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MIAMI-Bulk buyers bet heavily on distressed condos, spending nearly $2.1 billion on 9.7 million square feet of space in South Florida since July 2008—but the early returns aren’t what many hoped. About half of the more than 70 condo bulk transactions for distressed units across South Florida are being resold to individual buyers at an average rate of $51 per square foot. So says a new report from Condo Vultures.

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