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Vulture buy: $5 million for 26 condos.

The head of a Pennsylvania roofing company paid $165 per square foot for a 26-unit parcel of West Palm Beach condos, sparking hopes that a market bottom approaches. Ed Dunlap, chairman of CentiMark of Canonsburg, Pennsylvania, paid $5 million for condos at the Edge, according to public records. Buyers who bought into the development in 2007 paid an average of $368 a square foot for their units. Jay Jacobson, South Florida director for Wood Partners, said drastic price cuts are the only way to move units in a moribund market.
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Title Annotation:Centimark Corp.
Publication:The Real Deal
Article Type:Brief article
Date:Jan 8, 2009
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