"Outdoing The 1920's Boom" In Miami
The Miami Herald reports on what may be the highest level of speculation in the world. "More than 114 major projects, most of them high-rise condos, are under construction or in the planning stages in the urban core along Biscayne Bay. Citywide, developers are proposing more than 61,000 new condominium units, eight times the number built during the past decade."
"'You have a wave of development underway here in Miami that is unprecedented, bigger than anything, bigger than Hong Kong in the boom years of development,' said Charles Hales, a transportation consultant."
"'We are building an instant city; what should take 15 years will take three,' said Michael Cannon, a Miami real-estate analyst. It all amounts to a multibillion-dollar gamble, outdoing in risk and bravado the 1920s boom that made Miami a modern city"
"'As much as 85 percent of all condominium sales in [downtown Miami] are accounted for by investors and speculators,' housing analysts at Raymond James warned in a March report. Philip Spiegelman sold the condo units in the Marina Blue condo going up on Biscayne Boulevard. 'One hundred percent of the buyers were investors and speculators,' he said. 'Anyone who tells you their projects are different are deluding themselves.'"