(Source: The Associated Press)

Canadian investor Arthur Wong is buying condos in Las Vegas and Phoenix like a shopper at Costco: In bulk, with slashed prices.

Wong, president of Optimus U.S. Real Estate Fund, bought 60 condos at heavy discounts from developers in financial trouble. Wong paid about $62,500 each for 18 Las Vegas condos that once were priced at about $250,000 apiece.

“This could be a once-in-a- generation opportunity for real estate investment,” said Wong, whose Calgary, Alberta-based fund has already invested $5million cash and will spend millions more over the next several months.

Read Adrian Sainz’s full article “Real estate agents see return of foreign buyers” in the Associated Press (November 20, 2009).

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