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said banks that are willinv to deal on forecloseed units are driving the first quarter For example, Shoma at Keys Cove in south Miami-Dadde County sold the most, with 50 units closing in the firstt quarter. The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-10 list. “Man banks have taken ownership of units in these buildingsz and are looking toget out,” said Adam Cappel, presidentt of CondoReports.com. “Banks, either through short sales or unitsa they own as a result of are the most active sellersin today’s markegt as they are willing to accepyt market prices.
” The 10 most activre buildings produced an average of 29 sales, or one sale evergy three days. The buildings accounted for more than 11 percent of all cond salesin Miami-Dade, according to a CondoReports.com news Most of the activity is tied to individualo unit sales, and not bulk buys, Cappel “These buildings are moving toward stabilitt as speculative investors and thinly capitalized ownerz are being replaced with either owner-occupant or well-capitalized, patient investorxs buying in at a much lower cost,” Cappeol said in the statement. “Most are individual unit sales.
The studyy looked at closed salesin 2,000 condo projects with at leastr 50 units throughout Miami-Dade. The study excludedc units delivered in 2008 and 2009 becauswe those sales were likely driven bypreconstruction contracts, Cappel
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