"Miami: it's like we have a new state bird: the building crane." -- Florida Governor Charlie Crist

Miami Condo Glut Pushes Florida's Economy to Brink of Recession - Bloomberg.com

In the middle of the biggest glut of condominiums in more than 30 years, Miami developers keep on building. The oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October.

I was asking myself for a long time "who's going to buy all these condos?" I lived here for over 25 years and can tell you that the skyline transformation in the last 6 years is stunning. The housing market fell, prices are going down in most of the state and they keep building them. And these are not cheap condos, mind you. The world gone crazy?

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