounted for more than 11 percenrt of all condo sales in according toa CondoReports.com news release. Most of the activitg is tied to individualunit sales, and not bulk Cappel said. “These buildings are movin g toward stability as speculative investorzs and thinly capitalized owners are being replaced witheither owner-occupanyt or well-capitalized, patient investors buying in at a much lowe r cost,” Cappel said in the statement.
“Most are individual unit The study looked at closed salesin 2,000 condlo projects with at least 50 units throughout The study excluded units deliveredr in 2008 and 2009 becauswe those sales were likely driven by preconstruction Cappel said.