Isn't America supposed to work the other way around?
CNBC reports: "During the Miami Real Estate boom, 49,000 units were built, as investor-flippers used easy mortgage money to swap properties and push prices. When it all came crashing down, the lights went out in Miami, literally. Tall buildings stood dark at night, as banks took back properties and projects. Most thought it was all over for a good long time."
"But somehow there are just 2,400 unsold units left, barely a year's worth at the current sales pace."
Prices are up nearly 25 percent from a year ago, according to the Miami Area Association of Realtors.
How did it happen? Foreign, all-cash buyers like Venezuelans, Russians, Chinese, Canadians, and Brazilians. They were either looking for a safe-haven to park their money or were taking advantage of a weak dollar. Whatever the reason, they came, they saw, they bought."