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It's Only Taking a Few Years to Flip a NYC Condo for Huge Profits

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Tom Vitale bought a small Manhattan condo in August 2012, planning to keep the investment for about four years, or long enough to make at least a 15 percent return. When he listed the apartment ahead of schedule, the gain was more than double his target.

“I didn’t expect that,” said Vitale, who sold the 536-square-foot (50-square-meter) studio in January for $859,000, 34 percent more than his purchase price. “It boils down to lack of inventory. There’s not a lot that the entry-level buyer can afford.”