Miami's Mega Metro Bubble

"About 65,000 condominium units are either under construction, approved for building or in some stage of the permit process. Most of these condos are in Miami's long neglected downtown area. A small studio apartment can cost $200,000; the posher developments, with names like Icon, Onyx and Nirvana, throw champagne parties for prospective buyers to inspect the marble-packed kitchens, fancy spas and waterfront views."