Here is how you would do a safe flip in East Brunswick where its High School won #1 in New Jersey Science Competition on Biology won over hundreds of all other high schools in NJ.
You go to a builder to try to buy, say, 10 or dozen condos left over at once, at great discount, then you get it nicely decorated, with recess lights, GE Stelless appliance, granite counter top, hardwood floors ...etc, then you go to Queens to place ads in Chinese ads, and bring many Chinese buyers over to East Brunswick, or just listing with Gold medal realtors like Linda Chang, Ching Liang, Virgina ... of 2006 (yes! 2006, there are no buyers? how did they make gold metal?)
You are going to be able to get good price because of school, school, school ... You do not make money from buyer, buyers still pay market price, your profit came from "volume deal" and come from "builders" who want to give up some of their profit.
And, who knows, you make that community HOT! e.g. Teck bought 3 condos at Maple Woods from builder and get good discount, and his action trigger many to buy, and Maple Woods at Piscataway sold 54 condos in past 2 and half months, and the sales office told me that they became the hotest community in Central Jersey... and they sold out in many phases, not many left. But don't for got Piscataway High School got 10 #1 in FBLA competitions in NJ win over hudnreds of all other high schools, and went to Chicago and beat up 40 other states #1 and step into final and got the plaque back in 2007 summer. School, School, School... as you will.
Another one is Centerplace in Edison, Oh! I can believe my eyes, long line waiting to buy, why? it is right next to Middlesex County College where Middlesex Academy of Science based that won #1 on NJ Science League Competitiion in Physics won over hundreds of all other high school teams in NJ. So, School, School, School again.
I think if you pick other town than East Brunswick, I would not be so sure. Another big factor is that East Brunswick and Edison and Piscataway ... has huge Chinese, Indian, Korean ...etc, and their currency went up on US Dollars a lot, and many of them will come to US to buy, and in Greater NYC area, they will come to Chinatown, Queens, 8th Ave at Brooklyn, Emhurst... where lots of Chinese, Indian,..etc, but in NJ, they will come to Edison, Piscataway, East Brunswick ...etc. where there are Chinese Supermarket, Chinese church, Chinese school, Indian street, ....etc.
So, go ahead to flip and you will make some quick money from foreigners whose make 5 to 10 times on real estate profit like in China in addition to currency, so they would not be hesitate to let you flip.
Oh, do not forget Europeans came to buy out condos in Manhattan, and Manhattan condo sellers will flood into New Jersey, so you will see many New Yorkers coming over soon, so after sold their million dollar condo, they shall be generous to let you flip as well ... (read the web references to get first hand info from New York Times).