The Fed made me do it. This place is teeming with European and Canadian buyers. I did a search this morning of SFH's in the city of Miami Beach. Most of you think of Miami Beach as the art deco glitz of South Beach and the soaring condo canyon of Collins Avenue. Most of MB though is single family homes. Many of course are palatial estates on Star Island or on Bay Dr. but at it's core the Miami Beach housing stock is Spanish influenced 1930's built bungalows. Here's an example. http://www.keyes.com/search/properties/residential/details.aspx?ListingNo=3476006&searchCode=dvc8dgb In this hyped up inflation, dollar decline world, I think $550,000 for a pool home in Miami Beach to be a freakin' steal!. So yes, some newer communities in less desirable locales will need to work off a supply glut. But this ain't Cleveland. New people actually want to move here. That's the diff.....
Good for you. There will be something like 25,000 new condos built in Miami over the past five and next five, and maybe 5,000 buyers, so you have your pick. Nice home though.