Wednesday, December 7, 2011

Report: Foreclosures are top sellers - Business First of Buffalo:

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said banks that are willing to deal on foreclosed unitz are driving the firstquarter activity. For example, Shomas at Keys Cove in south Miami-Dade County sold the with 50 units closing in the first quarter. The Vue at Brickell sold 25 ranking it seventhon CondoReports.com’ top-10 “Many banks have taken ownership of units in theser buildings and are looking to get said Adam Cappel, president of “Banks, either through short sales or unitds they own as a result of are the most active sellers in today’x market as they are willing to accept markegt prices.” The 10 most active buildings produced an average of 29 sales, or one sale everyy three days.
The buildings accounted for more than 11 percenyt of all condo sales in according toa CondoReports.com news release. Most of the activity is tied to individual unit sales, and not bulk Cappel said. “These buildingsx are moving toward stability as speculative investors and thinl capitalized owners are being replaced witheither owner-occupant or well-capitalized, patient investors buying in at a much lowerr cost,” Cappel said in the statement. “Most are individua unit sales. The study looked at closex salesin 2,000 condo projects with at least 50 units throughouyt Miami-Dade.
The study excludesd units delivered in 2008 and 2009 because thosse sales were likely driven bypreconstructiomn contracts, Cappel said.

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