I reflect on my visit to the 2008 Urban Land Institute Fall Meeting in Miami, when a deep financial gloom was setting-in and 22,200 condos were shiny-new, but very vacant. I recall driving across the Julia Tuttle Causeway with a view of the vacant panorama, and was convinced that there was no way that the overhang of thousands of units in an illiquid environment would ever recover.
Fast forward.
Today, almost all of those 22,200 units are filled, and current demand is outstripping new supply. According to a recent Wall Street Journal article, 12,000 new units in 41 towers are proposed in Miami and buyers from South America, Eastern Europe/Russia, and other faraway places are gobbling-up all new supply.
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