It's been hard to miss the headlines touting Miami's remarkable real estate recovery.
Today, Housing Predictor proclaims: Building Fever Heats Up Miami:
The housing crash was devastating for the region, but it’s all but healed with the influx of new money from international buyers, two out of three of whom are paying cash for property purchases. No mortgages are needed for this well to do set.
What's prompting the frenzy?
The buyers are from all over the world, but mainly Central and South America. The cocaine cowboys produced a booming violent metropolis in Miami during the 1970s and the Mexican cartels are injecting plenty of cash into the Miami economy in today’s new era. “Some are buying just because they’re wealthy,” said Peter Zalewski of CondoVultures.com, an online data firm specializing in the condo market. “The Mexican drug wars have brought a lot of money into Miami.”