Finding fortunes in foreclosures

From the July issue: 
While much attention has been paid to the buying and selling of trophy Manhattan properties as the market recovers, some outer-borough real estate players are reaping enormous returns on a different kind of investment: They’re buying formerly distressed homes and quickly flipping them.

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According to an analysis of city property records by The Real Deal, these New York City– and Long Island–based firms are, in many instances, doubling their money in just a few short months by scooping up underwater one- and two-family homes. [more]