House flipping or “condo arbitrage”?

From the South Florida Web site: A recent situation where a buyer purchased 19 units in a Miami condo, then sold them in 20 minutes for a $200,000 profit may not be house flipping per se, but it is a trend Condo Vultures Realty calls “condo arbitrage.” There have been multiple examples in recent weeks of similar quick-flipping of bulk purchases of condos, and could be a sign the market is bottoming out. Many of the purchases are now in cash, and could be due in some part to the Federal Housing Agency’s lifting of the ban on using FHA-insured mortgages to buy homes that had been sold less than 90 days before. [more]