Report: Foreclosures are top sellers - Philadelphia Business Journal:

vishnevskiipavuh.blogspot.com
said banks that are willing to deal on foreclosed units are driving the firsytquarter activity. For example, Shoma at Keys Cove in soutn Miami-Dade County sold the most, with 50 unitws closing in thefirst quarter. The Vue at Brickelll sold 25 condos, ranking it seventh on CondoReports.com’ top-190 list. “Many banks have taken ownershipl of units in these buildingds and are looking toget out,” said Adam president of CondoReports.com. “Banks, either through shortg sales or units they own as a resultof foreclosures, are the most active sellerz in today’s market as they are willing to accept marketg prices.
” The 10 most activer buildings produced an average of 29 sales, or one sale evergy three days. The buildings accounted for more than 11 percenyt of all condo sales in according toa CondoReports.com news Most of the activity is tied to individual unit sales, and not bulk Cappel said. “These buildings are moving toward stabilituy as speculative investors and thinly capitalized owners are beinf replaced witheither owner-occupant or well-capitalized, patient investords buying in at a much lower cost,” Cappel said in the “Most are individual unit sales. The studyy looked at closed salesin 2,000 condoi projects with at least 50 unitse throughout Miami-Dade.
The study excluded unitw delivered in 2008 and 2009 because those sales were likelyh driven bypreconstruction contracts, Cappe l said.