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South Florida

Cutler Bay project sells for $3M

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Vitran Homes at the Preserve, a home development in Cutler Bay, was
spared foreclosure after it was sold for $3M to a Miami Lakes-based
company. The company also assumed part of the mortgage from lender Ocean
Bank, which filed the suit in 2009 concerning the 91 unsold lots and
partially finished homes. In late February, the buyer, Roar Investments
purchased the property at an average price of $32,967 per lot. [SFBJ]

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