“‘The Miami area is booming,’ reports a friend who visited yesterday. ‘I’m on Key Biscayne. Real estate went up about 20% last year in my neighborhood. This is like the days before the crisis… Everybody speaks Spanish. So I thought the new people would be coming from Colombia and Mexico. But not at all. They biggest buyers I see are Russians. Then, the French. I guess the Russians have a lot of money. And compared to France, everything is still cheap. The third major group of buyers is coming from Brazil. They seem to have a lot of money too. And everybody knows that Miami is the place to be if you’re Latin American.  Argentines are in fourth place.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/28/2013&story=1&title=What-does-real-estate-want-to-do

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