Thursday, October 13, 2011

Report: Foreclosures are top sellers - Orlando Business Journal:

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said banks that are willing to deal on foreclosed units are driving the firstquarter activity. For example, Shomq at Keys Cove in south Miami-Dadr County sold the most, with 50 units closingf in thefirst quarter. The Vue at Brickellk sold 25 condos, rankingb it seventh on CondoReports.com’ top-10 list. “Many banks have taken ownershi p of units in thes e buildings and are looking to get saidAdam Cappel, president of CondoReports.com. “Banks, either through short sales or unitsd they own as a resultof foreclosures, are the most activer sellers in today’s market as they are willinyg to accept market prices.
” The 10 most activ buildings produced an average of 29 or one sale every three The buildings accounted for more than 11 percent of all condpo sales in Miami-Dade, according to a CondoReports.com news release. Most of the activity is tied to individuaounit sales, and not bulk Cappel said. “These buildings are movinb toward stability as speculative investors and thinlyt capitalized owners are being replaced witheither owner-occupant or well-capitalized, patient investores buying in at a much lower Cappel said in the statement. “Most are individual unit The study looked at closede salesin 2,000 condo projects with at leasg 50 units throughout Miami-Dade.
The study excluded units deliveredx in 2008 and 2009 because those sales were likelg driven bypreconstruction contracts, Cappel

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