[1]
[click to play video]
Reporter Robert Frank spoke with me and pens a good piece on the Miami phenomenon [2] and provides an interview for Street Signs [2]. It’s worth a look.
No, not in the same way we saw one formed in the middle of the last decade.
In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.
They’re not buying their first home, or even their second or third. They’re investing in a stock with an ocean view.
25% of foreign investment of US real estate in Florida, most of it is in Miami.
“Most patient” capital
“Very discretionary”
Is the Miami Mansion Boom Becoming a Bubble? [CNBC [2]]
Is there a bubble in Miami? [CNBC Street Signs [1]]