I dont think there has really been a real estate bubble, at least not in Miami. Granted, the number of homes on Miami Beach that are on the market for sale, have increased dramatically in the past few months, but prices have yet to come down. One home on a 10,500 sq. ft lot, recently built, closed for $7 million. This is in an area where waterfront luxury properties often sell for half that price. I do have to say that the market has opened up and that there are some amazing homes on the market these days, as you can plainly see if you go to http://www.alexshay.com