re: How much of the new housing "boom" is real vs. speculation?

Ya totally agree what I'm saying is Miami may as well be a foreign country. Americans cannot afford Miami beach or south beach which starts at $1000/sq ft and goes to $5000/sq ft but all the wealthy south Americans,Europeans,and Mexicans are buying everything yet every realtor wants to tell you how hot it is.....the realty is very few working in the US can afford them and the city has no economy so rentals that should be $15000/month on $2m condos are a laughable $4500 and barely net a return if they're even rented. Inflation in Argentina,dictators in Venezuela and a horrible situation in Europe are turning nice American properties into a playground for foreign elite and it's really hurting the average American who can't keep up