Bulk buyers making quick condo cash

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More buyers are purchasing large-volume blocks of condo units, then quickly re-selling them for large profits, according to a report by Condo Vultures. Since July 2008, of 42 transactions for a total of 3,300 units, at least 16 of the buyers have re-traded 21 percent of their condos for an average profit of $388 per square foot. According to the report, the bulk market has attracted global buyers, for a total of $350 million in foreign investment in the same time period. Miami Beach and West Palm Beach had the second and third-highest numbers of bulk re-trading after Miami. TRD