Miami doesn't really have a housing market as we would traditionally define it, but for the opposite reason.
Henry Grabar at Salon reports:
"But the crop of downtown Miami condos from the last cycle, according to the Downtown Development Authority, are over 95-percent occupied, whether by part-time owners or, more likely, by tenants. Miami neighborhoods may lack the organic texture of 57th Street or Mayfair, but their buildings are not lacking for people.
"Is it crazy to add 23,000 units – the crop of the current cycle – to a market with scant local demand, in a metro area with the highest foreclosure rate in the United States? Is downtown Miami a bubble?
“'Greater Downtown Miami is always in a bubble,' the report finds, 'because 90 percent of the demand is external, and hence not tied to economic fundamentals.'
"Whereas a traditional housing market draws its strength from job growth and new residents, 'safe haven' housing markets are fueled by global instability. And there’s certainly plenty of that to go around."