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Condo conversions were once one directional. In this post recessionary market, it’s a two-way street. “Reversions” of troubled condominium projects seemed to be a no-brainer after the economic downturn two years ago, but only a few firms have figured out how to turn the disaster of the fallen condo craze into higher profits. Before 2006, conversion was a positive word; developers turning out apartments realized that in some markets, condominiums had become the new gold rush.

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