The Real Deal Miami

Vulture buy: $5 million for 26 condos

January 08, 2009 10:10AM

The head of a Pennsylvania roofing company paid $165 per square foot for
a 26-unit parcel of West Palm Beach condos, sparking hopes that a
market bottom approaches. Ed Dunlap, chairman of CentiMark of
Canonsburg, Pennsylvania, paid $5 million for condos at the Edge, according to
public records. Buyers who bought into the development in 2007 paid an
average of $368 a square foot for their units. Jay Jacobson, South
Florida director for Wood Partners, said drastic price cuts are the
only way to move units in a moribund market.